Australia Energy-as-a-Service Market: Introduction
Transparency Market Research delivers key insights on the Energy-as-a-Service market in Australia. In terms of revenue, the Energy-as-a-Service market in Australia is estimated to expand at a CAGR of 8.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the Energy-as-a-Service market in Australia.
The Energy-as-a-Service market in Australia has been positively impacted by the rise in demand for cost-effective and reliable energy solutions. The Energy-as-a-Service model provides consumer with energy from third-party energy producers without having to make any upfront capital investment. Thus, increase in demand for Energy-as-a-Service model among consumers is propelling the Energy-as-a-Service market in Australia.
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Australia Energy-as-a-Service Market: Dynamics
The demand for microgrids has been increasing significantly in Australia due to the rise in the demand for clean energy in the country. The growth of microgrids can also be ascribed to the several benefits associated with them such as:
- Improvement in operation and stability of the regional electric grid
- Reduced grid “congestion” and peak loads
- Rise in competitiveness of RTO market
- Offering grid services such as energy, capacity, and ancillary services
Several public and private companies in Australia are investing in the development of microgrid infrastructure due to the rise in awareness about the benefits associated with these microgrids. For instance, in December 2020, APA Group, an Australia-based energy infrastructure business, signed an agreement with Gruyere Gold Mine, to build hybrid energy microgrid worth US$ 38 Mn. The first phase of the project is expected to be commissioned mid-2021. Furthermore, the Government of Australia awarded US$ 13.2 Mn for feasibility studies of microgrid, as part of an effort to boost grid reliability and provide electricity in remote areas across the continent.
Rise in investments in the development of microgrid infrastructure, owing to an increase in demand for clean energy is anticipated to propel the Energy-as-a-Service market in Australia during the forecast period, as the Energy-as-a-Service model covers capital costs through third-party ownership and leaves microgrid users with less operational expenses.
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Increase in Usage of Energy-efficient Technologies Provides Opportunities for Australia Energy-as-a-Service Market
Greenhouse gas emissions have been increasing significantly in Australia due to direct combustion of fossil fuels. According to the OECD stats, GHG emissions in Australia increased from 530.7 kilo tons of CO2 equivalent in 2006 to 558.04 kilo tons of CO2 equivalent in 2018. Electricity, transportation, industry, construction, and agriculture are some of the key sources of greenhouse gas emissions. The rise in usage of energy-efficient technologies to lower greenhouse gas emissions is estimated to provide lucrative opportunities to companies operating in the Energy-as-a-Service Market in Australia.
The Government of Australia has formulated several strategies to reduce carbon emissions by promoting the utilization of energy-efficient technologies across the country. For instance, National Construction Code has been introduced in Australia. The code sets minimal obligatory requirements for energy efficiency. Furthermore, the government has formulated several funding programs to promote the integration of energy-efficiency technology in establishments to lower carbon emissions. For instance, in September 2020, the Prime Minister of Australia announced plans to invest US$ 1.9 Bn in clean energy technologies to lower emissions, create jobs, cut costs, and improve energy supply. The package includes funding for:
- A new Technology Co-Investment Fund to support agriculture, manufacturing, industrial, and transport sector businesses who adopt renewable technologies, which help increase production and reduce emissions
- Support for microgrids in regional and remote communities
- Increase in home and business energy productivity
The formulation of several strategies to promote the adoption of energy-efficient technologies for carbon emission reduction is anticipated to create significant opportunities for the Energy-as-a-Service market in Australia.
Australia Energy-as-a-Service Market: Key Players
Currently, the penetration of the Energy-as-a-Service business model in Australia is low. However, companies are investing significantly in the Energy-as-a-Service market in Australia due to its high potential. This is expected to boost the demand for the Energy-as-a-Service model in Australia during the forecast period.
Major players operating in the Energy-as-a-Service market in Australia are Schneider Electric SE, GENERAL ELECTRIC, ENGIE, Edison International, Enertika, Solari Energy, Energy Action, ERM Power Limited, Enel X S.r.l., and Ecosave.
