Home Energy services Energy as a service market worth $105.6 billion by 2027

Energy as a service market worth $105.6 billion by 2027

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CHICAGO, September 14, 2022 /PRNewswire/ — Energy Market as a Service should go from $64.7 billion in 2022 at $105.6 billion by 2027, at a CAGR of 10.3% according to a new report from MarketsandMarkets™. The increase in distributed energy resources, new revenue streams for utilities, the availability of federal and state tax benefits for energy efficiency projects, and the lower cost of renewable energy generation and storage solutions drive demand for energy as a service globally. Due to advances in manufacturing and various technological improvements, the costs of various renewable energy and storage systems such as photovoltaic solar panels, fuel cells, grid-based energy storage, especially batteries, and combined heat and power generation have declined significantly in recent times. The falling cost of solar photovoltaic is encouraging users to install these resources to generate electricity. In addition, governments around the world are reviewing energy policies and providing incentives that encourage and facilitate the shift from traditional power generation techniques to power generation from clean and renewable forms of energy, including wind and solar. This is evident from the huge investments in the renewable energy sector over the past decade.

Utilities therefore offer sophisticated solutions, which include technological and financial support to reduce energy consumption and improve energy efficiency, thus creating new sources of income for themselves. They started providing solutions that combine power supply, efficiency and load balancing. Utilities also offer long-term Energy Service Performance Contracts (ESPCs), Utility Energy Conservation Contracts (USPCs), and Power Purchase Agreements (PPAs) which are chargeable or similar to a performance contract in which the costs are covered. through energy savings. These contracts help utilities to sustainably secure end-user revenues.

The energy-as-a-service market includes prominent Tier I and Tier II manufacturers like ENGIE, Enel X, Schneider Electricity, Ameresco, and Siemens. These companies are spread over Europe, North America, Asia Pacific, and other regions. Various services are offered by these players, for example energy efficiency solutions, energy infrastructure, energy intelligence software, operation and maintenance services and many others. These services are used to increase the efficiency of the end user industry and the growth of these industries is also expected to drive the growth of the energy as a service market.

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The energy supply services segment is expected to dominate the energy-as-a-service market, by type, over the forecast period.

Energy supply services refer to the idea that a building’s energy needs are met by an outside company, usually utilities or service providers. Today’s energy markets are more complex than they were in the past. Traditionally, utilities provided electricity to a building at a time-based rate, and there was little a building owner could do to change their energy overhead. In addition, energy supply services protect end users from network outages and extreme weather conditions that would threaten the operations of traditional commercial and industrial entities connected to the network. In energy as a service operation, energy supply services are increasingly provided through energy service agreements (ESAs) which are performance-based contracts by which a supplier of services is committed to financing, developing and deploying renewable energy projects for customers without any upfront capital expenditure. In addition, consumers have no responsibility for the maintenance and upgrade of the equipment.

The commercial segment is expected to be the largest and fastest growing end-user market during the forecast period.

The commercial segment includes establishments such as healthcare institutions, educational institutions, airports, data centers, recreation centers, warehouses, hotels and others. Global energy consumption in buildings has decoupled from floor space growth and economic performance. This shows that consumers and businesses can use energy services more efficiently and at a better price. For example, Edison won an energy performance contract with the Putnam Valley Central School District to significantly improve the energy efficiency of buildings and infrastructure in the district and slow the rate of escalating energy costs.

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The North America likely to emerge as the largest energy-as-a-service market

Energy as a service represents the move from customer-owned equipment to a model in which the service provider retains ownership and the customer pays for the services provided by the equipment. The main national markets in the regions have also been studied in this section. North America is expected to lead the energy-as-a-service market with major utilities in the region looking to diversify their revenue streams with major transformations driven by decarbonization, decentralization, and digitalization. In addition, as regions demand cleaner and more sustainable energy, energy efficiency in North America is set to integrate Distributed Energy Resources (DER) to help ensure grid reliability, meet state and provincial efficiency requirements, and help commercial and industrial users meet their emission reduction targets and goals.

The Energy Market as a Service is dominated by major players that have a broad regional presence. Some of the major players in the energy-as-a-service market are ENGIE (France), Enel X (Italy), Schneider Electric (France), Ameresco (USA), Siemens (France), General Electric (USA), Veolia (France)Honeywell (USA), Centrica (Netherlands), Alpiq (Swiss), WGL Energy (USA), Orsted (Denmark), Bernhard Energy Solutions (United States).

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