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Energy Storage as a Service (ESaaS) Market Size, Share, Growth Analysis Report By End-User (Industrial, Residential, Utility, and Commercial), By Service (Transmission Infrastructure Service, Ancillary Service, Customer Energy Management Service, Bulk Energy Service, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028

Covid-19

Global Energy Storage as a Service (ESaaS) Market Size, Share

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Insights

[244+ Pages Report]  According to the report published by Facts & Factors, the global energy storage as a service (ESaaS) market size was worth around USD 1.19 billion in 2021 and is predicted to grow to around USD 3.59 billion by 2028 with a compound annual growth rate (CAGR) of roughly 11% between 2022 and 2028. The report analyzes the global energy storage as a service (ESaaS) market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the energy storage as a service (ESaaS) market.

logoMarket Overview

Energy storage as a service (ESaaS) is a service model that allows any unit to make use of a given energy storage system with the help of a service or a contractual agreement. Energy storage systems mean storing energy produced one time to be used during other instances to cater to changing energy demand. These services allow the creation of revenue along with generating higher cost efficiency as well as the quality of electricity known as electricity resilience. The ESaaS is a combination of an energy management system, an advanced battery storage system, and a service contract between the end consumer and the service provider. The term ESaaS is a trademarked property of Constant Power, Inc., a Canadian firm. In today’s time, some of the most common forms of ESaaS include a flow battery or a lithium-ion battery owing to their battery efficiency and compactness, allowing them to be used for multiple purposes. In most cases, an ESaaS operator uses Supervisory Control and Data Acquisition (SCADA) for remotely controlling and operating ESaaS Systems

logoKey Insights

  • As per the analysis shared by our research analyst, the global energy storage as a service (ESaaS) market is estimated to grow annually at a CAGR of around 11% over the forecast period (2022-2028).
  • In terms of revenue, the global energy storage as a service (ESaaS) market size was valued at around USD 1.19 billion in 2021 and is projected to reach USD 3.59 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
  • Based on end-user segmentation, the utility was predicted to show maximum market share in the year 2021
  • Based on service segmentation, customer energy management was the leading revenue-generating service in 2021.
  • On the basis of region, North America was the leading revenue generator in 2021.

logoCovid-19 Impact:

The global market cap was impacted negatively during the pandemic since even though energy requirements in home premises increased owing to lockdowns and stay-at-home policies, however, since the industrial units were closed, the overall demand reduced during 2020. The virus is predicted to leave a long-term impact on the future global market growth trend owing to a shift in preference toward private electric vehicles to avoid any future spread of such contagious viruses.

logo Growth Drivers

  • Rising demand for efficient energy sources to propel market growth

The global energy storage as a service (ESaaS) market is projected to grow owing to the rising demand for efficient and constant energy supply which is a direct consequence of rampant industrialization and technological growth. Since the world is advancing toward digital technology at an exceptionally fast rate, there is a need for a continuous supply of energy to keep the new technologies going without impacting the quality of the energy provided. From basic systems to heavy industrial units, everything runs on energy without which almost all systems would stop functioning. However, since the energy demand is surging at an unprecedented rate, there is a gap in the supply and demand chain which is further propelling the demand for ESaaS as it not only makes sure to make energy available during high demand but also the quality of the energy services.

logo Restraints

  • High associated cost to restrict market expansion

The global market size may witness growth restrictions owing to the high cost or prices associated with the service. One of the main reasons is that the already giants are known to capitalize on government regulations and prevent new players from entry in the market thus leaving only a limited number of players in the market causing the price of the service to always remain high

logo Opportunities

  • Changing consumer preferences to provide further growth opportunities

The global energy storage as a service (ESaaS) market cap is projected to benefit from the changing consumer preference toward power management in residential and commercial buildings is projected to drive further demand for ESaaS. Since the service model offers cost-effective and quality energy at a constant rate, it is highly preferred in large residential or commercial complexes where energy requirement is always high.

logo Challenges

  • Community shift to behind-the-meter solutions may challenge market growth

ESaaS are currently more accepted in sectors where energy requirements are tremendous or relatively higher. In smaller communities, consumers generally tend to switch to behind-the-meter solutions which act as lost revenue for ESaaS providers, eventually leading to lesser revenue and reduced quality of services in the long run.

logoSegmentation Analysis

The global energy storage as a service (ESaaS) market is segmented based on end-user, service, and regions.

Based on end-user, the global market segments are industrial, residential, utility, and commercial, with the global market cap generating the highest revenue from the utility segment. The high market share was driven by rising demand for renewable sources of energy in contrast to the contemporary fossil-fuel-derived energy due to its unsustainability and shifting preference toward more sustainable ways of development. During the forecast period, the utility segment may grow at a CAGR of 11.29%.

Based on service, the global market is divided into transmission infrastructure service, ancillary service, customer energy management service, bulk energy service, and others. With more than 30% of the global market share in 2021, customer energy management service led the segmental growth. It includes factors like demand charge management, power quality, reliability, retail electric-energy time shift, and other factors. The ancillary segment may also register a high CAGR or around 11.78% in the coming years.

logoRecent Developments:

  • In October 2021, Infosys, an Indian multinational information technology company, and BP plc, a British oil & gas company, announced a collaboration to develop a digital platform that will integrate artificial intelligence to collect information from different energy assets. The new platform is projected to act as an Energy as a Service solution. It will help companies improve energy efficiency and reduce their carbon footprint.
  • In December 2021, Temasek and Schneider Electric launched a new program called GreeNext to provide Indian consumers access to a cleaner and more resilient energy supply at lower costs and without the help of any complex investments or energy setups.

logoReport Scope

Report Attribute

Details

Market Size in 2021

USD 1.19 Billion

Projected Market Size in 2028

USD 3.59 Billion

CAGR Growth Rate

11% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Customized Energy Solutions Ltd., Siemens Energy, Honeywell International Inc., and Veolia.

Key Segment

By End-User, Service, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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logo Regional Analysis

  • North America to continue dominating the market revenue in the coming years

The global energy storage as a service market (ESaaS) witnessed the highest growth in North America which led to over 30% of the global market revenue in 2020. The high growth revenue is driven by a high awareness rate about ESaaS amongst end-consumers and the availability of investments to incorporate the services. The presence of a large number of players in countries like Canada and the United States makes it easy to access the services as well as deal with customer problems since the process is already established. Asia-Pacific is projected to witness surging growth owing to the fast rate at which industries in countries like India, China, Singapore, Japan, and others are growing, driving the demand for a constant flow of energy. The regional revenue may also be propelled by the number of players entering the growing economies as there is large scope for growth in the untapped market. The recent European electricity crisis may propel the demand for ESaaS systems in place to help the region deal with the crisis and reduce its impact, especially on lower-income groups.

logo Competitive Analysis

  • Customized Energy Solutions Ltd.
  • Siemens Energy
  • Honeywell International Inc.
  • Veolia.

The global energy storage as a service (ESaaS) market is segmented as follows:

logoBy End-User

  • Industrial
  • Residential
  • Utility
  • Commercial

logoBy Service

  • Transmission Infrastructure Service
  • Ancillary Service
  • Customer Energy Management Service
  • Bulk Energy Service
  • Others

logoBy Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Covid-19

Energy Storage as a Service (ESaaS) Market

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Major Market Players

  • Customized Energy Solutions Ltd.
  • Siemens Energy
  • Honeywell International Inc.
  • Veolia.

Frequently Asked Questions

The global energy storage as a service (ESaaS) market is projected to grow owing to the rising demand for efficient and constant energy supply which is a direct consequence of rampant industrialization and technological growth. Since the world is advancing toward digital technology at an exceptionally fast rate, there is a need for a continuous supply of energy to keep the new technologies going without impacting the quality of the energy provided.
According to Facts and Factors, the global energy storage as a service (ESaaS) market size was worth around USD 1.19 billion in 2021 and is predicted to grow to around USD 3.59 billion by 2028 with a compound annual growth rate (CAGR) of roughly 11% between 2022 and 2028.
The global energy storage as a service market (ESaaS) witnessed the highest growth in North America which led to over 30% of the global market revenue in 2020. The high growth revenue is driven by a high awareness rate about ESaaS amongst end-consumers and the availability of investments to incorporate the services.
The global energy storage as a service (ESaaS) market is dominated by players like Customized Energy Solutions Ltd., Siemens Energy, Honeywell International Inc., and Veolia
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