Energy Storage as a Service Market: Introduction
- 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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Key Players Operating in the Market:
The global energy storage as a service market is highly concentrated, with the top players accounting for approximately 40%–45% share of the market. A few of the key players operating in the global energy storage as a service market are:
- Siemens AG
- Spirit Energy
- Utility Alliance Ltd
Key Developments:
- In February 2019, Royal Dutch Shell plc agreed to acquire Sonnen, a leading player in the fields of smart energy storage systems and innovative energy services for households, expanding its offerings of residential smart energy storage and energy services
- In September 2016, RES (Renewable Energy Systems) was awarded a four-year contract in U.K to provide frequency response services to the National Grid network with the help of a 35-MW lithium-ion battery energy storage system.
Global Energy Storage as a Service Market: Research Scope
Global Energy Storage as a Service Market, by Component
- Energy Storage System
- Control and Monitoring System
- Service Contract
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Global Energy Storage as a Service Market, by Service
- Demand Response
- Back-up Power
- Peak Shaving
- Others
Global Energy Storage as a Service Market, by End-user
- Utility
- Commercial & Industrial
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