Energy as a service (EaaS) can be defined as one or more aspects of a customer’s energy portfolio including strategy, program management, energy supply, energy use, and asset management by applying new products, services, financing instruments, and technology solutions. EaaS market consists of third-party vendors, utility services companies, and potential business model disruptors deploying niche technical, financing, or procurement solutions like solar PV power purchase agreements, energy services performance contracts, and deregulated electricity market retail brokerage services.
Energy as a Service Market: Segmentation
Based on service type, the EaaS market can be divided into generation, operation & maintenance, optimization & efficiency, and others. Energy optimization & efficiency services are expected to hold the largest share of the EaaS market. The energy optimization & efficiency services include the identification of energy saving potential and optimization of existing building energy services. Based on end-user industry, the EaaS market can be bifurcated into industrial sector and commercial sector. Industrial segment is expected to hold the largest share of the EaaS market, by end-user. This segment is primarily driven by decarbonization and energy efficiency standards. The Energy Policy Act 1992 focuses on increasing clean energy use and improving overall energy efficiency in the US. Energy Conservation Law of China, 1992 focuses on promoting energy conservation, improving energy utilization, and protecting the environment from GHG emissions.
Energy as a Service Market: Overview
The drivers for energy as a service market are rising energy consumption and price volatility, and growing potential of renewable energy. Several trends are expected to come together to push the growth of the energy as a service market during the forecast period. Corporations have increasingly been looking for sustainable or renewable resources of energy. The restraints for energy as a service market are integration and deployment challenges, and dominance of existing centralized utility models. Backward and Forward Integration are presenting opportunities for the EaaS market. The major challenge for the EaaS market is the results manifest with scale which is expected to hinder the EaaS market.
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Energy as a Service Market: Regional Outlook
By region, the global energy as a service market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is estimated to be a rapidly growing region of the energy as a service market. In North America Rising standards and initiatives by governments, increase in the number of smart cities, smart communities, and electric vehicles are also boosting the market for grid management and power efficiency, which in turn would create opportunities for the energy as a service market. This market trend is estimated to continue due to increasing demand for energy in industrial and commercial needs, which is expected to boost the energy as a service market. In North America US is expected to hold the largest share of the energy as a service market due to energy efficiency services market in the US has grown significantly in the past decade. Based on consumption, Asia Pacific is expected to be the leading market for EaaS during the forecast period. Rising demand from power and oil & gas industry is driving the demand for EaaS market in this region.
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Energy as a Service Market: Key Players
Key players operating in the energy as a service market include GENERAL ELECTRIC, Siemens AG, ENGIE, WGL Holdings, Inc., Enel X, Edison Energy, Ørsted, EDF Energy, SmartWatt, Contemporary Energy Solutions, Enertika, Solarus Sunpower B.V., and Bernhard Energy.
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