Market Research Report
North America Energy as a Service (EaaS) Market 2021-2027
|North America Energy as a Service (EaaS) Market 2021-2027|
Published: August 3, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Full-title:North America 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 North American EaaS market is projected to grow at a modest CAGR of 15.4% during the forecast period (2021-2027). The global energy as a service market in North America is driven by the factors such as rising industrialization across the region and increasing focus on reducing energy costs. The other factors such as increasing distributed energy sources, reducing renewable power generation cost, and government support in form of rebates and tax benefits for new energy efficiency projects are projected to drive the scope of energy as a service market in North America during the forecast period. Furthermore, the North American energy as a service market is significantly driven by the increasing focus of end-users towards maintaining energy consumption. For instance, WGL Energy Systems (WGL Energy) offers the Resilient Energy Supply Node (RESNode), an EaaS solution that is intended to offer the US Department of Defense considerable flexibility in securing cyber secure, highly dependable, and grid-independent electricity generation.
The North American EaaS market is hardly hit by the impact of the COVID-19 pandemic. Most of the manufacturing units were shut down during the initial months of the COVID-19 across the major economies in North America. Lockdowns imposed by the governments regarding the COVID-19 outbreak have not only affected manufacturing however also affected the upcoming energy efficiency projects for renewable energy generation. Due to which the market experienced a decline in growth.
North American EaaS market is segmented based on 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. Among these, the power generation services segment is projected to grow at a higher pace during the forecast period. The rapid industrialization and commercial sector due to which the energy demand is increasing is further augmenting the demand for EaaS. Hence accelerate the market growth. Based on end-user, the energy as a service market in North America 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 centers, airports, and others and increasing energy demand by these end-users.
Based on the demographic viewpoint, the North America Energy as a Service market has been segmented into the US and Canada. The US is likely to hold a major share in the North America Energy as a Service market over the forecast period. Further, Bernhard Energy Solutions (US), EDF Trading Ltd. (US), Entegrity Energy Partners, LLC, Edison International (US), General Electric (US), Noresco (US), Honeywell International Inc. (US), Smartwatt (US), United Technologies Corp (US), WGL Holdings, Inc. (the US), Wendel Energy Services (US), among others are some of the prominent players functioning in the North America Energy as a Service market. New product launches & developments, partnerships, agreements, and acquisitions are some of the growth strategies adopted by the players to sustain in the highly competitive market.
The market study of the North America Energy as a Service 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 break down 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.