Press release
Energy Storage as a Service Market Analysis,Growth and New Market Opportunities By 2027
Energy storage as a service (ESaaS) is a facility to avail an energy storage system by entering into a service agreement, without buying the system. Energy storage systems deliver a wide range of services to generate revenue; create savings; and improve electricity resiliency.
The operation of an ESaaS system is a unique mixture of an advanced battery storage system, an energy management system, and a service contract, which can provide value to a business by providing reliable power more economically
For most ESaaS services, energy is stored in night time and during off-peak hours when energy is produced from non-carbon-releasing sources. This energy is then used to counterbalance the required carbon production during peak hours.
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Key Drivers of Energy Storage as a Service Market:
Energy storage systems are expected to become a crucial element of power management systems, due to peak demands frequently changing with time of the day and season. Energy storage as a service (ESaaS) guarantees reduction in the most expensive hours of electric demand for building owners, thereby lowering electricity bills at no cost. This drives the ESaaS market.
Rising attention toward and considerable investments in renewable power energy generation are driving the global energy storage as a service market. Major economies across the world are greatly focusing on developing power generation by using renewable energy sources so as to reduce their dependency on the conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in the total energy production worldwide.
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Back-up Power Service Segment and Utility End-user Segment to Witness Attractive Opportunities:
The global energy storage as a service market can be segmented in terms of system, service, end-user, and region
Based on system, the market can be divided into energy storage system, control and monitoring system, and service contract. The most common energy storage systems used for ESaaS are lithium-ion or flow batteries, primarily due to their size, high efficiencies, and low reaction times.
Europe expected to hold a Major Share of Global Energy Storage as a Service Market:
Based on region, the global energy storage as a service market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
North America dominated the global market in 2018. This trend is estimated to continue during the forecast period also. The market in the region is driven by tangible factors such as the peak load challenge in New York and other states of the U.S.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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