New York, April 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Energy-as-a-Service Global Market Report 2023" - https://www.reportlinker.com/p06316255/?utm_source=GNW
The global energy-as-a-service market is expected to grow from $58.52 billion in 2022 to $65.20 billion in 2023 at a compound annual growth rate (CAGR) of 11.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The energy-as-a-service market is expected to grow to $98.18 billion in 2027 at a CAGR of 10.8%.
The energy-as-a-service market consists of revenue earned by offering end-to-end management of a customer’s energy assets and services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Energy-as-a-service (EaaS) is a business model whereby customers pay for an energy service without having to make any initial capital investment. EaaS models typically take the form of a subscription for electrical devices owned by a service company or management of energy usage to deliver the desired energy service.
North America was the largest region in the energy-as-a-service market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services of energy-as-a-service are energy supply services, maintenance and operation, and energy efficiency and optimization.Energy supply services refer to the collection of energy conversion and transmission technology, as well as the supporting services, which guarantee a continuous supply of all energy and energy carriers in accordance with predetermined standards, at the lowest possible cost.
Energy resources are primarily consumed by industrial businesses. The services are provided by utility service providers and third-party providers and used by industrial and commercial end users.
The rise in energy consumption across the globe is expected to boost the growth of the energy-as-a-service market going forward.Energy consumption refers to the energy used to perform an action.
Energy is required for transportation, lighting, cooling, and heating in buildings, as well as for agriculture, manufacturing, and mining. For instance, in April 2022, according to International Energy Outlook, a report released by US Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing, and disseminating energy information, the total U.S. energy consumption in 2021 increased by around 4.7% compared to 2020 to 97 quads. Every energy-using industry saw higher energy use in 2021, with the transportation industry seeing the biggest annual rise in energy use of approximately 10.2%. Therefore, the rise in energy consumption across the globe is driving the growth of the energy-as-a-service market.
Technological development is a key trend gaining popularity in the ginger ale market.Major companies operating in the energy-as-a-service market are focused on developing new technological solutions using artificial intelligence (AI) to strengthen their position in the market.
For instance, in October 2021, Infosys Ltd., an India-based company that provides business consulting, information technology, and outsourcing services, and Bharat Petroleum, a globally integrated energy company partnered to develop and pilot an energy-as-a-service (EaaS) solution to aid companies in increasing the energy efficiency of their infrastructure and achieving their carbon reduction objectives. Infosys and bp intend to co-develop a digital platform that can gather data from various energy assets and use artificial intelligence to optimize the energy supply and demand for power, heat, cooling, and EV charging. The companies would test the digital platform at the Infosys Pune Development Centre which simulates a small city with multiple energy generation, storage, and consumption sites. If the pilot is a success, they plan to implement this strategy with some clients and on additional Infosys campuses in India to assist manage energy and lower emissions.
In May 2022, GE Digital, a US-based company that provides software and industrial internet of things services to industrial companies and a subsidiary of General Electric, acquired Opus One Solutions, for an undisclosed amount.This acquisition helps GE Digital by assisting utilities in making decisions about how to integrate renewables and Distributed Energy Resources (DERs) at a scale throughout the electric grid.
Opus One Solutions is a Canada-based software company that assists electric utilities to optimize energy planning, operations, and market management.
The countries covered in the Energy-as-a-Service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The energy-as-a-service market research report is one of a series of new reports that provides Energy-as-a-service market statistics, including Energy-as-a-service industry global market size, regional shares, competitors with an Energy-as-a-service market share, detailed Energy-as-a-service market segments, market trends and opportunities, and any further data you may need to thrive in the Energy-as-a-service industry. This Energy-as-a-service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06316255/?utm_source=GNW
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