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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 More Headlines Hydrostor Selects Kiewit to Advance Engineering for Willow Rock, The Largest Stand-alone Energy Storage project in California Energy Retrofit Systems Market Size to Reach Around USD 209.81 Bn by 2030 Solid State Battery Market Size to Reach Around USD 7.51 Billion by 2030 Three Companies to Help NASA Advance Solar Array Technology for Moon ABB and Hydrogen Optimized Expand Hydrogen Partnership, Including a Strategic InvestmentArticles For This Company, Sustainability Means Clean Energy, Savings, and Backup During Outages S-5! at RE+ 2022 Monitoring the Condition of Your Plants With Vibration Sensors 6 Questions to Ask When Choosing a Smart Tracker Software Solis Inverters at RE+ 2022 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. Get the sample copy of report@ https://www.visionresearchreports.com/report/cart/39551 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 Buy this Research Report@ https://www.visionresearchreports.com/report/cart/39551 Tel: +1 9197 992 333 | Email : sales@visionresearchreports.com
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