SAN FRANCISCO, Nov. 29, 2021 /PRNewswire/ -- 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.
Key Insights & Findings:
By service, the customer energy management services segment held the largest revenue share of over 30.0% in 2020. ESaaS model is gaining high popularity in the industrial, commercial, and residential sectors compared to utility and energy supplying companies. It is being used in microgrid systems
The ancillary services segment is anticipated to grow at the fastest rate during the forecast period. Ancillary services are expected to decrease the dependency on fossil fuel generators and switch to renewable and battery energy storage for services including voltage support, black start, and frequency regulation
The utility end-user segment is expected to register the highest growth rate during the forecast period. Decreasing dependency on conventional fossil fuel generators and increasing focus on sustainability are among the major factors fueling the segment growth
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the presence of various untapped markets, coupled with the rising energy consumption. China is the largest market for energy storage as a service in Asia Pacific. This is due to the increasing industrialization in the region, high consumption of energy, and growing awareness of renewable energy
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 2020, 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 2020.
Grand View Research has segmented the global energy storage as a service market on the basis of service, end-user, and region:
Energy Storage As A Service Outlook (Revenue, USD Million, 2017 - 2028)
Bulk Energy Services
Transmission Infrastructure Services
Distribution Infrastructure Services
Customer Energy Management Services
Energy Storage As A Service End-user Outlook (Revenue, USD Million, 2017 - 2028)
Industrial, Residential & Commercial
Energy Storage As A Service Regional Outlook (Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Energy Storage As A Service Market
Honeywell International Inc.
ENGIE Storage Services NA LLC
Customized Energy Solutions Ltd.
Check out more studies related to energy storage, conducted by Grand View Research:
Energy Storage Market – The global energy storage market has been witnessing growth on account of imbalances in power supply and demand owing to power outages from storms, equipment failures, and fire accidents. Energy storage helps eradicate energy poverty which is one of the key factors that is anticipated to dive the market over the next seven years.
Advanced Battery Energy Storage System Market – The global advanced battery energy storage system market is anticipated to witness growth over the forecast period. The global rise in energy consumption as well as an increasing need for energy efficiency in the electricity supply system has led to the growth in the advanced battery energy storage systems technology.
Flywheel Energy Storage System Market – The global flywheel energy storage system market size was valued at USD 312.1 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2020 to 2027. Rising demand for continuous and clean electricity supply in end-use markets along with the growing energy storage industry is expected to drive the market over the forecast period.
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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.