Energy efficiency (EE) remains an underexploited opportunity in many developing economies, where a complex interplay of policy, institutional, and market-related challenges limit its implementation at scale. This study explores the structural, economic, and policy-related constraints affecting the EE market in Jordan, a country with a high dependence on imported energy. Using a multi-framework approach, we apply the political, economic, social, technological, environmental, and legal (PESTEL) framework to categorize these barriers, complemented by Brown’s business model (BM) typology to enhance the analytical depth. Primary data were collected through semi-structured interviews with key market actors. The findings highlight issues such as economic volatility, regulatory fragmentation, and the structural biases associated with donor-driven interventions, which contribute to an uneven and loosely regulated market environment in which businesses face significant scaling challenges. This study reflects on international experience to explore how strategies from other contexts might inform markets’ adaptation in emerging economies. This study concludes with targeted policy recommendations aimed at clarifying regulatory pathways and supporting more effective market delivery. This research contributes to ongoing policy discourse by highlighting how context-specific BM innovations might help address systemic barriers, while potentially supporting national energy goals.