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.
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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.
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Asia-Pacific EaaS Market Segmentation
By Type
- Power Generation Services
- Operational and Maintenance Services
- Energy Efficiency and Optimization Services
By End-User
- Commercial
- Industrial
- Others (Government)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
