Energy Storage as a Service Market, By Service Type (Energy Storage Management, Consulting Services, and Maintenance and Support), By End User (Utilities, Commercial and Industrial, and Residential), By Application (Grid Services (Peak Shaving, Frequency Regulation) and Renewable Energy Integration (Solar, Wind)), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Aug 2024

Code : CMI7312

Pages :131

Formats :

Excel and PDF

Industry : Energy

Market Concentration and Competitive Landscape

Energy Storage as a Service Market Concentration By players

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Growing demand for reliable and uninterrupted power supply

Reliability of power supply has become a critical requirement for both industrial and commercial consumers. Any outage or fluctuation impacts productivity, disrupts operations and leads to heavy losses. While widespread electrification has boosted economic growth, it has also increased vulnerability of all sections to grid failures as more and more processes and services have become dependent on continuous availability of quality power. This rings especially true for digital infrastructure and data centers supporting connected world which have near-zero tolerance for power disruptions.

Reliability needs have only escalated amidst uncertainties around natural disasters becoming more frequent and varied due to climate change impacts. Extreme weather events from hurricanes to wildfires have exposed vulnerabilities of conventional power grids and caused massive and long duration outages over large areas. The pandemic has further underscored how fragile and interdependent our systems have become, bringing into sharp focus the economic and social costs of unstable electricity services.

Distributed energy resources are supplementing conventional generation in many parts of the world. While decentralization enhances energy access and resilience, it also introduces complexity needing advanced coordination and control. Energy storage offers an effective way to firm up intermittent DERs and ensure reliability at both transmission and distribution levels. It provides the needed flexibility to constantly match supply with dynamic consumption patterns by soaking up excess energy and feeding it when generation declines.

Reliable power supply supported by energy storage infrastructure as a utility service is gaining popularity among commercial and industrial consumers as well as utilities striving to strengthen grids against vulnerabilities.

Key Players Insights