The Key Players in the Energy as a Service Market: An Overview (Veolia, Honeywell, EDF Renewables, Enel, Schneider Electric, Engie, Johnson Controls, WGL Energy, General Electric)

The global energy as a service (EAAS) market size was valued at $54.4 billion in 2020, and is projected to reach $112.7 billion by 2030, growing at a CAGR of 7.6% from 2021 to 2030.

Energy as a Service (EaaS) is a business model and approach that provides customers with comprehensive energy solutions and services rather than simply selling them energy commodities. EaaS aims to offer energy services that are tailored to the specific needs of customers, helping them improve energy efficiency, reduce costs, and achieve sustainability goals.

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Key elements and concepts related to Energy as a Service:

Comprehensive Solutions: EaaS providers offer a range of energy-related services, which may include energy procurement, energy management, demand response, energy efficiency improvements, renewable energy integration, and more.

Outsourced Energy Management: EaaS allows organizations to outsource their energy management responsibilities to specialized providers. These providers take on tasks such as monitoring energy consumption, optimizing energy use, and ensuring compliance with environmental regulations.

Customization: EaaS solutions are customized to meet the specific needs and goals of each customer. This tailored approach helps organizations optimize their energy use, reduce costs, and minimize environmental impacts.

Pay-for-Performance: EaaS providers often offer performance-based contracts where customers pay for the services based on achieved outcomes, such as energy savings, reduced emissions, or improved operational efficiency.

Energy Efficiency: EaaS solutions often prioritize energy efficiency measures, such as lighting upgrades, HVAC system optimization, and building envelope improvements, to reduce energy consumption and operational costs.

Renewable Energy Integration: EaaS can include the integration of renewable energy sources, such as solar panels or wind turbines, to reduce reliance on fossil fuels and lower carbon emissions.

Energy Procurement: EaaS providers may help customers navigate energy procurement strategies, including selecting energy suppliers, negotiating contracts, and managing energy price risk.

The key players operating and profiled in the energy as a service industry include Veolia, Honeywell International Inc., EDF Renewables, Enel X, Schneider Electric SE, Engie SA, Johnson Controls International, WGL Energy, Alpiq, and General Electric.

Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 8.2%, throughout the forecast period.

Industrial is the fastest-growing end use segment in the global energy as a service market, expected to grow at a CAGR of 8.0% during 2021-2030.

This model is driven by increase in transformation across the energy industry including digitization, decarbonization, distributed generation, and others, which helps in providing various services including energy advice, energy asset, and energy management.

Rise in awareness toward increased installation and better management of distributed energy generation sources is expected to fuel growth of the energy as a service market during the forecast period.

Rapid transformation of energy industry to digitization, decarbonization, smart energy infrastructure, and others is further anticipated to propel the market growth from 2021 to 2030.

Challenges and installation cost associated with replacement of existing energy infrastructure to smart energy infrastructure is expected to hamper the market growth in the coming years.

Rise in awareness toward utilization of energy efficient technologies and rapid growth of the renewable energy industry are the key factors expected to create opportunities in the global energy as a service market.

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Demand Response: EaaS solutions can include demand response programs that enable customers to reduce energy use during peak demand periods, helping to stabilize the grid and earn financial incentives.

Monitoring and Analytics: Real-time energy monitoring and data analytics are often part of EaaS offerings, allowing customers to gain insights into their energy use and make informed decisions.

Sustainability and Environmental Goals: EaaS can assist organizations in achieving sustainability objectives, including reducing greenhouse gas emissions, increasing the use of renewable energy, and obtaining certifications like LEED (Leadership in Energy and Environmental Design).

Risk Mitigation: EaaS providers may offer risk mitigation services, such as energy risk assessments and energy market intelligence, to help customers navigate energy market volatility.

Financial Benefits: EaaS solutions are often structured to deliver financial benefits to customers through energy cost savings, reduced operational expenses, and improved asset performance.

Scalability: EaaS solutions can be scaled up or down to accommodate the evolving needs of customers, making them suitable for a wide range of industries and organizations.

Third-Party Financing: EaaS may involve third-party financing arrangements, where providers invest in energy efficiency or renewable energy projects and customers pay for the services over time, often through savings generated by the projects.

In 2020, the energy supply service segment accounted for about 37.4% of the share in the global energy as a service market, and is expected to maintain its dominance till the end of the forecast period.

In 2020, the commercial segment accounted for 62.9% energy as a service market share in the year 2020, and is anticipated to grow at a rate of 7.3% in terms of revenue, increasing its share in the global energy as a service market.

Increase in use of energy as a commodity is majorly directed at lowering energy costs of buildings and minimizing greenhouse emissions to preserve ecological balance, which creates need for energy as a service model, thereby fueling the market growth in the coming years.

COVID-19 analysis

EaaS projects offer energy efficiency as well as cost saving for long term. However, high capital investments in initial stages have led many companies to reduce such investments. Since companies are already struggling to keep up with fixed costs and trying to survive the impact from COVID-19, any commitment to such huge capital investment is either put off, cancelled, or delayed. Thus, the impact on the EaaS market is high.

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For companies in all parts of energy, utilities, and resources sectors, it will be vital to combine effective scenario-planning with an examination of how different developments could affect their business in short, medium, and long term.

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