Energy as a service market poised to reach $147 billion by 2029
North America is anticipated to lead the market during the forecast period
The worldwide energy as a service (EaaS) market size is projected to reach $147.56 billion by 2029, exceeding an estimated $70.46 billion in 2022, according to a recently published report by Fortune Business Insights.
A compound annual growth rate (CAGR) of 11.1% is anticipated for the market within the forecast period (2022 to 2029).
The budding growth is attributable to reduced energy costs, decreased carbon emissions, and rising demand for renewable energy resources. Swift growth in charging stations and higher production rates are other factors leading to increased EaaS adoption.
That said, the industry growth is expected to be hindered by heavy capital investments in infrastructure and switch to advanced grids.
Schneider Electric, Siemens, Honeywell, and Veolia are among the top vendors influencing the EaaS market.
By region, North America is anticipated to lead the EaaS market. The region accounted for $28.49 billion in 2021 and is predicted to witness significant growth in the years ahead.
As for Europe, the installation of significant power generation technologies, coupled with favorable organizational and governmental policies, is expected to foster EaaS adoption.
Lastly, EaaS adoption in the Asia Pacific region is expected to be encouraged by increasing government financiers, clean energy awareness, and the fulfillment of demand and supply.
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