The Asia-Pacific Energy as Service (EaaS) market is anticipated to grow significantly at a CAGR during the forecast period (2022-2028). The factors that are contributing towards the growth of the market include rapid industrialization and urbanization, increasing energy consumption, rise in smart city projects, and government initiative and policies for energy efficiency projects to reduce the dependency on fossil fuel to stabilize CO2 emission. In Asia-Pacific, China is the largest populous country with 1.412 billion by 2020. Due to the increased population, the production and consumption of energy are also on the top in China. According to IEA.org, in 2018, the energy production in China reached 2.52 Btoe (billion tonnes of oil equivalent), which was 190.86% from 1990. Whereas China is planning to reduce CO2 emission to 5150 million metric tons by 2035. In addition, the Chinese government is also planning to increase its share in renewable energy by up to 58% by 2050. Thus, the country’s goal to reduce carbon emission and increasing energy share will be projected to create scope for energy as a service market during the forecast period.
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Besides, in India, the total energy consumption remains 0.7 toe in 2020, electricity consumption per capita reached 860kWh. The increasing energy needs in every sector such as commercial, industrial, transportation, and others creating the demand for energy management and supply systems. Therefore, energy service providers are continuously focusing on investing high for expanding their business and product pipeline across the region. For instance, in March 2021, Actis announced to invest fund of $850 million in India for the development of renewable energy platforms and commercial platforms, one for grid-connected solar and wind power parks, and the other for commercial and industrial markets.
Furthermore, the rise in smart city projects in the economies such as India is expected to drive the market. In 2019, India had nearly 300 smart city projects, the cost of the projects was around $2 billion. Due to smart city projects, industrialization has increases in the region along it the significant growth in energy consumption has also increased. Increasing government support in the form of rebates and tax incentives for energy efficiency projects is also playing a major role in driving the growth of the market in the region. The significant decrease in the cost of renewable energy generation and associated storage solutions is further expected to augment the growth of energy as a service market. Energy consumption is one of the major factors of market growth in the Asia-Pacific region.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered- By Type, By End-User
• Region Covered- Asia-Pacific
• Competitive Landscape- 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
Key questions addressed by the report.
• What is the market growth rate?
• Which segment dominates the market in a base year?
• Which segment will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from the pre-COVID forecast.
o Most affected segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Asia-Pacific Energy as Service Market – Segmentation
• Asia-Pacific Energy as Service Market, By Type
o Power Generation Services
o Operational and Maintenance Services
o Energy Efficiency and Optimization Services
• Asia-Pacific Energy as Service Market, By End-User
o Commercial
o Industrial
o Others (Government)
Asia-Pacific Energy as a Service Market – Countries Covered
Asia-Pacific
• China
• India
• Japan
• ASEAN
• South Korea
• Rest of Asia-Pacific
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