Government projects and increased spending on infrastructure projects to drive the Europe Energy as a Service market growth in the forecast period.
According to TechSci Research report, “Europe Energy as a Service Market – By Region, Competition Forecast & Opportunities, 2018-2028F” the Europe Energy as a Service Market is expected to register a robust CAGR during the forecast period 2024-2028. Energy as a Service (EaaS) is defined as a service provider that provides customer access to energy and management services through a contract with an organization with no associated upfront costs. Customers pay only for ongoing service, avoiding infrastructure and device fees, similar to the software-as-a-service model. These services are specifically tailored to the client’s goals, such as reducing energy consumption, increasing sustainability and improving bottom line. Energy as a Service also provides flexibility for customer choices regarding pricing and ownership. It also helps operators customize power generation projects based on customers’ varying power requirements, both robust and modern. The service also enables easy and fast integration of energy storage systems into distributed generation systems.
The European market is driven through the support of governmental and institutional political frameworks for the implementation of green energy solutions and the critical installation of power generation technologies in various locations. Germany, UK and Italy are some of the major contributors to the Energy as a Service market. Additionally, increased investments and plans to strengthen and expand grid infrastructure networks to support the growing number of renewable energy installations are projected to continue driving business forward. As the population grows, energy demand and energy conservation are becoming essential for long-term sustainability. Private companies, with government support, are focusing on the commercial segment to expand their services in the future. EaaS provide complete management of energy resources and services. By pooling customer resources into one large smart energy community, the EaaS provider can consolidate markets, provide predictable load balancing, and update the grid in multiple ways.
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The Europe Energy as a Service Market is segmented into service type and end user. Based on service type, the market is divided into Power Generation Services, Energy Efficiency & Optimization Services, and Operational & Maintenance Services. During the projected period, the Power Generation Services is expected to dominate the market in the forecast period of 2024-2028. Consumers are looking for reliable power supplies that can work reliably off-grid as prices rise. Additionally, the Energy-as-a-Service model primarily supports renewable energy due to its low cost, low carbon footprint, high energy efficiency, and environmental friendliness. This is because renewable energy is gaining attention as a variety of energy sources, including biomass, renewable energy, fossil fuels, nuclear power, and biofuels.
Based on end user, the market is segmented into Commercial and Industrial. During the projected period, the commercial segment is expected to dominate the market in the forecast period of 2024-2028. Services offered by EaaS companies that conserve energy or provide electricity for different needs, are included in commercial spaces. EaaS providers offer a variety of technology and software solutions to help businesses understand their electricity consumption patterns. The commercial sector is expected to have the largest market share and fastest growing market due to the implementation of energy services required by business sectors, worldwide. This is mainly due to significant structural impacts, especially economic expansion. Additionally, Energy as a Service provides commercial users with access to energy efficiency and helps reduce energy consumption.
Based on region, UK is expected to dominate the market in the forecast period of 2024-2028. The UK government announced in April 2021 that it will cut emissions by 78% by 2035. This is 15 years ahead of their 2050 net-zero target. If the UK hits this target, it will be one of the first countries to achieve this cut. The UK made this commitment ahead of COP 26 to demonstrate its commitment to net zero target. The government has set this target to encourage businesses to track their carbon footprint and to plan for their emissions to help the UK meet their 2050 target.
Key market players in the Europe Energy as a Service Market:
- Schneider Electric SE
- Engie SA
- Siemens AG
- Veolia Environment SA
- Enel X
- Alpiq AG
- Enertika Ltd.
- Orsted AS
- Blackstone Energy Services Inc
- Carbon Lighthouse Inc.
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“With increasing awareness for renewable resources, Europe is trying saving to save energy by implementing new policies and coming with alternatives and also becoming an example for others. Automation has greatly helped the Energy as a Service (EaaS) market to grow. UK is expected to be the dominant region during the forecast period due to their target of reducing emissions by the year 2035 till 78%. ” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Europe Energy as a Service Market By Service Type (Power Generation Services, Energy Efficiency & Optimization Services, Operational & Maintenance Services), By End User (Commercial, Industrial), By Region, Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of Europe Energy as a Service Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities Europe Energy as a Service Market.
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