Energy as a Service Market – An Overview
The global energy as a service market is anticipated to witness strong growth during the forecast period between 2021 and 2031.
Energy as a service has helped generate greater awareness about improved energy management. Energy as a service is a rapidly growing model which provides different energy-related services and optimization solutions across various small, medium, and large-scale businesses.
The COVID-19 outbreak had an adverse effect on the energy as a service market. Industries that predominantly depend on renewable energy sources for operations were forced to function partially or shut down completely due to the rising number of cases. This impacted the renewable energy sources demand and affected the overall energy as a service market.
Some of the elements part of energy as a service include sale of energy, technology, analytics, grid access, and personalized access.
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Energy as a Service Market – Trends and Opportunities
Factors such as rise in renewable energy generation and greater renewable energy adoption could be the key growth drivers for the energy as a service market.
In addition to this, an increase in effort by building owners to reduce energy costs in residential societies and a rise in smart grid installations could drive the growth in the energy as a service market, in the coming years.
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The growing need to reduce the reliance on fossil fuels and decrease the carbon footprint could also propel the energy as a service market, in the upcoming years. A rapid rate of urbanization could play a key role in fueling the growth in the energy as a service market in future.
Governments around the world are taking considerable initiatives and measures to spread awareness about the benefits of using renewable energy, which could lead to an increase in renewable energy demand and propel the overall energy as a service market.
Energy as a Service Market – Competitive Landscape
The energy as a service market is highly competitive and several well-established players are looking to adopt different product strategies such as launching new products to stay competitive in the overall market.
Prominent players in the energy as a service market could also collaborate with smaller players in a bid toexpand their market presence and improve their revenue share.
Market players could also make heavy investments in research and developments activities. They could also develop new R&D facilities in different parts of the world to conduct these activities. The R&D undertakings are expected to be a key growth strategy for market players in future.
Some of the key players in the energy as a service market include Siemens, Honeywell, Schneider Electric, Enei X, and EDF Renewable Energy
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Energy as a Service Market – Regional Assessment
North America is anticipated to be the leader in the global energy as a service market in future. Countries such as Canada, the U.S are implementing energy efficiency projects that would help decrease the overall energy generation costs.
The U.S is also introducing new approaches such as pay-for-performance to try and achieve optimum energy efficiency in the commercial sector. A rise in the share of renewable power generation and energy efficiency activities is also anticipated to drive the energy as a service market, in future, in this region.
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Asia Pacific is expected to witness strong growth in the overall energy as a service market in future owing to the presence of prominent market players in countries such as India and China and a huge consumer base in this region.
Other regions such as Europe, Middle East and Africa, and Latin America are expected to witness moderate growth in the energy as a service market, in the upcoming years.
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