Press Release Description

Growing Inclination Worldwide toward Renewable Energy Generation to Drive the Intelligent Energy Storage Systems Market through 2026

The Global Intelligent Energy Storage Systems Market is projected to grow at a CAGR of 45% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The market is driven most prominently by the mounting need to reduce power consumption & reliance on non-renewable energy resources like fossil fuels to conserve energy & attain a sustainable future.

Intelligent energy storage systems play a crucial role in storing the energy generated from resources like solar, hydro, & wind. They are highly efficient for energy generation, transmission, & distribution. Besides, since renewable energy is not commercialized to the optimum levels, the need to preserve energy is rising substantially & these systems are viewed crucially as a way to address issues like energy shortage. Hence, intelligent energy storage systems are expected to undergo various technological developments & witness a mounting demand for power storage in the coming years.

Moreover, the rising prevalence of smart grid infrastructure, owing to the increasing utilization of the Internet of Things (IoT) in energy storage technologies, is another crucial aspect projected to fuel the overall market growth through 2026, further states the research report, "Global Intelligent Energy Storage System Market Analysis, 2021."

Growing Commercial Utilization of Renewable Power Boosts the Market through 2026

Several organizations fear that growing concerns associated with power outages might lead to significant financial losses. As a result, they are increasingly adopting reliable & intelligent energy storage systems and contributing to the market growth across the commercial sector.

Additionally, as many commercial firms are realizing the importance of energy, they are swiftly shifting from non-renewable energy resources to renewable ones for their power requirements. As a result, power generation through solar energy is gaining immense momentum across organizations.

It, in turn, is instigating the demand for intelligent energy storage systems for purposes like generation, conservation, transmission, as well as distribution of power to the facility as per the requirements, thereby promoting sustainable practices and driving the global market.

With the Increasing Prevalence of Electric Vehicles, North America to Witness Significant Market Growth during 2021-26

Of all regions worldwide, North America is expecting significant growth of the Intelligent Energy Storage System Market during the forecast period. It owes principally to the alarming levels of carbon emissions & growing adoption of Electric Vehicles (EVs) to reduce dependencies on non-renewables like fossil fuels. As a result, it is propelling the adoption of renewable resources and soaring the demand for intelligent energy storage systems across North America.

Besides, strict norms for carbon reduction and reducing costs of storage technologies, especially in the US & Canada, are also significantly fueling the regional market growth. Besides, government policies for encouraging the adoption of EVs for both personal & commercial uses shall further drive the market across North America in the coming years, reveals MarkNtel Advisors in their research report, "Global Intelligent Energy Storage Systems Market Analysis, 2021."

Leading Companies in the Market

According to MarkNtel Advisors, the leading players in the Global Intelligent Energy Storage Systems Market are Alevo, Beacon Power, ABB, Ampard, Green Charge Networks, Azeti Networks, NEC Energy Solutions, CODA Energy, & Stem. Inc.

Key Questions Answered in the Study

  1. What are the current & future trends in the Global Intelligent Energy Storage Systems Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across various regions, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Global Intelligent Energy Storage Systems Market?
  5. What are the customer orientation & expectations from the Intelligent Energy Storage System providers across various regions?

Market Segmentation:

  1. By Application (Commercial Storage, Residential Storage, Industrial Storage, Grid Scale)
  2. By Battery Type (Flow Batteries, Lithium Ions, Advanced Lead Acid Batteries)
  3. By Region (North America, Europe, Asia-Pacific)
  4. By Country (The US, Canada, Germany, The UK, France, China, India, Japan)
  5. By Competitors (Alevo, Beacon Power, ABB, Ampard, Green Charge Networks, Azeti Networks, NEC Energy Solutions, CODA Energy, Stem. Inc.)