Energy as a Service Global Market Report 2024

The energy as a service market size has grown rapidly in recent years. It will grow from $64.93 billion in 2023 to $73.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth observed in the historical period can be attributed to the adoption of renewable energy, energy efficiency initiatives, regulatory support, the integration of smart building and IoT technologies, cost reduction, and budget optimization, driven by the demand for sustainability.

The energy as a service market size is expected to see rapid growth in the next few years. It will grow to $116.26 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The anticipated growth in the forecast period can be attributed to the increasing complexity in energy management, the rise of decentralized energy systems, energy resilience and security, the global expansion of Energy as a Service (EaaS) models, and the integration of data analytics and artificial intelligence (AI). Major trends in the forecast period include integration with blockchain technology, technological advancements, decentralized energy systems, data analytics, and predictive maintenance, as well as demand response integration.

The anticipated surge in renewable energy generation is expected to drive the expansion of the energy-as-a-service market in the foreseeable future. Renewable energy refers to energy derived from naturally replenishing but flow-limited sources that are essentially infinite in length but limited in the energy accessible per unit of time. The utilization of renewable energy is on the rise, contributing to the growth of the energy-as-a-service market. For instance, in September 2022, as per reports published by the Energy Information Administration, a U.S.-based government agency, during the first half of 2022, 24% of electricity generation in the United States originated from renewable sources. This marked an increase from 21% recorded for the same period in the previous year. Consequently, the escalating demand for increased renewable energy generation is a key driver propelling the growth of the energy-as-a-service market.

The energy-as-a-service market is poised for growth, driven by changing consumer preferences and a shift towards sustainable and efficient energy solutions. Sustainable and efficient energy solutions involve the use of environmentally friendly technologies and practices to responsibly meet energy needs. The dynamic energy-as-a-service market is instrumental in shaping consumer preferences by offering accessible, customizable, and eco-friendly energy options, contributing to the broader adoption of sustainable and efficient energy solutions. For instance, data from the International Energy Agency, a France-based intergovernmental organization, indicates a significant shift in consumer preferences in 2022. The global adoption of sustainable energy solutions continued to rise, with renewables accounting for approximately 30% of the electricity mix. This trend is expected to gain momentum, reaching nearly 50% by 2030. It reflects an increasing demand for clean energy technologies and a noticeable transition away from fossil fuels. In this context, the evolving preferences and trends towards sustainable and efficient energy solutions play a crucial role in propelling the growth of the energy-as-a-service market.

Partnerships and agreements have emerged as significant trends in the energy-as-a-service market, with companies actively collaborating to meet consumer demand and drive sustainability initiatives. A notable example is the agreement signed in August 2021 between the Engie Group and Google LLC, a US-based multinational technology company. This collaboration aims to provide carbon-free electricity in Germany, contributing to Google's ambitious goal of achieving carbon-free energy across its data centers, cloud regions, and offices globally by 2030. Under this agreement, Engie will curate and manage an energy portfolio, supplying Google with renewable energy from solar and wind sources. The objective is to ensure that approximately 80% of Google's activities in Germany are carbon-free by 2022. Engie SA, a France-based utility company, plays a key role in facilitating this transition by operating in various fields such as energy transition, electricity generation, distribution, natural gas, nuclear, renewable energy, and petroleum. This example illustrates how partnerships and agreements are instrumental in advancing sustainability goals and fostering collaboration within the energy-as-a-service market.

Major players in the energy-as-a-service market are strategically focusing on product launches to enhance their offerings. A notable example is the introduction of the Renewable Energy Digital suite, designed to optimize the performance and operations of renewable assets, including onshore and offshore wind, hydro, and other renewable energy technologies. This comprehensive digital solution, exemplified by General Electric's Lifespan launched in May 2022, aims to elevate the management, performance, and maintenance of renewable energy assets through real-time control, deep insights, and technology-agnostic capabilities. The Lifespan suite from General Electric offers a range of features tailored for the energy-as-a-service market. These features include real-time command and control, deep insights into fleet and site performance, condition-based maintenance, an integrated user experience, efficient data management, and technology-agnostic solutions. By incorporating these features, the suite enhances the efficiency of managing renewable energy assets, contributing to the energy-as-a-service market by enabling more effective, data-driven, and integrated management practices. This, in turn, ensures the delivery of reliable and sustainable energy services.

In July 2021, OY Nofar Energy, an Israel-based energy company, successfully acquired Blue Sky Utility for a deal amounting to $91 million. This strategic acquisition served as Nofar's entry into the US market, aligning with the company's overarching goal to broaden its operations and establish a presence in new markets. Blue Sky Utility, the acquired entity, is a US-based company with expertise in developing renewable energy solutions tailored for retail real estate landlords and tenants.

Major companies operating in the energy as a service market report are Enel S.p.A., Robert Bosch GmbH, Engie SA, Siemens AG, General Electric Company, United Technologies Corporation, Veolia Environnement S.A., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., Centrica PLC, Duke Energy Corporation, Johnson Controls International PLC, Eaton Corporation, Edison International, Alpiq Holding SA, Tetra Tech Inc., Legrand Group, Emerson Climate Technologies India Pvt. Ltd., EDF Renewable Energy, Ameresco Inc., WGL Energy, ABB India Ltd., Bernhard LLC, SmartWatt Energy Inc., Entegrity Partners LLC, Enertika Inc., Contemporary Energy Solutions LLC, Spark Community Investment Co., Solarus Energy Inc.

North America was the largest region in the energy as a service market in 2023. Middle East and Africa are expected to be the fastest-growing regions in the energy as a service market during the forecast period. The regions covered in the energy as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. 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, Canada, Italy, Spain.

Energy as a Service primarily consists of solutions and services. Energy supply services play a key role in delivering various forms of energy, including fuels, electricity, and thermal energy, from suppliers to end consumers. These services encompass supply, demand, and energy optimization, catering to a diverse range of end users such as commercial enterprises and industries.

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 state of the industry.

The energy as a service market includes revenues earned by entities by providing cloud-based energy services and solutions to monitor and manage energy requirements based on real-data collections and also procuring, storing, and producing energy solutions. 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.

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.


This product will be delivered within 3-5 business days.