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Energy Cloud Market Overview:
The Energy Cloud Market size is estimated to reach $36.7 Billion by 2030, growing at a CAGR of 13.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Energy Cloud Market – By Type (Solution and Services), By Service Model (Platform as a Service (PaaS), Software as a Service (SaaS) and Infrastructure as a Service (IaaS)), By Deployment Type (On-Premise, Public Cloud, Private Cloud, Multi Cloud and Hybrid), By Organization Size (Large enterprise, Small and Medium Enterprise), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Increasing demand for energy efficiency is driven by rising energy costs, environmental concerns, regulatory pressures, economic benefits, and technological advancements. As energy prices continue to increase and concerns about climate change grow, businesses and individuals are seeking ways to reduce their energy consumption. Governments are implementing policies and regulations that promote energy efficiency, such as energy efficiency standards and incentives.
North America Dominated the Market in 2023:
North America leads the energy cloud market due to its high adoption of advanced technologies, strong government support and focus on energy resilience. The region benefits from policies and funding initiatives promoting grid modernization and clean energy integration. In December 2023, at the COP28 Summit, the United States announced that it is committed to double energy efficiency and to triple renewable energy capacity by 2030. Also, as per the U.S. Department of Energy, the U.S. set a goal to deploy 30 GW of offshore wind by 2030 and unlock more than 110 GW of deployment by 2050. In August 2023, the Canadian government introduced the draft Clean Electricity Regulations, which aim to achieve a net-zero electricity system across Canada by 2035.
Energy Cloud Market: Key Takeaways
Decentralization of Energy:
The decentralization of energy refers to the shift from traditional centralized power generation to localized energy systems that integrate renewable sources like solar and wind. This transformation enhances efficiency by reducing transmission losses, increases reliability through microgrids that can function independently of the main grid and empowers consumers to become energy producers (prosumers). As decentralized systems grow, they create a more flexible, sustainable and resilient energy infrastructure that supports the integration of renewable energy and offers more control to end-users. In February 2024, ENVIRIA, Germany’s leading commercial and industrial (C&I) decentralized energy solutions provider announced it has entered into a definitive agreement on an equity investment of over $180 million from BlackRock, through its Global Renewable Power IV (GRP IV) fund to offer decentralized energy via rooftop solar at scale.
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Energy as a Service (EaaS):
Energy as a Service (EaaS) is a model where businesses and consumers outsource their energy needs to third-party providers, who manage energy generation, storage, optimization, and consumption on their behalf. This approach shifts the focus from owning and maintaining energy infrastructure to paying for energy services based on consumption or performance. EaaS allows companies to improve energy efficiency, reduce costs, and meet sustainability goals without the complexity of managing the technology themselves, while providers benefit from new revenue streams through innovative energy solutions, including renewable energy integration and advanced energy management systems. In September 2024, Acciona Energia, a Spanish renewables pure-player, won a contract from Spanish food casings and packaging manufacturer Viscofan SA to install a 48.1-MWp solar photovoltaic self-consumption system at its facilities in northern Spain.
Scope of the Report:
Recent Developments:
- In May 2024, Capgemini and Schneider Electric joined forces to assist businesses in optimizing their energy consumption. Together, they aim to provide comprehensive solutions that help companies reduce their energy costs, improve their environmental impact and enhance their overall sustainability.
- In February 2024, Fever, a Swedish power technology company, announced that it raised more than $8.5 million in seed funding from General Catalyst to biuld an API-centric platform for virtual power plants, which aims to make the power grid more flexible and enable the transition to renewable energy sources.
- In September 2023, Iberdrola announced the launch of Advanced Smart Assistant, a connected energy which runs on the Amazon web services (AWS) cloud, with Deloitte as the service provider. The cloud tech is estimated to reduce smart device energy consumption by between 10% and 30%.
Energy Cloud Market: Competitive Landscape
Key companies profiled in the Energy Cloud Market are Accenture Plc, Brillo, Siemens AG, Capgemini, Cisco Systems Inc, Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE and others.
Related Reports:
Public Cloud Market - Public Cloud market is projected to reach $1.6 trillion by 2030 at a CAGR of 16.2% during the forecast period 2024-2030. The increase in digital transformation among industries, cost savings as companies don't need to invest in infrastructure, being easily scalable and flexible and ease of use drive the market.
Cloud Applications Market - Cloud Applications market is projected to reach $943.7 billion by 2030 at a CAGR of 14.2% during the forecast period 2024-2030. The increase in the internet and mobile device adoption around the world and a surge in demand for cloud computing across small, medium and large enterprises drive the market.
Smart Transformers Market- Smart Transformers Market size is forecast to reach $5.0 billion by 2030, after growing at a CAGR of 10.9% during 2024-2030. The integration of renewable energy sources into the grid is fueling the demand for smart transformers.
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