The EaaS model offers personalized energy services in exchange for a recurring fee, which typically comes as a subscription plan. It is common to see Energy used in organizations to meet different needs, from electricity generation to cargo transport.
However, in response to growing market demand, Energy as a service-based business model has gained popularity in recent decades. The customer benefits from avoiding direct electricity payments to the utility and expensive upgrades of electrical equipment, usually imported, while benefiting from modern devices.
According to the Energy as a Service – Global Market Trajectory and Analysis report, the global EaaS market is expected to reach USD 80.6 billion by 2026. Among the organizations that participated in the survey, the EaaS model achieved up to 25% energy savings. And it looks like there will be further improvements in energy efficiency in the coming years as service providers begin to use improved technologies and practices.
Among the 7 leading technologies that are already being used to advance the EaaS model, we can highlight:
Networked Internet of Things (IoT) sensors can provide information about power failures at a high level of detail or detect system problems in real-time.
Augmented reality allows, for example, the visualization of images superimposed on the natural environment through devices, which can be attached to technicians’ helmets to make maintenance more efficient and safer.
Algorithms mainly run the devices that generate, supply, and control power. Smart appliances put even more emphasis on automation to manage the data collected and gain insights.
Advanced analytical platforms accurately analyze the numbers to manage better and more assertively balance energy supply and demand so that distribution is carried out as efficiently as possible.
Blockchain helps to potentially eliminate security issues, enabling transparency by allowing regulators to access clean, tamper-proof data at the source. At the same time, it will enable companies to control what information is available and who is allowed to access it.
5G should potentially increase energy consumption. The expansion of this technology in the market will generate a need to densify the network to meet the increasing traffic demands.
Cloud-based energy platforms have the potential to scale faster and dramatically reduce energy waste while offering more transparency and user autonomy.
What Are The Challenges For The Energy Sector?
The emergence of new business models, such as EaaS and the advancement of new technologies, combined with growing concerns about environmental issues, brought new challenges to the energy sector, as clean energy sources gained society’s trust.
Although the Energy as a Service model allows digital techniques to manage complex systems and increase energy efficiency, it also faces the barrier of finding a solution that integrates renewable resources into intelligent energy grids. In addition to this, we list below other challenges that companies in the energy sector need to face:
As the energy demand grows, the IT infrastructure needs to be resized to keep up with the market evolution and ensure business scalability. Because, as standards evolve, solutions must be compatible with demands.
As the energy industry advances, facilities require reliable IT-based communication networks and more remote connections. It is necessary to guarantee the protection of networks with the appropriate security technology.
In an increasingly connected world, energy providers must meet expectations for connectivity and integrated communication between systems that often become smarter. To ensure the service’s success, these are some challenges that need to be overcome.
However, as we’ve covered before, choosing the right technologies and vendor that meets your industry’s specific needs is critical to preparing for the future.
Customized Solutions To Achieve Your Goals With EaaS
As we have seen, the Energy as a Service model promises to move energy services in the coming years by allowing companies to ensure energy efficiency and dramatically reduce their energy costs through advanced technology.
Also Read: Health Technology: How To Implement Digital Solutions?