Intelligent Energy Storage System Market is anticipated to grow at a steady CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Intelligent Energy Storage System Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Intelligent Energy Storage System Market is anticipated to grow at a steady CAGR from 2019 to 2030.
The market growth of intelligent energy storage systems can be attributed to factors, such as growing concerns regarding environmental impacts caused by the use of fossil fuels for electricity generation. Therefore, the rising demand for renewable energy sources leading to the rising demand for intelligent energy storage systems. According to The International Energy Association (IEA), in order to keep global warming below 2 degrees Celsius, the world needs 266 GW of energy storage by 2030, up from 176.5 GW in 2017. Increasing investments by leading players in the development of intelligent energy storage systems are among the prime factors boosting market growth.
Other factors such as government initiatives for electricity storage, new regulatory mandates in the U.S., which highlight the importance of lower infrastructure costs, as well as greater efficiency, flexibility and affordability, for current intelligent energy storage solutions and emissions are expected to propel the market growth. Moreover, the cost of energy storage decreases with the reduction in the cost of batteries and other components, thus further boosting the market growth.
However, additional infrastructure costs and space requirements for the installation of intelligent energy storage systems may affect market growth to a certain extent.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/intelligent-energy-storage-system-market/276
North America dominated the intelligent energy storage system market owing to the high demand for storing excess energy generated. The number of energy storage systems installed is increasing. By December 2017, there were approximately 708 MW of large-scale battery storages operational in the U.S. energy grid with 13 states, including Pennsylvania, West Virginia, Ohio, and Illinois. These regions had the largest amount of large-scale battery installations, with a storage capacity of 278 MW at the end of 2017. The second largest owner of large-scale battery capacity is California’s ISO (CAISO). By the end of 2017, CAISO operated batteries with a total storage capacity of 130MW. These factors are contributing to the market growth in North America.
Some of the prominent players 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.
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