Intelligent Energy Storage System Market by Battery Type (Flow Batteries, Lithium Ion, and Advanced Lead Acid Batteries), and Application (Commercial Storage, Residential Storage, Industrial storage, and Grid Scale) - Global Analysis & Forecast 2019-2030
Report ID : 276 | Published Date : Feb 2020 | Pages : 160 | Region : Global | Report Code : ER-3
Intelligent Energy Storage System Market Introduction & Overview
Nowadays, generation of energy through various sources is meeting the need for amount of energy required. In case of fluctuations in demand and supply of the energy generation, storage systems are required to maintain the supply of energy. This is particularly important when the energy generated is through renewable energy sources such as solar, wind, and others. There are many home energy storage products available, which store electricity in a battery, which can be used later on. However, these products can’t show the consumption of electricity, unlike intelligent energy storage solutions. Intelligent energy storage systems are used to store energy safely, efficiently, and conveniently.
The global intelligent energy storage system market is driven by factors such as increasing importance of energy conservation and developments in the use of renewable energy sources for the generation of power. Moreover, the increasing demand for intelligent energy storage systems in commercial facilities is also contributing significantly to market growth. For instance, businesses, such as Whole Foods, Extended Stay America, Merrill’s Packaging, etc., have installed intelligent energy storage. Six percent of Fortune 500 companies have already implemented energy storage to reduce costs with another 30 percent actively evaluating solutions. Also, the prices of batteries and other components used in energy storage systems are falling rapidly, making energy storage cost-effective. Advancements in the development of batteries are also boosting market growth. However, additional infrastructure costs and space requirements for the installation of intelligent energy storage systems may restrain market growth to a certain extent.
The global intelligent energy storage system market can be segmented into battery type, application, and region.
Intelligent Energy Storage System Market By Battery Type
Based on battery type, the market can be segmented into flow batteries, lithium ion, and advanced lead acid batteries. Lithium-ion batteries, hold the largest market share during the forecast period as these batteries provide high energy density as well as power density when compared with other batteries due to which they have high demand in commercial applications.
Intelligent Energy Storage System Market By Application
Based on application, the market can be classified into commercial storage, residential storage, industrial storage, and grid scale. The grid scale segment will hold the largest market share during the forecast period owing to factors such as increased grid scale storage enabling energy storage in large quantities. Also, advancements in technology ensure grid scale to be safer and cost-efficient, which are some of the factors propelling market growth.
Intelligent Energy Storage System Market By Region
Based on region, the market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). North America is dominating the market owing to rapidly growing technology, increasing awareness among people regarding the environmental impacts of the energy generated using fossil fuels, and the increasing demand for electricity storage. For instance, in 2017, the U.S. generated 4 billion megawatt-hours (MWh) of electricity; however, only had 431 MWh of electricity storage available. Thus, the rising demand for intelligent energy storage systems is contributing to market growth.
Intelligent Energy Storage System Market Prominent Players
Some of the key players operating in the global intelligent energy storage system market include NEC Telecommunication and Information Technology, Ltd., ABB, ENGIE Storage Services NA LLC., azeti GmbH, CODA Energy., Stem. Inc., Wärtsilä, and others.