This report describes the global market size of Energy storage as a service Market from 2018 to 2021 and its CAGR from 2018 to 2021, and also forecasts its market size to the end of 2030 and its expected to grow with a CAGR of 11% from 2023 to 2030.
Through a service contract, energy storage as a service enables a facility to take advantage of an energy storage system’s benefits without having to own the system itself. A variety of services are offered by energy storage systems to increase electricity resilience, generate income, and make savings.
Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Energy storage as a service Market estimated at US $ million in the year 2022, is projected to reach a revised size of US$ million by 2030, growing at a CAGR of 11% during the forecast period 2023-2030. North American market for Energy storage as a service Market is estimated to increase from $million in 2022 to reach $ million by 2030, at a CAGR of XX% during the forecast period of 2023 through 2030.
Top Companies in the Global Energy storage as a service Market:
Siemens Energy
Veolia
Honeywell International Inc.
ENGIE Storage Services NA LLC
Customized Energy Solutions Ltd.
YSG Solar
Suntuity
Hydrostor Inc.
NRStor Inc.
Others.
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Key Segments Studied in the Global Energy storage as a service Market
By Service
Bulk Energy Services
Ancillary Services
Transmission Infrastructure Services
Distribution Infrastructure Services
Customer Energy Management Services
Others
In 2020, the customer energy management services market segment held the top spot and was responsible for over 30.0% of worldwide revenue. Power quality, retail electric energy time-shift, demand charge management, and increasing solar PV self-consumption are among the customer energy management services. There is a high demand for client energy and power management in the energy storage as a service business. When a customer employs solar energy or other renewable energy sources, it serves as backup power to ensure electricity reliability. Due to the rising use of battery storage systems in the auxiliary service market, the ancillary services category is anticipated to grow at the fastest CAGR of 11.7% over the course of the projection period and acquire significant momentum in the years to come.
End-user
Industrial, Residential & Commercial
Utility
In 2020, the industrial, residential, and commercial segment dominated the market and raked in more than 70.0% of the total revenue. The industrial, residential, and commercial sectors are the ones that use energy storage as a service the most. These services are used by the industrial sector to provide consistent energy supply and dependable power. It is used by large housing societies and isolated residential regions to provide consistent power and reduce the cost of energy usage. Over the projection period, the utilities segment is anticipated to grow at the quickest CAGR of 11.2%. One of the main driving forces behind the energy storage as a service concept is the rising emphasis that energy and power facilities are placing on sustainability.
Component
Energy Storage System
Control and Monitoring System
Service Contract
Business opportunities of Energy storage as a service Market in the following regions and countries:
By Region
North America
APAC
Europe
South America
Middle East & Africa
Due to a number of variables, including high energy consumption brought on by the existence of numerous industries including the automotive, aerospace, chemical, and healthcare, North America dominated the market and accounted for over 30.0% of worldwide revenue in 2020. The industrial, commercial, and residential sectors have a strong need for services including demand charge management, energy arbitrage, black start, and peak load. In order to ensure a consistent energy supply and prevent blackouts, industrialists use energy storage services rather than investing in energy storage equipment.
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Market Size Estimation:
Both the top-down and bottom-up approaches have been used to estimate and validate the total size of the Energy storage as a service market. These approaches have also been used extensively to determine the size of the various sub-segments in the market. The research methodology used to estimate the market size includes the following details:
– The key players in the industry and market have been identified through extensive secondary research.
– The Energy storage as a service value chain and market size in terms of value have been determined through primary and secondary research.
– The revenue incurred from the sales and services of Energy storage as a service was determined through primary and secondary research, such as paid databases, which were used as the basis for market estimation.
– All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
– All macroeconomic and microeconomic factors affecting the growth of the Energy storage as a service market were considered while estimating the market size.
– All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
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Data Resolution:
After arriving at the overall market size from the estimation process described above, the total market was split into several segments. To complete the overall Energy storage as a service market engineering process and arrive at the exact statistics for all segments and sub-segments, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size was validated using both top-down and bottom-up approaches. It was then verified through primary interviews. Hence, three approaches were adopted-top-down approach, bottom-up approach, and the one involving expert interviews.
Available Customizations:
Based on the given market data, Stats and Research offers customizations in the reports according to client-specific requirements.
The following customization options are available for the report:
Geographic Analysis
– Further breakdown of the Rest of Europe market into Netherlands, Belgium, Poland, and Denmark
– Further breakdown of the Rest of Asia Pacific market into Vietnam, Malaysia, and Thailand
Company Information
– Detailed analyses and profiling of additional market players (up to ten)
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