LONDON, Jan. 28, 2022 (GLOBE NEWSWIRE) — Aging infrastructure to transmit and generate power has forced utilities to upgrade and invest in the policies used for distributed energy resources (DER), which involve demand-response capabilities, renewable energy, and other energy-saving technologies to reduce and control energy use and better manage bills. However, rising investments in energy distribution systems would create demand for distributed energy resources (DER), which will be fueling the growth of energy storage as a service market. Moreover, growing energy utilization and rising popularity for power management in the residential, as well as industrial sectors, the convenience and cost-effectiveness accessible through the energy storage services, are attracting users globally.
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Growing focus on integrating renewable energy, thermally activated technologies, energy storage, distributed generation, and demand reaction into the electricity distribution and transmission system, has allowed further assets in renewable energy. However, the demand for energy storage systems is driven by the rising necessity to reduce the confidence in oil, gas, and coal for electricity generation. Moreover, renewable-energy power plants use storage technologies to deal with the changeable outputs provided by such energy sources, as these technologies streamline the energy supply and guarantees that it meets the demand. Furthermore, the immediate discharge of power to the grid enables storage technologies as well as supports the growth of the market. On the other-hand, fossil-fuel-based energy generation systems take longer to ramp up and distribute full power, as these technologies are helping in saving significant time and the quick response is crucial for ensuring the stability of the grid over times of unpredicted electricity demand. Thus, increasing investment in renewable energy storage and sources solutions will boost the growth of energy as a service market during the forecast period.
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Customer energy management service led the market in 2020
In 2020, customer energy management service segment occupied the largest share and is anticipated to continue its trend during the forecast period. This is mainly because of the enhancing popularity of energy storage as a service in industrial, commercial, and residential applications compared to utility and energy supplying industries. Moreover, the ancillary services segment is expected to expand at the substantial compound annual growth rate (CAGR) during the forecast period. Ancillary services are expected to decrease its dependence on fossil fuel generators and switch to renewable and battery energy storage services because of the factors such as voltage support, black start, and frequency regulation.
Utility was the largest end-use market in 2020
The utility end-user segment accounted for significant share in 2020 owing to declining dependence on traditional fossil fuel generators and rising focus on sustainability. However, energy storage-as-a-service can help utility segment bridge temporary power gaps with factors such as achieving seasonal needs for peaking power, obstruction management within a network, or among the grid infrastructure failures or upgrades.
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Asia Pacific region is anticipated to expand at significant CAGR during the forthcoming years owing to the increasing rate of presence of various untapped markets, coupled with the rising energy utilization. However, in the Asia Pacific region, China is a significant market for energy storage as a service. This is due to the improving industrialization in the region, high consumption of energy, and growing awareness towards the use of renewable energy. Moreover, the growth in North American energy storage as a service market is owing to the rise in demand for intelligent buildings and building automation, growing demand for services such as offering demand-energy response solutions because of enhancing commercial industry and implementing energy efficiency projects. Additionally, escalating share of renewable power generation and energy efficiency activities is projected to boost the market in this region. Furthermore, Europe will dominate the market due to rise in demand for renewable power generation and growth in the industrial sector. The countries in the Middle East & African region are led by oil and gas companies and the largest investment in the commercial sector, advancement of an integrated distributed energy resource (iDER), augmented data analytics.
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The prominent players of the energy storage as a service market involve Veolia, NRStor Inc., Siemens, ENGIE Storage Services NA LLC., Honeywell International Inc., Suntuity Solar LLC, Customized Energy Solutions Ltd., Enel X, ABB, WGL Holdings, Inc., Johnson Controls, Centrica, Orsted and among others.
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