Energy as a service market (EaaS) predicted to hit $147 billion by 2029
According to a recent report by Fortune Business Insights, the global Energy as a Service (EaaS) market size is predicted to reach $147 billion in the next 7 years. This translates to an 11.1% compound annual growth rate (CAGR) from the $70.46 estimated market size in 2022.
The market was valued at USD 64.34 billion in 2021. Not bad for a sector recovering from the negative impacts of the pandemic. Investments and operations in the energy market had to halt after increased cases of COVID infections forced the shutdown of industries and commercial spaces.
Fortunately, the industry has been able to bounce back due to reduced energy costs, decreased carbon emissions, and rising demand for renewable energy resources. Experts believe that the increased growth in charging stations and higher production rates will be critical in propelling the adoption of Energy as a Service.
However, it’s not all without a cost. In order to reach the projected market size experts note that massive investments will need to be made in infrastructure and transition to advanced energy grids.
According to the report dubbed “Energy as a Service Market, 2022-2029,” Schneider Electric, Siemens, Honeywell, Centrica, and Veolia are among key players that will influence the growth of the EaaS market.
North America is anticipated to have the biggest market share during the forecast period. The region accounted for $28.49 billion in 2021 and is projected to continue growing in the coming years.
Europe is also estimated to take a significant market share thanks to the installation of significant power generation technologies and favourable organisational and governmental policies in the region.
The Asia Pacific region is also predicted to account for a sizeable share in the said market owing to the increase of government financiers in the region, clean energy awareness, and the fulfilment of demand and supply.