In 2020, the global Energy as a Service (EAAS) market had projected to account for the market value at USD 27.86 Billion and is further estimated to hold USD 80.80 Billion during the assessment time frame of 2028. However, the market is anticipated to register 31.2% of CAGR during the analysis period.
The worldwide Energy as a Service (EAAS) market is driving due to the rising adoption of distributed energy sources (DER), decarbonization of the world’s economy, the shifting focus of manufacturers towards the use of sustainable energy and the rising use of Energy as a service.
However, the rising cost of the transformed advanced grid system and the lack of expertise among electricians or technicians can hinder the growth of the Energy as a Service (EAAS) market during the forecast period.
Various market segments are fueling the Energy as a Service (EAAS) market growth at a significant rate. It includes the service type, components, and end-users.
Based on the service type segment, the current market has been classified into operational and maintenance services, energy supply services, and energy efficiency and optimization services. Of these, the energy supply segment has contributed highly to the present market growth as compared to other segments. Also, this segment is projected to be the fastest-growing during the forecast time frame due to the rising focus of key players on renewable sources for the energy supply as it reduces carbon dioxide emission, produces efficient Energy, cost-effectiveness, and is environment friendly.
On the basis of component segment, the EAAS industry has been divided into two components, such as services and solutions. Further, the service segment has been sub divided into technical and maintenance services, infrastructure services, and other support services. On the other hand, the solution segment has been further sub divided into on-site energy supply, load management optimization solution, energy portfolio advisory solutions, building optimization solutions, and off-site energy supply. The present market has been segregated into industrial, residential, and government in terms of the end-user segment. Further, the industrial segment is sub-segregated into large scale enterprises and small medium-scale enterprises.
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The major regions of the globe have been coved by Energy as a Service (EAAS) market, which includes Asia Pacific, North America, Latin America, Europe, South America, and the rest of the world.
Out of all, the European regional market is projected to hold the leading position during the assessment time frame due to the increasing adoption of renewable sources for energy consumption. Additionally, major market players like Schneider electric se, EDF Energy, and others in the region are fueling the regional market growth.
Further, the second-largest market is considered the North American market for the research period because of the growing development in data analytics and artificial intelligence (AI).
In August 2020, prominent players like SCHNEIDER ELECTRIC and HUCK capital signed a partnership contract to provide clean energy as a service to commercial and industrial buildings.
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