Energy as a Service Market to reach US$ 84.72 billion by the year 2027

The Global Energy as a Service Market is valued at US$ 60.11 billion in 2021 and it is expected to reach a valuation of US$ 84.72 billion by 2027, during this forecast period, it is anticipated to grow with a healthy CAGR of 6.52% over 2022-2027.

Energy as a Service is most commonly known as a business model whereby customers pay for an energy service without having to make any upfront capital investment. Energy as a Service model usually takes the form of a subscription for electrical devices; these are the main factors that have considerably increased the demand the in the market, thereby driving the huge growth of the market in the upcoming years.

Market Drivers and Restraints:

The main factors that have considerably increased the demand for Energy as a Service in the market are mainly due to the rise in renewable energy generation and greater renewable energy adoption could be the main factors that have raised the growth of the Energy as a Service market. In addition, an increase in effort by building owners to reduce energy costs in residential societies and a rise in smart grid installations could be the main factors that have considerably increased the demand the in the market, thereby driving the huge growth of the market in the upcoming years.

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The report is segmented as:

Energy as a Service the market is segmented on the basis of End-User; Market is segmented on the basis of Service Type:

By Service Type (Energy Supply Service, Operation & Maintenance, and Optimization & Efficiency Service),

By End-User (Industrial and Commercial)

Geographical Segmentation:

The energy as a Service Market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa, and the rest of the world.

North America has the dominant share in the Energy as a Service due to the government spreading awareness about the benefits of using renewable energy, which could lead to an increase in renewable energy demand and propel the overall energy as a service market these are the main factors that have considerably increased the demand for Energy as a Service in North America

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Impact of COVID-19 on the Market

Covid -19 pandemic has affected almost every industry, and the long-term effects are projected to impact the growth of Energy as a Service during the forecast period. The covid-19 pandemic has impacted hugely the sales revenue of the Energy as a Service market, Due to the government restrictions like lockdown in many countries have stopped the production of products by manufacturing companies.

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