Market Research Report
Asia-Pacific Energy as a Service (EaaS) Market
|Asia-Pacific Energy as a Service (EaaS) Market|
Published: August 3, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Full-title:Asia-Pacific Energy as a Service (EaaS) Market Size, Share & Trends Analysis Report by Type (Power Generation Services, Operational and Maintenance Services, and Others) by End-User (Commercial, Industrial, and Others) Forecast, 2021-2027.
The Asia-Pacific EaaS market is projected to grow at a modest CAGR of 16.5% during the forecast period (2021-2027). The key aspect that drives the growth of the market includes increasing focus on renewable energy sources for reducing carbon footprints, growing distributed energy resources across the region, and increasing energy consumption in various sectors such as commercial, industrial, governments, and others. Tax benefits by the government for energy efficiency projects and decreasing the cost of renewable power generation is also significantly accelerating the growth of the market. Further developments in sustainable energy sources and adoption of approaches such as pay-for-use in major economies of the region are expected to create lucrative opportunities in the market during the forecast period.
The EaaS market in Asia-Pacific is hardly hit by the impact of the COVID-19 pandemic. The demand for energy and consumption is also reduced owing to the closure of various verticals. In addition, to stop the further spreading of coronavirus, the government of major economies has imposed a lockdown. The imposition of lockdown resulted in the delay of new coming energy efficiency projects. Global energy demand in 2020 is estimated to decline by 6% compared to 2019. The consumption of energy especially electricity was dropped down in commercial and industrial sectors, on the other hand, it was high in residential sectors owing to the fact the people were working from home to stop the spread of the virus.
Asia-Pacific EaaS market is bifurcated on the basis of type and end-user. Based on type, the market is segmented into power generation services, operational and maintenance services, and energy efficiency and optimization services. Based on end-user, the EaaS market in Asia-Pacific is categorized into commercial, industrial, and others (government). Among these, the energy as a service in industrial end-user is anticipated to hold the largest share in the market during the forecast period. Whereas commercial sector is anticipated to be the fastest-growing during the forecast period owing to the establishment of educational institutions, healthcare institutes, information centres, airports, and others and increasing energy demand by these end-users.
Based on the demographic viewpoint, the Asia-Pacific EaaS market has been segmented into China, India, Japan, South Korea, and the Rest of Asia-Pacific. China is likely to hold a major share in the Asia-Pacific EaaS market over the forecast period. The large share is attributed to the increasing distributed energy resources, and growing energy consumption due to the large population base. Further, ENN Energy Holdings Ltd., Johnson Controls International PLC, Tata Power Solar Systems Ltd., Suzlon Energy Ltd., Tencent Holdings Ltd., Mitsubishi Corp., INPEX Corp., China Yangtze Power Co. Ltd., among others are some of the prominent players functioning in the Asia-Pacific EaaS market. New product launches & developments, partnerships, agreements, and acquisitions are some of the growth strategies adopted by the players to sustain a significant position in the highly competitive market.
The market study of the Asia-Pacific EaaS market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.