According to Nova One Advisor, the global energy storage as a service Industry size was estimated at USD 62.19 billion in 2022 and is expected to surpass around USD 139.45 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 8.41% during the forecast period 2023 to 2032.

Latest Study on "Energy Storage as a Service Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2023-2032".

The global Energy Storage as a Service market size is expected to be worth around USD 139.45 billion by 2032, according to a new report by Nova one advisor.

The global Energy Storage as a Service market size was valued at USD 62.19 billion in 2022 and is anticipated to grow at a CAGR of 8.41% during forecast period 2023 to 2032.

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Key Takeaways:

• The U.S. energy storage as a service market size reached USD 62.9 billion in 2022 and is projected to expand USD 138.29 billion by 2032, growing at a CAGR of 8.41% between 2023 to 2032.


• North America dominated the market and accounted for over 32.0% share of the global revenue in 2022.


• Asia Pacific is expected to expand at the highest CAGR of 12.6% over the forecast period.


• The customer energy management services segment led the market and accounted for over 31.9% share of the global revenue in 2022.


• The ancillary services segment is likely to expand at the fastest CAGR of 11.8% over the forecast period.


• The industrial, residential, and commercial segment led the market and accounted for over 72.1% share of the global revenue in 2022.


• The utility segment is likely to expand at the fastest CAGR of 11.3% over the forecast period.

Energy Storage Systems Market: Overview

• Energy storage systems are equipment that store various types of energies that can be utilized whenever required. Rise in trend of production of renewable energy sources due to increasing energy requirements has fueled the energy storage systems market.


• The global automotive market is expanding due to the introduction of electrically operated vehicles. These require energy storage units. In addition, strict environmental regulations imposed by governments have encouraged the production of electric vehicles, as they create less pollution as compared to fuel-powered vehicles. This is boosting the energy storage systems market.


• Rapid urbanization has increased the need for residential, commercial, and industrial establishments. Similarly, the requirement of energy storage is high in these sectors. Thus, the energy storage systems market has been expanding.


• Traditional storage systems incur huge establishment costs due to the use of peak high power sources such as hydroelectric power plants and gas turbines. These plants require high investments and greenhouse emissions are caused due to the use of natural gas as fuel.


• On the contrary, energy storage system applications can cater to high power demand and high power switching in a less timespan. Thus, the use of renewable energy sources (RES) supported by advanced energy storage applications proves to be more economical and eco-friendly than the traditional storage systems.


• Furthermore, it has a sustainable operating life and less greenhouse emission is caused during the process of operations. Increasing awareness regarding renewable energy resources and energy storage systems has helped overcome the traditional barriers. These factors are augmenting the energy storage systems market.


• There has been notable growth in the production of renewable energy due to heavy investment by public and private sectors. Moreover, key market players are focusing on new technologies and innovations for the production of renewable energy on a large scale. They are partnering with small enterprises and entering into mergers and acquisitions agreements in order to expand their market presence. R&D activities are also being conducted to ensure effective production of energy storage systems without any negative impact on the environment.

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Energy Storage Systems Market Drivers

• A large number of local and global players are competing with one another in the global energy storage systems market. This makes the landscape fragmented in nature.


• The market is also witnessing the foray of new players wanting to cash-in on the unmet demands of consumers. To make headway in the market, players are focusing on product development and strategic mergers & acquisitions. They are also enhancing their distribution networks to steal a march over their competitors.


• The global energy storage systems market is being primarily driven by the soaring uptake of electric vehicles, which are less polluting than fuel-powered ones. Apart from the automotive segment, commercial and industrial establishments too are resulting in sales as their need to store energy is high. The residential sector is another crucial contributor to sales because of the uptake of solar panels to reduce dependency on grid electricity.

Service Insights

The customer energy management services segment led the market and accounted for over 31.9% share of the global revenue in 2022. Customer energy management services include power reliability, power quality, retail electric energy time-shift, demand charge management, and increased self-consumption of solar PV. Energy storage as a service model has a huge demand for customer energy and power management. It is used as backup power for power reliability when the customer uses solar energy and other renewable energy sources.

The ancillary services segment is likely to expand at the fastest CAGR of 11.8% over the forecast period and is expected to gain high momentum during the upcoming years owing to the increasing adoption of battery storage systems in the ancillary service market. Utilities are decreasing dependency on conventional fossil fuel generation and focusing on renewable and battery storage systems for ancillary services. Ancillary services include frequency regulation, spinning/non-spinning supplemental reserves, voltage support, and black start.

End-user Insights

The industrial, residential, and commercial segment led the market and accounted for over 72.1% share of the global revenue in 2022. Energy storage as a service model is majorly adopted by industrial, residential, and commercial sectors. The industrial sector utilizes these services for reliable power and stable energy supply. Big housing societies and remote residential areas utilize it for regular power supply and lowering the cost of energy consumption.

The utility segment is likely to expand at the fastest CAGR of 11.3% over the forecast period. The increasing focus of energy and power facilities on sustainability is one of the major driving factors for energy storage as a service model. Decreasing dependency on the conventional fossil fuel generators for services such as black start, voltage support, and energy arbitrage by the utilities and increasing focus on renewable power generation and battery storage for such services are expected to drive the market.

Regional Insights

North America dominated the market and accounted for over 32.0% share of the global revenue in 2022 on account of several factors including high energy consumption due to the presence of various industries such as automotive, aerospace, chemical, and healthcare. The demand for services such as peak load, energy arbitrage, black start, and demand charge management is high among the industrial, commercial, and residential sectors. Thus, industrialists rather than purchasing the energy storage systems opt for energy storage services for regular energy supply and to avoid blackouts.

Asia Pacific is expected to expand at the highest CAGR of 12.6% over the forecast period. This is due to the presence of various untapped markets, increasing industrialization, and rising energy consumption. The utilities and industries in countries such as India, South Korea, Japan, and China are expected to increase focus on this business model and increase utilization of these services in their system in the future.

The Middle East and Africa is expected to be the second-fastest-growing market over the forecast period. This is due to the presence of emerging markets and remote areas such as Africa where approximately 600 million people do not have reliable power. There is an opportunity for the market players to deploy resilient and distributed microgrids with renewables and energy storage.

Key Developments

• 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 offerings of residential smart energy storage and energy 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 commercial and industrial buildings.

The mergers and acquisitions, partnerships, new product development, business expansions, collaborations, supply contracts, agreements, and contracts are some of the important marketing strategies used by the major market players to maintain their market position.

Some of the prominent players in the Energy Storage as a Service Market include:

• Siemens Energy


• Honeywell International Inc.


• ENGIE Storage Services NA LLC


• Veolia


• NRStor Inc.


• YSG Solar


• Suntuity


• Hydrostor Inc.


• Customized Energy Solutions Inc.


• Johnson Controls

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2032. For this study, Nova one advisor, Inc. has segmented the global Energy Storage as a Service market.

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 Region

• North America


• Europe


• Asia-Pacific


• Latin America


• Middle East & Africa (MEA)

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