SAN ANTONIO, TX, UNITED STATES, November 29, 2023 -- A comprehensive analysis by Verify Markets shows that the North American Energy as a Service (EaaS) Market is experiencing an unprecedented boom, projected to expand at a double digit growth rate of over 10.0% CAGR from 2023 to 2030. This impressive growth trajectory is primarily fueled by a confluence of factors, including a surge in data center construction, increased adoption of renewable energy sources, aging power infrastructure, and a supportive regulatory environment.
The North American Energy as a Service (EaaS) Market was valued at $617.1 million in 2023 and witnessing a transformative shift driven by the rise of decentralized power generation, energy storage technologies, and the prevalence of smart devices. These advancements have ushered in a new era of innovative business models in the energy sector, with digitalization and smart meter usage playing a pivotal role in enabling extensive data collection and analysis, thereby facilitating automation and the development of cutting-edge energy services.
However, the EaaS market is still in its nascent stage and faces challenges in market adoption due to the perception of high customization and complexity in projects and the complex regulations for participating in the wholesale electricity markets. Despite these challenges, the evolving competitive landscape, characterized by emerging players from the energy service market, suggests a dynamic growth potential and opportunities for innovative, customized energy solutions. As the EaaS market continues to evolve, increased participation in the wholesale electricity market is expected to drive market growth by increasingly offering microgrids the chance to generate revenue, optimize costs, and contribute to grid stability.
The North American Energy as a Service (EaaS) Market has been segmented by application, service model, fuel type, and end user. Among the different end users, the commercial sector, which includes industries such as food and beverage, warehouses, and retail stores, accounted for a significant 34.0% of the market in 2023. This substantial share underscores the sector's critical requirement for consistent and dependable energy solutions, vital for various operations ranging from food preservation to extensive distribution networks. It is anticipated that the commercial sector, together with data centers, will progressively embrace EaaS as a strategy to manage energy expenses, guarantee reliability, and enhance sustainability.
In terms of fuel type, natural gas leads the way, followed by diesel and renewables, with natural gas generators predominantly used for energy cost optimization. Notably, CHP microgrids account for over 10.0% of the sector, mainly serving commercial and institutional areas with baseload power and heat.
Some of the key companies covered in this report included Enchanted Rock LLC, PowerSecure International, Inc., Mesa Natural Gas Solutions, LLC., AEP Onsite Partners, LLC, Schneider Electric SE, RePower, L.L.C, Bloom Energy Corp, Bloom Energy, Power Utilities, Capstone Green Energy, and some Power Utilities, among others. This report provides an in-depth analysis of the overall North American Energy as a Service (EaaS) Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecasts, technology trends, and a competitive landscape assessment.
This report provides an in-depth analysis of the overall North American Energy as a Service (EaaS) Market. The report captures various market dynamics such as market drivers, market restraints, major trends, and competitive landscape in addition to the following:
- Total Market Size, Growth Rate, and Revenue Forecasts (2023-2030)
- Total Market Share by Company Revenues
- Market Share by End Users (commercial, manufacturing, data centers, oil & gas, water facilities, and others)
- Market Share by Fuel (diesel, natural gas, CHP, renewable energy, BESS, and others)
- Market Share by Service Model (subscription-based, usage-based, shared savings agreement)
- Market Share by Application (prime power, resiliency, energy cost optimization, renewable energy integration)
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