Energy Storage As A Service Market Segmental Outlook and Competitive Insights 2028

Energy Storage As A Service Industry Overview

The global energy storage as a service market size was valued at USD 1.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.7% from 2021 to 2028.

The market is expected to be driven by the increasing demand for power management services and cost-effective battery backup power in case of a power outage. Moreover, the rise in the consumption of energy in developing and undeveloped countries is accelerating market growth. The ESaaS market witnessed a decline in growth owing to the outbreak of the Coronavirus pandemic in 2020. Lockdown across nations and travel restrictions had a negative impact on the market. Various industries and commercial complexes were shut, which resulted in the decline in the service demand in 2020.

Gather more insights about the market drivers, restrains and growth of the Global Energy Storage As A Service Market

U.S. energy storage as a service market size, by service, 2018 - 2028 (USD Million)

Energy storage as a service is a new model. Thus, limited companies are offering these services at the global level. The majority of the players in this market are operating at the local and regional levels only. For instance, YSG Solar, a U.S.-based company, is offering these services in local areas. There is a significant opportunity for these services from the untapped markets and remote areas where there is a lack of power supply.         

In the developed markets such as the U.S., factors such as peak load challenge and backup power to avoid blackouts are driving the market opportunities. Moreover, the increasing focus towards renewable energy generation in the region and decreasing dependency on fossil fuel energy generation are driving the market demand in the U.S.

According to Synergy BV, the market opportunity for energy storage as a service in the U.S. is driven by factors such as peak load challenges in New York City. Moreover, this model has helped drive the initiative “Renewing the Energy Vision (REV)” of the U.S. states. In addition, the energy storage service model has helped in increasing the focus on identifying non-wire solutions to important CapEx investments in the new distribution grid and substations infrastructure.

However, the ESaaS market has not seen a major dip in growth as it comes under essential services and the government of various countries permitted such services to help public utilities for power management and avoid peak loads and blackouts in the residential areas.   

Browse through Grand View Research’s Sustainable Energy Industry Research Reports.

  • Bio-energy Market: The global market for renewable energy is rapidly growing owing to a shift in trend to reduce reliance on conventional energy.
  • Solar Encapsulation Market: The global solar encapsulation market is projected to witness healthy growth over the forecast period, on account of the rising global demand for electricity. 

Key Companies profiled:

Some of the prominent players in the global energy storage as a service market include:

  • Siemens Energy
  • Veolia
  • Honeywell International Inc.
  • NRStor Inc.
  • ENGIE Storage Services NA LLC
  • Customized Energy Solutions Ltd.
  • YSG Solar
  • Suntuity
  • Hydrostor Inc.

Order a free sample PDF of the Energy Storage As A Service Market Intelligence Study, published by Grand View Research.

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