North America Energy Storage As A Service Market Size, Share & Trends Analysis Report By End Use (Industrial, Residential & Commercial and Utility), By Service, By Country and Growth Forecast, 2024 - 2031

The North America Energy Storage As A Service Market would witness market growth of 9.7% CAGR during the forecast period (2024-2031).

The US market dominated the North America Energy Storage As A Service Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $699.9 million by 2031. The Canada market is experiencing a CAGR of 12% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 11.1% during (2024 - 2031).

The market is emerging as a transformative force in the energy sector, offering innovative solutions for efficient energy management and grid stability. With the increasing penetration of renewable energy sources, rising electricity costs, and growing concerns over carbon emissions, the demand for flexible and scalable energy storage solutions has intensified. ESaaS enables businesses, utilities, and residential consumers to access energy storage capabilities without requiring high upfront capital investments. Instead of purchasing expensive battery storage systems, users can subscribe to energy storage services tailored to their needs, providing benefits such as demand charge management, peak shaving, backup power, and grid optimization.

The ESaaS model is gaining traction due to its ability to offer cost-effective, sustainable, and technologically advanced energy solutions. The adoption of smart grids, demand response programs, and distributed energy resources (DERs) is further fuelling the expansion of this market. Moreover, technological advancements in battery storage, artificial intelligence (AI), and predictive analytics are enhancing the capabilities of ESaaS providers, making energy storage more efficient and accessible.

Efficient cogeneration and nuclear power require energy storage solutions for peak load management and backup power. ESaaS solutions enable industries to store excess energy, optimize energy consumption, and reduce reliance on fossil fuels. Canada’s 1% annual increase in electricity demand from 2014 to 2040, driven largely by industrial consumption (0.7% growth per year), is creating a strong market for energy storage solutions. Canadian power producers are expanding renewable and conventional energy capacity to meet rising demand. ESaaS providers can support this growth by offering grid-scale and distributed energy storage solutions that enhance power reliability and reduce grid congestion risks. Thus, Mexico’s clean energy targets and Canada’s rising electricity demand are key drivers for the market's growth.

Based on End Use, the market is segmented into Industrial, Residential & Commercial and Utility. Based on Service, the market is segmented into Customer Energy Management Services, Ancillary Services, Bulk Energy Services, Transmission Infrastructure Services, Distribution Infrastructure Services, and Other Service. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

List of Key Companies Profiled

• Siemens Energy AG
• Veolia Environnement S.A.
• Honeywell International Inc.
• Tesla, Inc.
• NextEra Energy, Inc.
• Generac Holdings, Inc.
• Engie SA
• Customized Energy Solutions Ltd.
• SREIL Energy
• Hydrostor Inc.

North America Energy Storage As A Service Market Report Segmentation

By End Use

• Industrial, Residential & Commercial
• Utility

By Service

• Customer Energy Management Services
• Ancillary Services
• Bulk Energy Services
• Transmission Infrastructure Services
• Distribution Infrastructure Services
• Other Service

By Country

• US
• Canada
• Mexico
• Rest of North America