Global Battery-as-a-Service (BaaS) Market to Grow at 23.16% During 2024-2032, Stimulated by Increasing Demand for Energy Storage

June 02, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “Battery-as-a-Service (BaaS) Market Report by Type (Stationary Equipment, Mobile Equipment), Service (Vehicle-Battery Separation, Battery Subscription, Chargeable, Swappable and Upgradable Batteries), Application (Automotive and Transport, Energy, Industrial, and Others), and Region 2024-2032,” the global battery-as-a-service (BaaS) market is expected to grow at a CAGR of 23.16during 2024-2032. Battery-as-a-Service (BaaS) is an emerging model in the energy industry that allows users to access and utilize battery storage systems without the need for upfront investment or ownership. It operates on a subscription-based model, where customers pay a regular fee for the use and maintenance of the battery infrastructure. This innovative approach enables businesses and individuals to leverage the benefits of energy storage without the high initial costs and technical complexities associated with purchasing and maintaining batteries. It promotes sustainability by facilitating the integration of renewable energy sources and reducing reliance on fossil fuels. It also provides energy cost optimization by enabling load shifting, peak shaving, and demand response capabilities.

Global Battery-as-a-Service (BaaS) Market Trends:

The increasing demand for energy storage is driving the global market. Furthermore, the rising shift toward sustainable development is propelling the market as BaaS enables the effective integration of renewable energy into the grid by providing energy storage solutions that can store excess energy during periods of high generation and release it during peak demand, thereby enhancing the reliability and stability of renewable power systems. Apart from this, the widespread utilization of Baas by several data centers, hospitals, and manufacturing facilities as it enables energy independence, allowing businesses and homeowners to reduce their reliance on the main power grid and manage their energy usage more efficiently is creating a positive market outlook. Besides, continual technological advancements in battery technology, such as improved energy density, longer lifespan, and increased efficiency, are providing a thrust to the market. Moreover, the governments of several countries are undertaking initiatives to reduce subsidies on vehicle purchases to lower the price gap, which is impacting the market favorably.

Market Summary:

  • Based on the type, the market has been segmented into stationery and mobile equipment.
  • On the basis of the service, the market has been divided into vehicle-battery separation, battery subscription, chargeable, and swappable and upgradable batteries.
  • Based on the application, the market has been bifurcated into automotive and transport, energy, industrial, and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Clean Energy Global GmbH, Contemporary Amperex Technology Co. Ltd., Epiroc AB, Global Technology Systems Inc., Hyundai Motor Company, Nio and Octillion Power Systems Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Type, Service, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Clean Energy Global GmbH, Contemporary Amperex Technology Co. Ltd., Epiroc AB, Global Technology Systems Inc., Hyundai Motor Company, Nio and Octillion Power Systems Inc.
Customization Scope 10% Free Customization
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Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Battery-as-a-Service (BaaS) Market to Grow at 23.16% During 2024-2032, Stimulated by Increasing Demand for Energy Storage
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