Energy-as-a-Service Market Share, Size, Trends, Industry Analysis Report, By Service Type (Energy Supply Services, Operational and Maintenance, Efficiency and Optimization); By Component (Solution, Service); By End-Use (Commercial, Industrial); By Region;

Energy-as-a-Service Market Share, Size, Trends, Industry Analysis Report, By Service Type (Energy Supply Services, Operational and Maintenance, Efficiency and Optimization); By Component (Solution, Service); By End-Use (Commercial, Industrial); By Region; Segment Forecast, 2022 - 2029

The global energy-as-a-service market size is expected to reach USD 120.65 billion by 2029, according to a new study by Polaris Market Research. The report “Energy-as-a-Service Market Share, Size, Trends, Industry Analysis Report, By Service Type (Energy Supply Services, Operational and Maintenance, Efficiency and Optimization); By Component (Solution, Service); By End-Use (Commercial, Industrial); By Region; Segment Forecast, 2022 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing investment in renewable power has been enabled by the intense focus on integrating clean power sources, its storage, distribution, and global pledge towards containing global pollution, consequently, global warming. Increased investments in clean power fuel the rise of power as a facility business.

Global investment in renewable power climbed to US$ 272.9 billion in 2018, according to the United Nations Environment Programme’s statistics. This is the fifth year in a row that it has surpassed USD 250 billion. This sector is also benefiting from increased investment in storage solutions.

For example, the World Bank Group stated in September 2018 that it would invest US$ 1 billion to help developing nations accelerate investments in battery storage for power systems. This program intends to boost renewable power use to improve power security, grid stability, and access to electricity.

As per Bloomberg New Energy Finance (BNEF), the power storage market will increase to 942GW by 2040, garnering USO 620 billion in investment. As a result, high investment in renewable power sources and storage solutions will propel the industry forward over the forecast period.