Energy Storage As A Service Market Size, Share, Growth, Trends | Report 2022-2030
The global energy storage as a service market size was estimated at around USD 1.4 billion in 2021 and it is projected to hit around USD 3.6 billion by 2030, growing at a CAGR of 11.06% from 2022 to 2030
Report Highlights
The global market is predominantly driven by the rising energy consumption and increasing demand for power management in the industrial and residential sectors. Moreover, the convenience and cost-effectiveness offered by the energy storage services are attracting consumers across the globe.
Growing industrialization in emerging countries such as India, Brazil, and China is creating significant energy demand, which, in turn, is expected to drive the market. ESaaS model offers various services, including ancillary services and energy management services, which help in the regular supply of electricity, prevent blackouts, and reduce electricity bills.
In 2021, the market witnessed a decline in growth owing to the outbreak of the Coronavirus pandemic. Lockdown across nations and travel restrictions affected the market. Various industries and commercial complexes were closed, which resulted in a decline in service demand in 2021.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 1.4 billion |
| Revenue Forecast by 2030 | USD 3.6 billion |
| Growth rate from 2022 to 2030 | CAGR of 11.06% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Service, end-user, region |
| Companies Covered | Siemens Energy; Veolia; Honeywell International Inc.; NRStor Inc.; ENGIE Storage Services NA LLC; Customized Energy Solutions Ltd.; YSG Solar; Suntuity; Hydrostor Inc. |
Service Insights
The customer energy management services segment led the market and accounted for over 30.4% share of the global revenue in 2021. Customer energy management services include power reliability, power quality, retail electric energy time-shift, demand charge management, and increased self-consumption of solar PV. Energy storage as a service model has a huge demand for customer energy and power management. It is used as backup power for power reliability when the customer uses solar energy and other renewable energy sources.
The ancillary services segment is likely to expand at the fastest CAGR of 11.9% over the forecast period and is expected to gain high momentum during the upcoming years owing to the increasing adoption of battery storage systems in the ancillary service market. Utilities are decreasing dependency on conventional fossil fuel generation and focusing on renewable and battery storage systems for ancillary services. Ancillary services include frequency regulation, spinning/non-spinning supplemental reserves, voltage support, and black start.
End-user Insights
The industrial, residential, and commercial segment led the market and accounted for over 70.4% share of the global revenue in 2021. Energy storage as a service model is majorly adopted by industrial, residential, and commercial sectors. The industrial sector utilizes these services for reliable power and stable energy supply. Big housing societies and remote residential areas utilize it for regular power supply and lowering the cost of energy consumption.
The utility segment is likely to expand at the fastest CAGR of 11.7% over the forecast period. The increasing focus of energy and power facilities on sustainability is one of the major driving factors for energy storage as a service model. Decreasing dependency on the conventional fossil fuel generators for services such as black start, voltage support, and energy arbitrage by the utilities and increasing focus on renewable power generation and battery storage for such services are expected to drive the market.
Regional Insights
North America dominated the market and accounted for over 30.6% share of the global revenue in 2021 on account of several factors including high energy consumption due to the presence of various industries such as automotive, aerospace, chemical, and healthcare. The demand for services such as peak load, energy arbitrage, black start, and demand charge management is high among the industrial, commercial, and residential sectors. Thus, industrialists rather than purchasing the energy storage systems opt for energy storage services for regular energy supply and to avoid blackouts.
Asia Pacific is expected to expand at the highest CAGR of 12.78% over the forecast period. This is due to the presence of various untapped markets, increasing industrialization, and rising energy consumption. The utilities and industries in countries such as India, South Korea, Japan, and China are expected to increase focus on this business model and increase utilization of these services in their system in the future.
The Middle East and Africa is expected to be the second-fastest-growing market over the forecast period. This is due to the presence of emerging markets and remote areas such as Africa where approximately 600 million people do not have reliable power. There is an opportunity for the market players to deploy resilient and distributed microgrids with renewables and energy storage.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Energy Storage As A Service Market
5.1. COVID-19 Landscape: Energy Storage As A Service Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Energy Storage As A Service Market, By Service
8.1. Energy Storage As A Service Market, by Service, 2022-2030
8.1.1. Bulk Energy Services
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Ancillary Services
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Transmission Infrastructure Services
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Distribution Infrastructure Services
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Customer Energy Management Services
8.1.5.1. Market Revenue and Forecast (2017-2030)
8.1.6. Others
8.1.6.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Energy Storage As A Service Market, By Service
9.1. Energy Storage As A Service Market, by Service, 2022-2030
9.1.1. Utility
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Industrial, Residential & Commercial
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Energy Storage As A Service Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Service (2017-2030)
10.1.2. Market Revenue and Forecast, by Service (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Service (2017-2030)
10.1.3.2. Market Revenue and Forecast, by Service (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Service (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Service (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Service (2017-2030)
10.2.2. Market Revenue and Forecast, by Service (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Service (2017-2030)
10.2.3.2. Market Revenue and Forecast, by Service (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Service (2017-2030)
10.2.4.2. Market Revenue and Forecast, by Service (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Service (2017-2030)
10.2.5.2. Market Revenue and Forecast, by Service (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Service (2017-2030)
10.2.6.2. Market Revenue and Forecast, by Service (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Service (2017-2030)
10.3.2. Market Revenue and Forecast, by Service (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Service (2017-2030)
10.3.3.2. Market Revenue and Forecast, by Service (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Service (2017-2030)
10.3.4.2. Market Revenue and Forecast, by Service (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Service (2017-2030)
10.3.5.2. Market Revenue and Forecast, by Service (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Service (2017-2030)
10.3.6.2. Market Revenue and Forecast, by Service (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Service (2017-2030)
10.4.2. Market Revenue and Forecast, by Service (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Service (2017-2030)
10.4.3.2. Market Revenue and Forecast, by Service (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Service (2017-2030)
10.4.4.2. Market Revenue and Forecast, by Service (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Service (2017-2030)
10.4.5.2. Market Revenue and Forecast, by Service (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Service (2017-2030)
10.4.6.2. Market Revenue and Forecast, by Service (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Service (2017-2030)
10.5.2. Market Revenue and Forecast, by Service (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Service (2017-2030)
10.5.3.2. Market Revenue and Forecast, by Service (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Service (2017-2030)
10.5.4.2. Market Revenue and Forecast, by Service (2017-2030)
Chapter 11. Company Profiles
11.1. Siemens Energy
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Veolia
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Honeywell International Inc.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. NRStor Inc.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. ENGIE Storage Services NA LLC
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Customized Energy Solutions Ltd.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. YSG Solar
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Hydrostor Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers