Australia Energy-as-a-Service Market
Australia Energy-as-a-Service Market (Provider: Utility Service Provider and Third Party Provider; Service: Power Generation, Efficiency & Optimization, Load Management & Operation, and Others; and End User: Industrial, Commercial, and Residential) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
EaaS Shows Potential to Efficiently Manage Energy Bills During COVID-19
Alternative financial solutions, such as Energy-as-a-Service (EaaS) are helping business owners to efficiently control and manage their energy spending post COVID-19. Companies in the Australia Energy-as-a-Service market are capitalizing on this opportunity, as stakeholders in the industrial, commercial, and residential sectors are re-examining their approach toward long accepted processes in energy management.
Companies in the Australia Energy-as-a-Service market are offering a comprehensive analysis of how facilities will be utilized in the post coronavirus pandemic how stakeholders will be interacting with each other and how everyday activities will influence energy bills. It is still debatable whether business owners might or might not spend additionally for EaaS assistance, owing to low revenues budgets.
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Poor Prediction of Energy Audit Might Hamper Market Growth
The Australia Energy-as-a-Service market is expected to advance at a favorable CAGR of 8.5% during the forecast period. However, it has been found that the results of energy audit cannot be predicted beforehand, leading no clear answer whether a business owner will be able to cut his electricity usage by a 25% payback within a stipulated time. As such, advantages such as the energy partner’s several number of savings opportunities might actually influence the business owner to subscribe for energy audit services.
Predictive analysis, artificial intelligence, and machine learning technologies are anticipated to gauge strong business grounds in the Australia Energy-as-a-Service market. Energy advice, energy assets, and energy management have become key focus points for experts.
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Smart Meter Penetration, Digitalization Create Business Streams for EaaS Companies
Deployment and operation of distributed energy resources and demand side management are being catered by experts in the Australia Energy-as-a-Service market. Companies are increasing the availability for subscription-based and performance-based contracts with clients. Revenue through margins and hardware installations are creating business streams for EaaS companies. Digitalization and time of use tariffs are bolstering the growth for the Australia Energy-as-a-Service market.
Revisions of distribution system operator methodologies to account for demand-side flexibility are benefits for stakeholders in the residential, commercial, and industrial sectors. This explains why the market is projected to reach the revenue of US$ 5 Bn by 2030. Australian energy experts are living up to the standards of China, the U.S., and European companies, owing to greater penetration of smart meters in these regions.
Energy Solutions Including Solar Photovoltaics Translate into Revenue Opportunities
Several startups are gaining recognition for carrying out innovations in energy solutions. ELÍVERE— a Spanish engineering company focused on innovative energy solutions is offering its modular, decentralized, and grid connected on-site energy systems to help clients control costs, carbon emissions, and operational risk. Companies in the Australia Energy-as-a-Service market should take cues from such companies to unlock business opportunities at public spaces, agriculture farms, and commercial buildings.
The growing number of solar photovoltaics (PVs) combined with diesel and natural gas generators has fueled the demand for EaaS services. Fully automated EaaS systems are translating into revenue opportunities for companies in the Australia Energy-as-a-Service market.
IoT, Blockchain Technologies Grow Popular as Smart Energy Services
The end-to-end management of a customer’s energy assets has become a lucrative concept, which is benefitting companies in the Australia Energy-as-a-Service market. The IoT (Internet of Things) and blockchain technologies are making the EaaS infrastructure more robust. Companies are increasing efforts to go beyond cost efficiency, and offer smart energy services to deliver a more flexible and customer centric energy system.
Data driven opportunities and the connected platform approach are being adopted by companies in the Australia Energy-as-a-Service market. Smart meters are gaining prominence in the residential sector with bespoke new tariffs and digital billing capabilities. Personalized demand-based services are becoming increasingly commonplace in the EaaS sector. This has led to the concept of comfort-as-a-service with availability for tailored solutions for the residential sector.
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Since business owners have become accustomed to remote services in various end use cases, fully automated EaaS systems hold promising potentials during the ongoing COVID-19 pandemic to lower energy bills. Australia is among the many countries such as China, Finland, Ireland, Japan, and the U.S., which is emerging as a hub for the EaaS business model. However, in several cases, clients and customers need to make an upfront investment for attaining the design and specification to install energy systems. Hence, companies in the Australia Energy-as-a-Service market should create awareness about advantages such as wireless IoT sensors and advanced analytics platforms, which help to efficiently draw energy savings.
Australia Energy-as-a-Service Market: Overview
- According to Transparency Market Research’s latest research report on the Australia Energy-as-a-Service market for the forecast period of 2020 to 2030, increase in renewable technologies is expected to boost the Energy-as-a-Service market in Australia during the forecast period
- Many companies, including local and multinational, are investing in the Energy-as-a-Service market in Australia. They are focusing on investing in developing infrastructure used in the Energy-as-a-Service market. Energy-as-a-Service model covers capital costs through third-party ownership and leaves users with less operational expenses. This trend is expected to rise in the near future, thus boosting the demand for Energy-as-a-Service model in Australia during the forecast period.
- In terms of revenue, the Energy-as-a-Service market in Australia is projected to reach US$ 5 Bn by 2030, expanding at a CAGR of 8.5% during the forecast period
Increase in Deployment of Distributed Energy Generation: Key Driver of Australia Energy-as-a-Service Market
- Deployment of distributed energy generation has been increasing significantly in Australia. Rise in energy prices, implementation of stringent regulations, and concerns regarding energy consumption and emission are some of the factors propelling the demand for distributed energy generation in Australia.
- The Government of Australia has introduced several programs and funding for the development of distributed energy generation. This is also propelling the adoption of distributed energy generation across the country. For instance, in 2018, the Government of Australia introduced Distributed Energy Integration Program (DEIP), a collaboration of government agencies, market authorities, and industry & consumer associations, with an aim of maximizing the value of distributed energy generation for energy users.
- In 2019, the Government provided US$ 9.6 Mn for 12 distributed energy generation research and demonstration projects. These projects are examining how grids can connect more distributed energy generation faster, while reducing costs and operating within the technical limits of the power system. This investment is helping networks, retailers, Government, and system operators understand and overcome the technical and commercial challenges of managing a grid.
- Energy-as-a-Service business model supports deployment and operation of distributed energy resources. Thus, increase in deployment of distributed energy generation is anticipated to drive the Energy-as-a-Service market in Australia during the forecast period.
Increase in Adoption of Renewable Technologies to Augment Australia Energy-as-a-Service Market
- Demand for electricity has been increasing significantly in Australia since 1990. This has led to a rise in electricity prices. According to the International Energy Agency, electricity consumption in Australia increased from 145.52 TWh in 1990 to 247.58 TWh in 2018. This increase in demand for electricity can be ascribed to the significant rise in the usage of air conditioning; and electrification of transport, heat generation, and digital connected devices.
- Commercial, residential, and industrial establishments are seeking flexible and low-cost energy solutions to reduce their energy consumption and save upon electricity bills. In order to meet these needs, customers are moving toward renewable energy resources. According to the Clean Energy Council, the share of electricity generation from renewable resources increased from 14.6% in 2015 to 24% in 2019 in total electricity generation in Australia. Solar and wind projects are the major contributors of renewable energy.
- High upfront technology costs, capital constraints for consumers, information barriers, and uncertainty about the technology’s performance are limiting the widespread adoption of renewable technologies in Australia. Hence, additional measures such as Energy-as-a-Service model are required. The Energy-as-a-Service model offers technology, analytics, and personalized services. This enables users to maximize savings on their energy expenditure. Thus, growth in adoption of renewable technologies is anticipated to augment the Energy-as-a-Service market in Australia during the forecast period.
Australia Energy-as-a-Service Market: Competition Landscape
- Detailed profiles of providers of Energy-as-a-Service have been given in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the Energy-as-a-Service market in Australia are
- Schneider Electric SE
- GENERAL ELECTRIC
- Edison International
- Solari Energy
- Energy Action
- ERM Power Limited
- Enel X S.r.l.
Australia Energy-as-a-Service Market: Key Developments
- Major providers of Energy-as-a-Service such as Schneider Electric SE, GENERAL ELECTRIC, and ENGIE are focusing on geographical expansion to capture untapped markets. They are also focusing on the development of cost-effective Energy-as-a-Service. Major developments in the Energy-as-a-Service market in Australia are highlighted below:
- In April 2016, GENERAL ELECTRIC inaugurated its advanced manufacturing facility in Clearwater, Florida, the U.S. The company invested US$ 60 Mn to build the most technically advanced capacitor and instrument transformer facility in the industry. Through this move, the company aims to cater to the global demand for capacitor and instrument transformers.
- On December 11, 2020, ENGIE announced several energy off-take contracts with Amazon for a global renewable energy portfolio of wind and solar projects across the U.S., Italy, and France totaling 650 MW. The Corporate Power Purchase Agreements (PPAs) will exclusively rely upon renewable energy production facilities developed by ENGIE.
- In the Australia Energy-as-a-Service market report, we have discussed individual strategies, followed by company profiles of manufacturers of Energy-as-a-Service. The ‘Competition Landscape’ section has been included in the Australia Energy-as-a-Service market report to provide readers with a dashboard view and company market share analysis of key players operating in the Energy-as-a-Service market in the country.
Australia Energy-as-a-Service Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the Energy-as-a-Service market in Australia to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the Energy-as-a-Service market in Australia, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the Energy-as-a-Service market in Australia will progress during the forecast period of 2020 to 2030.
The report offers intricate dynamics about the different aspects of the Energy-as-a-Service market in Australia that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the Energy-as-a-Service market in Australia during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the Energy-as-a-Service market in Australia, and estimate statistics related to the market progress in terms of value (US$ Mn).
This study covers a detailed segmentation of the Energy-as-a-Service market in Australia, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the Energy-as-a-Service market in Australia, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Energy-as-a-Service Market
The report provides detailed information about the Energy-as-a-Service market in Australia on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Energy-as-a-Service in Australia, so as to help them make successful strategies and take target-driven decisions.
- Which service of the Energy-as-a-Service market will emerge as a major revenue generator for the market in Australia during the forecast period?
- How are key market players successfully earning revenue out of the advantages of Energy-as-a-Service in Australia?
- What will be the Y-o-Y growth of the Energy-as-a-Service market in Australia between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the Energy-as-a-Service market in Australia?
- Which end user is expected to have maximum potential in the Energy-as-a-Service in Australia during the forecast period?
Research Methodology – Energy-as-a-Service Market
The research methodology adopted by analysts for combining the Energy-as-a-Service market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Energy-as-a-Service market in Australia.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the Energy-as-a-Service market in Australia.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the Energy-as-a-Service market in Australia.
Energy-as-a-Service Market – Segmentation
TMR’s research study assesses the Australia Energy-as-a-Service market in Australia based on provider, service, and end user. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the Energy-as-a-Service market in Australia.