The global energy sector has been witnessing robust forces that are based on lowering the carbon footprint of the processes, notably from generation to distribution. The changing macro-environmental and microeconomics have shaped the energy as a service (EaaS) market. Two major forces have enabled and accelerated development of the market. Relentlessly striving for reducing the carbon footprint of the power sector, governments in various nations have rebuffed their efforts in laying a regulatory framework—one that echoes sustainability. Another tellingly massive push has come from the incessantly growing drive for setting smart cities. The entire geopolitical scenario underpinning the evolution of the EaaS market has thus gone for overhaul in recent years.
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Sustainability a Major Proposition for Companies to Climb on the Bandwagon
Macroeconomic trends fueling the business avenues in the EaaS market have also gained considerable strength. A case in point is the recurrent focus on electrification of transport sector and using IoT for paving way to the technology frameworks apt for smart cities. Another strident factor has come from players in the energy sector striving for increasing renewable energy in the overall mix. From oil and gas producers to utility companies and from industrial equipment companies to platform developers, the vendor ecosystem of the EaaS market has grown stridently in recent years. In all of these, sustainability of power generation and consumption has played a crucial role.
Stakeholders in the renewable energy—notably in solar and wind power generation—has nudged several new players, startups included, to jump on the bandwagon of sustainability. Stalwarts in power generations are putting large bets on this. In coming years, the trend will spur the demand for technology companies who can help in product integration. Service providers in the EaaS market will thus keenly expand the portfolio to tap into opportunities from emerging markets, with Asia Pacific being a prominent example.
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