Industry Insights
In the year 2019, size of global Intelligent Energy Storage Systems market accounted for USD 2203 million.
The major driver propelling the global intelligent energy storage systems market is the increasing awareness about the importance of reducing the consumption of electricity. Since renewable energy has not yet been commercialized to the optimum level, conservation of the available energy has emerged as the best way to deal with the current energy shortage. This is likely to remain an influential factor in the development of the intelligent energy storage systems market in the near future.
Decline in the prices of batteries and other necessary components has also boosted the availability of intelligent energy storage systems in the last few years. Technological advancement in battery technology has also given a boost to the market.
The increasing demand for smart infrastructure and smart electronics and the rising incorporation of various Internet of Things (IoT) technologies have benefitted the intelligent energy storage systems market. Users are becoming increasingly aware about the availability and benefits of smart energy management systems due to the increasing popularity of the IoT, which has helped increase the demand for intelligent energy storage systems.
Intelligent energy storage systems are also scalable, which adds to their appeal. Individual users can install intelligent energy storage systems in their residence, industries can apply them to manufacturing plants or even across the supply chain, and utilities can incorporate them in power grids. This has given a boost to the adoption of intelligent energy storage systems and will continue to be a major driver for the market in the coming years.
Current Intelligent Energy Storage Systems are mainly affected by the COVID-19 pandemic. Most projects in China, the United States, Germany and South Korea are delayed, and companies face short-term operational challenges due to supply chain constraints and lack of access to the site due to COVID-19 epidemic.
Product Insights
Intelligent energy storage systems are a smart network of various energy storage units in a complex that help users enhance their total energy savings. They accept the input from multiple energy storage units and render them usable as just one unified energy storage. This also allows the various individual energy storage units to function separately without any interference from the central intelligent energy storage unit. This provides multiple energy saving streams for users, which is the main reason why intelligent energy storage systems are increasing in demand.
Intelligent energy storage allows customers to optimize usage of their energy storage unit(s). This “intelligent” energy storage can accept inputs from a variety of ancillary devices. In addition, through the online portal, users can control all units in-sync as one large energy storage system, or they can allow each unit to do its own task, enabling multiple value-steams for the customer.
Regional Insights
North America is the leading region in the global intelligent energy storage systems market, accounting about 736 million USD in 2019, taking 33.4% of global market. The early incorporation of the IoT in North America, particularly the U.S., has helped the market prosper in this region. The establishment of smart grid infrastructure in the U.S. has also helped the intelligent energy storage systems market.
In the past few years, the Chinese market has been the fastest growing rate of Intelligent Energy Storage Systems. Due to the people’s awareness of Intelligent Energy Storage Systems and the increase in energy, China’s Intelligent Energy Storage Systems reached a market of US$181 million in 2019.
Key Players and Competitive Landscape
The report includes detailed company profiling of leading players of the global Intelligent Energy Storage Systems market such as ABB, Peeeks, Azeti Networks, RGA Labs, CODA Energy, Green Charge Networks, NEC Energy Solutions, Stem, Generac, EST Floattech, Wärtsilä, Siemens.
ABB is the largest Intelligent Energy Storage Systems company, the revenue reached to 185 million USD in 2019, taking the 8.38% of global market.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, XYZ Research has segmented the global Intelligent Energy Storage Systems market report on the basis of product type, material, application and region:
Global Intelligent Energy Storage Systems Market: Type Segment Analysis
Lead Acid Batteries
Lithium Ion Batteries
Others
Global Intelligent Energy Storage Systems Market: Application Segment Analysis
Commercial Storage
Residential Storage
Industrial Storage
Transportation
Global Intelligent Energy Storage Systems Market: Regional Segment Analysis
North America
Europe
China
Japan
India
South America
Middle East and Africa
