Wilmington, Delaware, United States, Transparency Market Research Inc. , Sept. 25, 2024 (GLOBE NEWSWIRE) -- The global smart energy storage market (Markt für intelligente Energiespeicher) was projected to attain US$ 165 billion in 2023. It is likely to garner a 9.0% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 425.8 billion.
The integration of energy-efficient energy management systems, renewable energy sources, smart grids, and Internet of Things (IoT) enabled devices is revolutionizing the production, distribution, and consumption of energy. Additionally, this is spurring the rise of smart energy storage globally.
The introduction of smart energy technology has caused a major change in the energy landscape worldwide. The goal of the smart energy industry is to combine traditional energy infrastructure with state-of-the-art digital technologies to create a more responsive, sustainable, and efficient energy environment.
Flywheels, supercapacitors, batteries, and other sophisticated control and management systems are combined with a range of technologies in smart grids, advanced metering infrastructure (AMI), demand response systems, energy management systems (EMS), and Internet of Things (IoT) devices.
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Key Findings of the Market Report
- Globally, the use of smart power storage systems has expanded as a result of lithium-ion battery prices falling.
- Energy storage projects are becoming more financially viable as a result of these cost reductions, which is driving up installation in a variety of applications such as microgrid solutions, grid stability, and the integration of renewable energy sources.
- IHS Markit, which subsequently merged with S&P Global, predicted in 2020 that, during the next three years, the average cost of a lithium-ion (Li-ion) battery cell will drop to $100 per kilowatt hour (kWh). By 2030, it is anticipated that the average cost of a li-ion cell will have further decreased to as low as US$ 73/kWh.
- As a result, smart energy storage applications for homes and businesses that are linked to renewable energy sources like solar, wind, or hydro are using more and more lithium-ion batteries.
Market Trends for Smart Energy Storage
- The governments of several nations are concentrating on making the transition to low-carbon energy systems in order to fight global warming and cut greenhouse gas emissions.
- By increasing grid stability, utilizing more renewable energy sources, and lowering dependency on fossil fuels, smart energy storage devices are essential to this energy shift.
- In order to lower carbon emissions and fight climate change, governments are progressively implementing policies, including renewable energy goals, carbon pricing schemes, and clean energy subsidies.
- A Memorandum of Understanding (MOU) was signed in May 2023 between EVE Energy Malaysia Sdn. Bhd. (EVE) and Pemaju Kelang Lama Sdn. Bhd. about the development of EVE's advanced manufacturing plant in Malaysia.
Global Market for Smart Energy Storage: Regional Outlook
- In 2023, Europe held the highest share of the global market for smart energy storage, according to the most recent market data.
- Europe's market dynamics are being driven by the growing demand for sustainable and resilient energy infrastructure, significant investments in smart grid technology, and the implementation of clean energy legislation.
- Germany's government has set new targets for reducing its carbon impact. By 2030, 2040, and 2045, the nation hopes to reach net carbon emission reductions of 65%, 88%, and almost 0%, respectively. Along these lines, the government is taking action to decarbonize the electrical industry in order to meet its medium- and long-term climate goals.
- According to the most recent research of the smart energy storage market, North America is expected to have significant industry growth throughout the projected period.
- North America's market share for smart energy storage is being increased by strong government backing, broad adoption of cutting-edge technology, and a greater emphasis on system modernization.
Global Smart Energy Storage Market: Competitive Landscape
Companies in the global market for smart energy storage are spending money on advanced lithium-ion smart energy storage technology research and development.
To increase system efficiency, a few major vendors are also releasing intelligent energy storage management software. The following companies are well-known participants in the global smart energy storage market:
- BYD
- Samsung
- Panasonic Holdings Corporation
- General Electric
- Siemens AG
- ABB
- Beacon
- Toshiba Corporation
Key developments by the players in this market are:
- Itron Inc. announced in May 2022 that it will be expanding its long-term partnership with Microsoft in order to hasten the adoption of cloud computing and the next generation of grid-edge and consumer solutions for the utility and smart city industries.
- The first solution GE Digital revealed in March 2022 to fuel the energy transition came from its acquisition of Opus One Solutions. In order to support utilities on their journey toward Distributed Energy Resources (DERs) and maintain a safe, secure, and resilient grid while promoting energy affordability alongside customer participation in power generation/contribution, Opus One DERMS is intended to be an end-to-end modular DERMS.
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Global Smart Energy Storage Market Segmentation
Type
- Lead Acid
- Nickel Cadmium
- Nickel-Metal Hydride
- Lithium-ion
- Others
End Use
- Consumer Electronics
- Renewable Energy
- Automotive
- Industrial
- Defense
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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