Market Definition
With the rapidly increasing inclination toward generating power from renewable resources like wind, solar, and hydro, the need to store these energies & use them effectively for different applications, the demand for reliable energy storage systems is increasing worldwide.
Hence, developers worldwide are presenting new technologies in their products integrated with the Internet of Things (IoT). Intelligent Energy Storage Systems store & manage the generation, transmission, conservation, and distribution of the energy, allowing users to optimize their usage and take a step further toward a sustainable future.
Market Insights
The Global Intelligent Energy Storage System Market is projected to grow at a CAGR of around 45% during the forecast period, i.e., 2021-26. The market growth is driven principally by the swiftly developing smart grid infrastructure incorporated with the Internet of Things (IoT) in energy storage systems entwined with an increasing need to conserve energy in reliable storage systems.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 45% |
| Regions Covered | North America: US, Canada |
| Europe: Germany, UK, France | |
| Asia-Pacific: China, India, Japan | |
| Key Companies Profiled | Alevo, Beacon Power, ABB, Ampard, Green Charge Networks, Azeti Networks, NEC Energy Solutions, CODA Energy., Stem. Inc. |
| Unit Denominations | USD Million/Billion |
Additionally, the growing awareness among people about various benefits like load shifting, demand response, backup power, renewable energy, environmental benefits, & integration, etc., associated with energy storage systems shall also instigate the overall market growth in the coming years. Besides, with content developments in energy storage systems, these can also be installed across industries, residences, schools, & other facilities.
Moreover, the mounting concerns over the deteriorating & exhausting non-renewable resources like fossil fuels are compelling several governments & organizations to incline toward using natural resources like wind, solar, and hydro for power generation. It, in turn, is soaring the demand for reliable & robust energy storage systems, thereby seeking an intelligent way to conserve power & transmit whenever required & driving the market through 2026.
Impact of Covid-19 on the Global Intelligent Energy Storage System Market
With the Covid-19 pandemic in 2020, most industries across the globe underwent catastrophic effects where the Global Intelligent Energy Storage Systems Market was no exception. Observing the rapid spread of the dreadful disease, governments of most countries worldwide imposed stringent movement restrictions & lockdowns to curb the virus spread.
As a result, the global market witnessed several unprecedented challenges like disruptions in the supply chain, unavailability of raw materials & labor, and reduced investments & demand for storage systems due to increasing focus on addressing Covid-19 issues. Besides, a swift shift of organizations toward remote working resulted in a declining need for electricity across industries, which led to a significantly falling demand for intelligent energy storage systems and massive revenue losses for the market.
However, with the improved situation of the pandemic & reduced number of cases, the government uplifted the restrictions and allowed the recommencement of business operations. Several prominent players in the market are now actively working on bringing technological advancements in intelligent energy storage systems. With this, the market shall regain its usual growth pace & recover from losses during the forecast period.
