DUBLIN--(BUSINESS WIRE)--The "Energy as a Service Market by Services Type (Energy Supply Services, Operational and Maintenance Services, and Energy Efficiency and Optimization Services) End-User (Commercial and Industrial), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global energy as a service market is projected to reach USD 86.9 billion by 2024 from an estimated USD 52.0 billion in 2019
This growth can be attributed to factors such as new revenue generating streams for utilities, increased distributed energy resources, decreasing the cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy efficiency projects. However, integration and deployment challenges and dominance of the existing centralized utility models are hindering the growth of the energy as a service market.
The energy supply services segment is expected to be the fastest growing market from 2019 to 2024.
The energy supply services segment, by service type, is estimated to be the largest and the fastest growing segment during the forecast period. Due to the increase in pressure on consumers to meet sustainability and regulatory goals, increase in complexity to procure electricity, and complex tariff structures, the consumers are now in need of customized energy generation designs based on their requirements with modern and robust technology.
The energy supply services segment of energy as a service aids in offering onsite energy supply includes common distributed energy generation solutions such as solar PV, combined heat and power, diesel and natural gas gensets, microturbines, and fuel cells to improve energy supply. It gives the medium and large business consumers modern options on how they can sustain operations regardless of grid operations.
The commercial segment, by end-user type, is expected to be the largest market from 2019 to 2024.
The commercial segment is expected to hold the largest market share and the fastest growing segment during the forecast period because commercial buildings include a variety of building types - offices, hospitals, schools, federal buildings, warehouses, hotels, and shopping malls. The commercial sector, mainly the buildings, is responsible for about 30% of the global energy use.
his growth was driven mainly by factors such as an increase in floor area, occupancy, and access to services along with an increase in activity, including changes in population and climate. Different commercial building activities have unique energy needs and energy as a service helps the commercial owners limited capital and technical expertise to implement energy efficiency projects. Of all the commercial building types, mercantile and service buildings use the most total energy.
North America: The largest market for energy as a service.
The North American region is expected to be the largest market for energy as a service by 2024. The consumers in the region are looking to procure cleaner, reliable, and cheaper energy. Companies increasingly want to pay a fixed subscription fee for a range of products, from efficiency upgrades to their entire energy package. Private utility models have emerged because of the growing power sector trend for energy as a service.
For instance, under a long-term energy services agreement, utilities allow customers to essentially design their own resource mix while also being assured there will be no disruptions.
- New Revenue Generation Streams for Utilities
- Increasing Distributed Energy Resources
- Decreasing Cost of Renewable Power Generation and Storage Solutions
- Availability of Federal and State Tax Benefits for Energy-Efficiency Projects
- Integration and Deployment Challenges
- Dominance of Existing Centralized Utility Models
- Increased Use of Energy-Efficiency Technology
- Uncertainty About Agreement Structure
- Building Ownership Constraint
- Bernhard Energy Solutions
- EDF Renewable Energy
- Enel X
- General Electric
- Johnson Controls
- Schneider Electric
- Wendel Energy Services
- WGL Energy
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