New York, June 05, 2023 (GLOBE NEWSWIRE) -- According to a new study by Persistence Market Research, The global intelligent energy storage systems market was valued at US$ 11.14 billion in 2022. worldwide demand for intelligent energy storage systems is forecasted to rise rapidly at a CAGR of 9.9% from 2023 to 2033. As per the report, the market is expected to reach a value of US$ 31.25 billion by the end of 2033.
Intelligent energy storage systems are devices that facilitate the optimization of energy consumption. These devices accept energy from multiple sources and can be controlled and managed through online applications of software for various purposes.
North America led the global intelligent energy storage systems market in 2022 with a share of 22.9%, followed by East Asia at 21.7% and Western Europe at 15.6%.
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Key Takeaways from Market Study
- The global intelligent energy storage systems market is valued at US$ 12.12 billion in 2023.
- Demand for lithium-ion battery-based energy storage systems is predicted to surge at 10.1% CAGR through 2033.
- Commercial energy storage accounts for a leading market share in 2023.
“Demand for lithium-ion battery-based energy storage systems is rising rapidly. Growing adoption of commercial energy storage systems is also influencing market expansion across regions,” says a Persistence Market Research analyst.
Rising Demand for Lithium-Ion Battery-Based Storage Systems
Surging demand for lithium-ion batteries is a major driver for the intelligent energy storage systems market. Lithium-ion batteries are used in a wide range of applications, including electric vehicles, smartphones, laptops, and energy storage systems. These batteries are popular because they are lightweight, have high energy density, and can be recharged many times.
As demand for electric vehicles and renewable energy sources such as solar and wind power continues to grow, the adoption of lithium-ion batteries is also expected to increase. This is driving the development of intelligent energy storage systems that can help manage energy consumption more efficiently and cost-effectively.
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Growing Need for Efficient Demand-Response Programs in Electricity Supply Management
Demand-response programs are becoming increasingly important in managing electricity demand and ensuring grid stability. Intelligent energy storage systems (IESSs) play a crucial role in supporting demand-response initiatives. During peak demand periods, an IESS can discharge stored energy to meet the increased electricity demand. By reducing the reliance on the grid and minimizing the need for additional generation capacity, an IESS helps alleviate the strain on the grid and ensures a stable supply of electricity.
An IESS enables load shifting by storing excess energy during periods of low demand and releasing it during peak demand hours. This flexibility allows consumers and businesses to shift their electricity consumption to off-peak periods, optimizing energy usage and reducing peak loads on the grid.
Competitive Landscape
Important key players for Intelligent Energy Storage Systems are ABB, Green Charge Networks, AmpereHour Energy, NEC Energy Solution, CODA Energy, Beacon Power Systems, Greensmith, Bloom Energy, BSLBATT, Electrovaya, Eos Energy Storage, Johnson Controls and more
some recent developments of companies in the intelligent energy storage systems market, along with the year of the development:
- ABB Corporation acquired Siemens' low-voltage NEMA motor business in August 2022. This acquisition will give ABB an established North American client base, a respected product range, and capable operations, sales, and management staff.
- Eos Energy Enterprises, Inc. expanded its R&D capacity in July 2022 to develop new iterations of its Znyth aqueous battery and accelerate the production and introduction of its energy storage devices.
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More Valuable Insights on Offer
Persistence Market Research’s report on the intelligent energy storage systems market is segmented into three sections: Type (lithium-ion battery-based energy storage systems, flow battery-based energy storage systems, lead acid battery-based energy storage systems, solar-based energy storage systems) and application (industrial energy storage, commercial energy storage, residential energy storage, grid-scale energy storage), across major regions of the world (North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, Central Asia, Russia & Belarus, Balkans & Baltics, and the Middle East and Africa [MEA]).
For additional information on how the intelligent energy storage systems market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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