Press Release

Energy Storage as a Service Market Surpass USD 2,620 Million by 2028 | CAGR 9%

Date : Mar 01, 2023

According to Ameco Research, the global Energy Storage as a Service (ESaaS) Market will rise with more than 9% CAGR throughout the projected period, reaching a market value of over US$ 2,620 Million by 2028

The world’s rising energy consumption is the primary factor stimulating energy storage as a service market. The data released by International Energy Outlook 2019 (IEO2019) reference case, the US Energy Information Administration (EIA) estimates that global energy consumption would increase by over 50% between 2018 and 2050. The majority of this growth comes from nations that aren't members of the Organization for Economic Cooperation and Development (OECD), and it's concentrated in areas where strong economic growth is driving demand, such as Asia.

The growing trend of renting than buying due to lesser cost, efficient use, and greater flexibility is fueling the as-a-service market demand. Storage-as-a-service makes sense in today's rapidly changing energy landscape for various reasons. To begin with, long-term ownership commitments may result in stranded assets and capital (especially with relatively new technology). In some circumstances, renting a system to see if it is useful is a preferable option. Second, as market conditions change, as-a-service solutions provide the most flexibility.

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The rising demand for renewable energy storage promotes worldwide energy storage as a service industry

The future of battery storage and renewable energy systems could be shaped by energy storage as a service (ESaaS). Solar-plus storage has already grown in popularity as a result of increased investment in research and development, which has resulted in technological advancements and, as a result, lower end-user costs. Renewable energy sources such as wind and solar are critical for combating climate change, so any invention that improves the supply of renewable energy sources will be highly recognized. Thus, the demand for ESaaS rises as the adoption of renewable energy storage rises.

Global Energy Storage as a Service (ESaaS) Market Segmentation

The global energy storage as a service industry is split into service, end-users, and geography. Based on service, the market is divided into ancillary services, bulk energy services, customer energy management services, distribution infrastructure services, transmission infrastructure services, and others. In 2020, the customer energy management services held the maximum share. Energy storage-as-a-service is becoming increasingly popular among commercial and industrial (C&I) energy users. In these circumstances, the energy storage provider and the energy user often sign into long or medium-term service agreements in order to receive the needed energy services at a known and predictable price.

End-users can be split into utility, industrial, commercial and residential. Among them, the industrial segment occupied a considerable amount of share in 2020. The industrial sector, which includes mining, refining, manufacturing, agriculture, and construction, consumes the most energy of any end-use sector, accounting for more than half of total energy consumption over the projection period. As global consumption of commodities rises, global industrial sector energy use rises by more than 30% between 2018 and 2050. However, the utility segment is likely to register the fastest growth during the forecast period 2021 – 2028. On both the utility and customer side of the meter, energy storage has been shown to be cost-competitive with a wide range of resources and solutions. In addition to that, according to a study conducted by the Smart Electric Power Alliance (SEPA), utility-scale energy storage capacity was added to the US grid in 2016.

The regional segmentation of the worldwide ESaaS market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America conquered the market with respect to shares. This is due to the growing focus on energy-efficient projects that cut energy generation costs in countries such as US and Canada. In addition, the growing trend of services such as peak load, black start, energy arbitrage, and power management is witnessed among residential, commercial, and industrial applications. This factor is also expected to generate certain growth prospects for the North American energy storage as a service (ESaaS) market.

Meanwhile, the Asia-Pacific region is expected to gain the fastest growth rate (CAGR) during the projected timeframe 2021 – 2028. Robust energy consumption due to the presence of a large number of industries in countries such as China, Japan, and India is primarily driving the Asia-Pacific energy storage as a service market. Furthermore, growing investments in renewable energy projects and increasing awareness among power backup systems are also anticipated to stimulate market growth in the coming years.

Major Players

The energy storage as a service market is highly consolidated, with numerous players. The prominent players offered in the report comprise ABB, Centrica, Customized Energy Solutions Ltd., Enel X, ENGIE Storage Services NA LLC., Honeywell International Inc., Johnson Controls, NRStor Inc., Orsted Siemens, Suntuity Solar LLC, Veolia, and WGL Holdings, Inc.

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