The global energy services market will reach $52 billion in 2019

"The global energy services market is expected to reach $86.
9 billion by 2024 from $52 billion in 2019, at a CAGR of 10.
8%," said Markets and Marktets, a global market research institute, which can be attributed to factors
such as new revenue streams for utilities, increased distributed energy resources, reduced costs for renewable energy generation and storage solutions, and government tax incentives for energy efficiency projects.

The energy supply services segment is expected to be the largest contributor to the energy services market by service type during the forecast period
.
The report segments the energy services market into energy supply services, operation and maintenance services, energy efficiency, and optimization services
by service type.
Energy supply services are expected to hold the largest market share
by 2024.

As prices rise, consumers want to source resilient energy supplies to ensure they can operate
without the grid.
In addition, with the increasing focus on various energy supply sources such as renewable energy, fossil fuels, nuclear, biomass and biofuels, the energy service model mainly supports renewable energy as it can reduce energy costs, reduce carbon footprint, ensure high energy efficiency, and benefit environmental protection
.
It gives consumers flexible options in terms of ownership, pricing, and financing, and it also helps operators tailor energy generative designs that are both modern and robust
to consumer needs.
It makes it easy and quick to integrate distributed generation and energy storage assets
.

From an end-user perspective, the energy services market is segmented into commercial and industrial users
.
The commercial sector includes institutions such as 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 commercial segment is expected to have the largest market share and fastest growth rate and implement energy services
in the global commercial sector.
This is mainly due to the significant structural impact, i.
e.
economic growth
.
In addition, commercial consumers will gain energy efficiency through energy services, thereby improving energy efficiency and reducing costs
.

In this report, the energy services market
is analyzed for 4 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 United States, Canada, and Mexico implementing energy efficiency projects and seeking solutions
to reduce the cost of energy generation.
In addition, increasing share of renewable energy generation and energy efficiency activities is expected to drive the market in
the region.

Key players in the global energy services market include Schneider Electric (France), Engie (France), Siemens (Germany), Honeywell (USA), Veolia (France), Enel X (Italy), and others
during the forecast period.