Energy as a service (EaaS) can be defined as one or more aspects of a customer’s energy portfolio including strategy, program management, energy supply, energy use, and asset management by applying new products, services, financing instruments, and technology solutions. EaaS market consists of third-party vendors, utility services companies, and potential business model disruptors deploying niche technical, financing, or procurement solutions like solar PV power purchase agreements, energy services performance contracts, and deregulated electricity market retail brokerage services.
Based on service type, the EaaS market can be divided into generation, operation & maintenance, optimization & efficiency, and others. Energy optimization & efficiency services are expected to hold the largest share of the EaaS market. The energy optimization & efficiency services include the identification of energy saving potential and optimization of existing building energy services.
Based on end-user industry, the EaaS market can be bifurcated into industrial sector and commercial sector. Industrial segment is expected to hold the largest share of the EaaS market, by end-user. This segment is primarily driven by decarbonization and energy efficiency standards. The Energy Policy Act 1992 focuses on increasing clean energy use and improving overall energy efficiency in the US. Energy Conservation Law of China, 1992 focuses on promoting energy conservation, improving energy utilization, and protecting the environment from GHG emissions.
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The drivers for energy as a service market are rising energy consumption and price volatility, and growing potential of renewable energy. Several trends are expected to come together to push the growth of the energy as a service market during the forecast period. Corporations have increasingly been looking for sustainable or renewable resources of energy. The restraints for energy as a service market are integration and deployment challenges, and dominance of existing centralized utility models. Backward and Forward Integration are presenting opportunities for the EaaS market. The major challenge for the EaaS market is the results manifest with scale which is expected to hinder the EaaS market.