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Energy Storage As A Service Industry Overview
The global energy storage as a service market size is expected to reach USD 2.7 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.7% from 2021 to 2028. 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.
Energy Storage As A Service Market Segmentation
Grand View Research has segmented the global energy storage as a service market on the basis of service, end-user, and region:
Based on the Service Insights, the market is segmented into Bulk Energy Services, Ancillary Services, Transmission Infrastructure Services, Distribution Infrastructure Services, Customer Energy Management Services, Others.
- The customer energy management services segment led the market and accounted for over 30.0% share of the global revenue in 2020. 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 11.7% 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.
Based on the End-user Insights, the market is segmented into Utility, Industrial, Residential Commercial.
- The industrial, residential, and commercial segment led the market and accounted for over 70.0% share of the global revenue in 2020. 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.
- The utility segment is likely to expand at the fastest CAGR of 11.2% 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.
Energy Storage As A Service Regional Outlook
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
Energy storage as a service is a business model which came to light in 2016. According to Synergy BV, the term energy storage as a service was trademarked by Constant Power in 2016. The market is in the initial phase of its growth. There is a significant opportunity for players in emerging and untapped markets.
Some prominent players in the global energy storage as a service market include
- Siemens Energy
- Veolia
- Honeywell International Inc.
- NRStor Inc.
- ENGIE Storage Services NA LLC
- Customized Energy Solutions Ltd.
- YSG Solar
- Suntuity
- Hydrostor Inc.
Order a free sample PDF of the Energy Storage As A Service Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
