19-Sep-2022 | Facts and Factors
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 energy storage as a service (ESaaS) model is a revolutionary trend in the global economy transforming the energy sector benefitting not just customers but also helping the application of low-carbon technologies that aim toward sustainable development. Climate change is one of the most critical aspects that is pushing industry and economy leaders to innovate ideas that can help provide clean energy to the current modernized and urban world where energy requirement is a necessity while at the same time the demand for constant energy supply is reaching new heights every day. ESaaS shifts focus from the centralized power station, and asset-focused energy management to passive consumers, and leads to end-to-end management of energy assets and services of the customer. It makes use of clients' resources into creating a large and smart energy community.
Browse the full “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" report at https://www.fnfresearch.com/energy-storage-as-a-service-market
Covid-19 is expected to leave a long-term impact on the global energy storage as a service (ESaaS) market cap since as per official statistics, there was a growth of 1% in renewable energy resources during the pandemic which is expected to gain more momentum in the coming years driving the demand for ESaaS systems.
The global energy storage as a service (ESaaS) market is projected to grow owing to the rising trend of demand for clean sources of energy ranging from residential use to commercial applications. The world runs on energy however currently the major energy resources are fossil fuels which are nonrenewable sources of energy and thus unsustainable for future growth. The use of these resources harmed the global environment which can be seen in sudden climatic changes like floods, increased temperature, etc. Owing to these factors, a rise in discussion at international, domestic, as well civilian levels can be witnessed about the shift toward more sustainable energy resources. This is further propelled by the increasing need to reduce the use of coal and oil & gas for energy generation since it is one of the leading causes of political and environmental toil in the current times. All of these factors have resulted in a rising trend of increased investment toward deploying cleaner sources of energy like ESaaS as these systems not only help reduce carbon footprint but make energy accessible to all at effective prices and a constant rate. For future growth, companies and commercial units are recommended to collaborate with ESaaS providers for energy requirements to help them garner more profits while reducing costs and meeting low-carbon emission requirements.
The high associated cost may restrict the global market expansion while changing consumer preferences is expected to provide further growth opportunities. Community shift to behind-the-meter solutions may challenge the global market growth
The global energy storage as a service (ESaaS) market is segmented based on service, end-user, and region.
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
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%
The global energy storage as a service (ESaaS) market is projected to garner the highest revenue from North America. The service model was first invented to be used in the electricity market or North America where Canada and the United States house some of the industry giants. The regional market is projected to be driven by the rising regulatory requirements for companies and industrial units to lower their carbon emission rate, propelling them to opt for services that can help them achieve the new targets where ESaaS plays a critical role.
Asia-Pacific may register a high CAGR since energy consumption in countries like India and China has surged owing to a rise in the industrial sector and population growth. Europe is currently battling one of the worst cases of energy crisis where the middle and low-income groups are projected to suffer the most and ESaaS is anticipated to help the region deal with these conditions.
Report 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 |
Purchase Options |
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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.
Recent Developments:
- In February 2021, TruEnergy and GreenStruxure partnered to bring ESaaS solutions to customers in the United States.
- In November 2021, EESL announced its intention to partner with energy service firms to help the company scale up its Building Energy Efficiency Program.
The global energy storage as a service (ESaaS) market is segmented as follows:
By End-User
- Industrial
- Residential
- Utility
- Commercial
By Service
- Transmission Infrastructure Service
- Ancillary Service
- Customer Energy Management Service
- Bulk Energy Service
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- 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
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