“It is estimated that by 2024, the global energy services market will reach $86.9 billion from $52 billion in 2019, a compound annual growth rate of 10.8%,” said Markets and Marktets, a global market research organization, attributable to such growth. New revenue streams from the business, increased distributed energy resources, reduced costs for renewable energy generation and storage solutions, and government tax incentives for energy efficiency projects.
During the forecast period, the energy supply service sector is expected to be the largest contributor to the energy services market by service type. The report divides the energy services market into energy supply services, operations and maintenance services, energy efficiency and optimization services by service type. Energy supply services are expected to occupy the largest market share by 2024.
As prices rise, consumers want to purchase flexible energy supplies to ensure they can operate without a grid. In addition, as people pay more and more attention to various sources of energy supply, such as renewable energy, fossil fuels, nuclear energy, biomass energy and biofuels, the energy service model mainly supports renewable energy because it can reduce energy costs and reduce carbon. Footprints ensure energy efficiency and contribute to environmental protection. It provides consumers with a flexible choice of ownership, pricing and financing, and it also helps operators customize energy-generating designs based on consumer needs, both modern and powerful. It integrates distributed generation and energy storage assets quickly and easily.
From the perspective of end users, the energy services market is divided into commercial and industrial users. The business sector includes healthcare, educational institutions, airports, data centers, leisure centers, warehouses, hotels and more. More than half of the energy used in commercial buildings is used for heating and lighting. The business sector is expected to have the largest market share and the fastest growth rate, and implement energy services in the global business sector. This is mainly due to the major structural impact, namely economic growth. In addition, commercial consumers will gain energy efficiency through energy services, thereby increasing energy efficiency and reducing costs.
In this report, the energy service market is analyzed for four regions, namely North America, Europe, Asia Pacific and the rest of the world. The North American market is expected to be the largest regional market during the forecast period, with utilities in countries such as the US, Canada and Mexico implementing energy efficiency projects and looking for solutions to reduce energy generation costs. In addition, the increased share of renewable energy generation and energy efficiency activities is expected to drive market growth in the region.
During the forecast period, the main players in the global energy services market include Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (USA), Veolia (France), Enel X (Italy), etc. .
Source: Cable Network