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.
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.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|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.
Based on the Battery Type:
Here, Lithium-Ion Batteries are anticipated to dominate the market with the largest share during the forecast period. It owes principally to their capabilities like rechargeability, enhanced stability, & higher energy density & voltage capacity, which makes them more power-efficient than other batteries.
Lithium-ion batteries are among the most popular batteries used for storing energy & control a majority of the power grid system. Hence, their demand is rising substantially for storing energy & driving the global market through 2026.
On the other hand, the increasing demand for Flow batteries is projected to observe considerable growth opportunities for the leading players in the market. It owes to the extensive applications of advanced energy storage systems due to their rapid recharge time since they replace the electrolyte fluid. As of now, redox, vanadium redox, hybrid, and others are some of the readily available flow batteries.
However, a set of lines in these batteries is yet to come and undergoing rapid research & development. These batteries are expected to be safe since they have non-flammable electrolytes that transform energy into electricity to store power for later use.
Based on the Application:
Of all applications, Commercial Storage, followed by Industrial Storage, is anticipated to contribute significantly to the global market growth during the forecast period, principally due to the increasing awareness about the mounting need to reduce dependencies on non-renewable resources for power generation & incline toward natural resources like wind, solar, and hydro for power generation & consumption. It, in turn, is soaring the demand for intelligent energy storage systems for different commercial & industrial applications.
Additionally, to increase & enhance the utilization of the energy generated from renewable resources, the demand for intelligent energy storage systems is mounting substantially & producing significant growth opportunities for the leading market players. Besides, organizations are actively installing these systems to eliminate the chances of power outages & challenges like a significant financial loss. Hence, companies are swiftly attaining a foothold in solar power generation & seeking ways to attain greater power conservations & security in solar investments.
Geographically, the Global Intelligent Energy Storage System Market expands across:
Of them all, North America is anticipated to observe significant growth of the Global Intelligent Energy Storage System Market during the forecast period. It owes principally to the burgeoning demand for renewable energy storage systems across the residential, non-residential, & utility sectors of North America and the growing need to reduce carbon emissions. Besides, the increasing encouragement by governments of different countries like the US & Canada toward adopting Electric Vehicles (EVs) to address alarming concerns associated with the depletion of natural resources like fossil fuels is also driving the regional market.
Moreover, North America has extensively accepted new power industry regulations. The establishment of smart grid infrastructure in the US has also contributed to the significantly increasing demand for intelligent energy storage systems. Additionally, since EVs run on batteries that exhibit electricity, the production & sales of intelligent energy storage systems are projected to surge substantially across North America in the coming years.
On the other hand, Asia-Pacific is projected to dominate the Global Intelligent Energy Storage System Market with the largest share during the forecast period. It owes to the increasing focus of the governments of different countries in the region on generating power from renewable sources like solar, wind, & hydro. It, in turn, is propelling the demand for intelligent energy storage systems for an efficient generation, transmission, conservations, and distribution of energy whenever required.
Besides, prominent countries like China & India are actively participating in the integration of green resources & setting up several power grids across countries. It is further soaring the need for a robust & reliable energy storage system to maintain & manage the supply & demand for energy. Moreover, mounting concerns about energy security & the growing need to feed the energy requirements at peak load periods are instigating the regional market growth by infusing the demand for these storage systems.
The increasing focus of countries like India on diversifying their energy sources & delivering a 24x7 power supply is also displaying initiatives like massive deployment of renewable power generation capacities, making a positive influence on the demand for intelligent energy storage systems.
Additionally, with the swiftly increasing need for uninterrupted & continuous flow of energy across the country's industrial, commercial, & residential sectors, coupled with the improving disposable income, the Asia-Pacific Intelligent Energy Storage System Market is expected to generate remunerative growth opportunities for the leading players through 2026.
Key Driver: Rising Investments in Renewable Energy
The rapidly increasing investments in renewable energy generation by governments of different countries worldwide to reduce the depletion of natural resources like fossil fuels are augmenting the demand for intelligent energy storage systems to conserve energy & supply when required. Additionally, prominent organizations, several government associations, healthcare facilities, educational institutes, etc., are also investing in renewable energy and contributing to the exceptionally rising demand for these storage systems & driving the global market.
Possible Restraint: High Manufacturing Costs of Energy Storage Systems
The manufacturing of intelligent energy storage systems is a complex procedure, due to which it requires substantial investments. Several storage systems include lithium-ion, sodium, & flow batteries that involve high manufacturing costs. Moreover, prices of energy storage systems rely on the type of energy resource, and storing various energy forms can also affect the costs of storage systems. As a result, these challenges can dramatically minimize the growth of the Global Intelligent Energy Storage System Market in the coming years.
Growth Opportunity: Upgradation in Energy Storage Systems
An increasing number of investments & favorable policies by governments of different countries worldwide are encouraging the adoption of renewable energy resources to address concerns associated with the depletion of natural resources & rapidly increasing carbon emission levels. As a result, numerous organizations are actively utilizing resources like Solar energy to generate power and infuse the demand for intelligent energy storage systems. This growing demand for storage systems is creating growth opportunities for the leading players in the Global Intelligent Energy Storage System Market to bring technological advancements in their product offerings & replace the aging storage systems.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Intelligent Energy Storage System market include Alevo, Beacon Power, ABB, Ampard, Green Charge Networks, Azeti Networks, NEC Energy Solutions, CODA Energy, Stem. Inc. etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The Global Intelligent Energy Storage System Market is projected to grow at a CAGR of around 45% during 2021-26.
A. Asia-Pacific & North America are anticipated to emerge as the most prominent areas of remunerative opportunities for the leading players in the Global Intelligent Energy Storage System Market during 2021-26.
A. An increasing number of investments by governments & prominent players to bring technological advancements in intelligent energy storage systems & replace the aging storage systems are the key aspects anticipated to drive the Global Intelligent Energy Storage System Market during 2021-26.
A. In the coming years, several leading layers in the Global Intelligent Energy Storage System Market are anticipated to introduce technologically advanced intelligent energy storage systems with new features & display active participation in replacing aging storage systems.