Press Release

Global Intelligent Energy Storage System Market to Grow at a CAGR of Around 10.3% During 2024-30

The Global Intelligent Energy Storage System Market is projected to grow at a CAGR of around 10.3% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market growth is attributed to the surging development in grid development and smart grid establishments worldwide, incorporating advanced analytics and IoT technologies requiring intelligent energy storage systems for functioning. With the proliferation of the deployment of various sensors, transponders, switches, analytics, smart meters, etc. to get better results and real-time data from the systems, the need for intelligent energy storage systems is rising rapidly.

Furthermore, the changing environmental conditions, global warming, and high emissions worldwide have been leading the government bodies of various developed and developing nations such as China, the USA, India, etc. to invest in clean energy initiatives. Owing to this, there has been a surge in the adoption of renewable energy sources such as solar, hydro, wind, etc. The existing infrastructure with traditional energy storage systems does not integrate with the renewable energy infrastructure, which is spurring the demand for intelligent energy storage systems worldwide. With the increasing demand for suitable, reliable, and efficient energy storage systems to meet the standards and requirements to comply with regulations as well as modern infrastructure needs, the demand for intelligent energy systems is rising globally.

Furthermore, the propelling technological advancements and innovations in power and battery technologies for energy storage systems globally are boosting their adoption across the globe. The emergence of advanced battery solutions, including lithium-ion, lithium-sulfur, etc., has been providing energy efficiency and durability as compared to conventional battery and storage systems, which are highly generating demand for intelligent energy storage systems. Additionally, the increasing energy density of intelligent systems coupled with an enhanced life cycle plays an efficient role in the adoption of these systems owing to low maintenance costs and a lesser requirement for replacements.

Moreover, the increasing deployment of intelligent energy storage systems across various end-user industries, residencies, and educational institutions boosts their adoption across the globe, which is eventually driving the growth of the Global Intelligent Energy Storage System Market, further states the research report, “Global Intelligent Energy Storage System Market Analysis, 2024.”

Industrial Storage Segment to Hold Major Market Share

Based on the application, the market is segmented into commercial storage, residential storage, industrial storage, and grid-scale. Among them all, the industrial storage segment is expected to witness a substantial share in the market owing to the mounting need of various industries across the world to reduce their dependencies on non-renewable resources for power generation. The various end-user industries, such as automotive, pharmaceuticals, chemicals, and others, are tremendously adopting renewable sources of energy, including solar, wind, hydro, etc., as a part of their company plans to mitigate carbon footprints. Moreover, the stringent government regulations regarding sustainability criteria are further leading them to opt for renewable modes of energy generation. This is resulting in a surge in demand for efficient and effective energy storage systems that can be used with the existing energy infrastructure of companies.

Furthermore, the increasing power outages and losses in production are pushing manufacturers to opt for intelligent energy storage systems to mitigate these problems and earn better revenues. Thus, as companies shift to reliable and abundantly available sources of energy like water, solar, and wind and seek to generate greater power generation capacities with low carbon footprints, the adoption of intelligent power storage systems is soaring.

North America to Lead the Global Intelligent Energy Storage System Industry

North America is expected to hold a considerable share in the forecast period. It is primarily attributed to the shifting focus on renewable energy in North American countries like the USA, Canada, and Mexico. With these countries focusing on renewable energy and a sustainable energy mix across various industries, the demand for intelligent energy storage systems is rising rapidly. Countries are increasingly focusing on the integration of smart grids and the development of smart cities with energy-efficient systems that generate energy storage system demand. Moreover, the utility and commercial sectors in the region are focusing on the integration of renewable energy, which is further driving the demand for intelligent energy storage systems in North America.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Samsung SDI, Eaton, Teplore, ABB, Bslbatt, Electrovaya, Enel X, Wartsila, NEC Energy Solutions, Stem Inc., and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?