According to Vision Research Reports, the global energy storage as a service market size is projected to hit around USD 3.6 billion by 2030 and growing at a CAGR of 11.06% from 2022 to 2030.

Report Highlights

The customer energy management services segment led the market and accounted for over 30.4% share of the global revenue in 2021.

The ancillary services segment is likely to expand at the fastest CAGR of 11.9% over the forecast period.

The industrial, residential, and commercial segment led the market and accounted for over 70.4% share of the global revenue in 2021.

The utility segment is likely to expand at the fastest CAGR of 11.7% over the forecast period.

North America dominated the market and accounted for over 30.6% share of the global revenue in 2021.

Asia Pacific is expected to expand at the highest CAGR of 12.78% over the forecast period.

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.

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.

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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

Siemens Energy

Veolia

Honeywell International Inc.

NRStor Inc.

ENGIE Storage Services NA LLC

Customized Energy Solutions Ltd.

YSG Solar

Suntuity

Hydrostor Inc.

Market Segmentation

By Service Outlook

Bulk Energy Services

Ancillary Services

Transmission Infrastructure Services

Distribution Infrastructure Services

Customer Energy Management Services

Others

By End-user Outlook

Utility

Industrial, Residential & Commercial

By Regional Outlook

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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