Tokyo, April 22, 2022 (GLOBE NEWSWIRE) -- Recently Announced Report on “Energy Storage as a Service Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030”.
- The customer energy management services segment hit market share of 31% in 2021
- The utility segment is projected to witness at a CAGR of 11.3% from 2022 to 2030
- The utility segment to garner growth at a CAGR of around 11.3% over the forecast period
- North America region led the market with 31% revenue share in 2021
- Asia-Pacific is projected to witness at a CAGR of 12.7% from 2022 to 2030
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Growth Factors
Energy, technology, grid access, analytics, and personalized services are all included in the energy storage as a service model. The growing use of energy storage as a service has been primarily for lowering building energy expenditures and lowering carbon emissions in order to preserve environmental balance. Rapid urbanization and industrialization raised energy demand, resulting in worldwide fossil fuel depletion.
The rising energy consumption and need for power management in the industrial and residential sectors are driving the global energy storage as a service market. Furthermore, people all around the world are attracted to energy storage services because of their ease and cost effectiveness. As a result of increased urbanization and industrialization, the energy consumption is rising at a rapid pace. It has become vital to develop renewable energy on a worldwide scale to meet rising demand and the depletion of fossil resources. Solar and wind power plants cover a huge geographic region. The global investment in renewable energy capacity was around three times that of coal and gas fired power capacity combined. As a result, the energy storage as a service market will be supported over the anticipated period by increasing renewable energy potential and increased demand across various industries.
Scope of the Energy Storage as a Service Market
| Report Attributes | Details |
| Market Size in 2021 | USD 59.89 Billion |
| Growth Rate | CAGR of 8.9% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Siemens Energy, Honeywell International Inc., ENGIE Storage Services NA LLC, Veolia, NRStor Inc., YSG Solar, Suntuity, Hydrostor Inc., Customized Energy Solutions Inc., Johnson Controls |
Report Highlights:
- Based on the services, the customer energy management services segment dominated the global energy storage as a service market in 2021 with largest market share. The segment is being driven by the increased demand for energy sustainability, new energy solutions, energy resources, and improvements in building efficiency, which helps to cut costs and maximize efficiency.
- On the basis of end user, the utility segment holds the largest market share the global energy storage as a service market in 2021. During the projected period, demand for energy storage as a service will be fueled by rising renewable energy generation and a growing desire to improve efficiency.
- Asia-Pacific region is the fastest growing region in the energy storage as a service market. The battery energy storage system business is progressively becoming a hub in Asia-Pacific. Several nations in Asia-Pacific are projected to drive the energy storage as a service market during the forecast period due to rapid industrialization and the growing relevance of power generation through renewable energy sources.
- North America is the largest segment for energy storage as a service market in terms of region. Energy efficiency projects are being implemented by utilities in nations with the goal of lowering energy generation costs.
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Future of Energy Storage as a Service Market
The growing investments in research and development are paving way for the growth of the global energy storage as a service market. The lack of electricity in underdeveloped regions is also creating lucrative opportunities for the market expansion during the forecast period. As a result, the global energy storage as a service market is growing at a rapid pace due to growing demand for energy. This will continue to grow in the near future.
COVID-19 Impact Analysis:
- The COVID-19 pandemic had a significant impact on the global energy storage as a service market.
- Thus, the COVID-19 epidemic had negative impact on the growth of the energy storage as a service market.
- The manufacturing units were halt for certain period of time, which has led to decline growth of the energy storage as a service market.
- Also, the energy storage as a service market saw a decline in the expansion due to decline in the energy industry.
- Nevertheless, the energy industry is expected to rebound because of the removal of the lockdown restrictions globally.
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Key Developments in the Marketplace:
- Sonnen, a major operator in the sectors of smart energy storage systems and novel energy services for households was acquired by Royal Dutch Shell PLC in February 2019, increasing its product offerings of residential smart energy storage services.
- Renewable Energy Systems was given a four-year contract in the UK in September 2016 to offer frequency response services to the National Grid network using a 35-MW lithium-ion battery energy storage system.
- Engie Group and Google signed a deal in August 2021 to provide carbon free electricity in Germany. The arrangement will help Google meet its carbon free energy goals for its data centers, cloud regions, and offices throughout the world by 2030.
- Schneider Electric, a French multinational corporation that specializes in energy and digital automation solutions, announced a partnership with Huck Capital, an investment firm, in August 2020 to provide clean energy as a service to industrial and commercial building structures.
Market Segmentation
By Services
- Bulk energy services
- Ancillary services
- Transmission infrastructure services
- Distribution infrastructure services
- Customer energy management services
- Others
By End User
- Utility
- Industrial, residential and commercial
By Component
- Energy Storage System
- Control and Monitoring System
- Service Contract
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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