Intelligent Energy Storage Systems Market Segmented By technology such as Flow Batteries, Lithium Ion, Advanced Lead Acid Batteries having application such as Commercial Storage, Residential Storage, Industrial Storage, Grid Scale.
Industry: Semiconductor Electronics
Published Date: May-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 235
Report ID: PMRREP6364
The global intelligent energy storage systems market was valued at US$ 11.14 billion in 2022 and is forecasted to grow to a size of US$ 31.25 billion by the end of 2033, expanding rapidly at a CAGR of 9.9% over the decade.
Intelligent energy storage systems (IESSs) are advanced energy storage technologies that utilize cutting-edge control and monitoring systems to optimize the performance of energy storage systems. The primary goal of an IESS is to provide a more reliable and efficient means of storing energy from renewable sources, such as wind and solar power, and to deliver it to the grid whenever required.
An intelligent energy storage system (IESS) is typically composed of a set of batteries or other energy storage devices, as well as a sophisticated control system that monitors and manages the flow of energy in and out of the storage system. The control system uses advanced algorithms and machine learning techniques to optimize the use of the energy storage system, taking into account factors such as energy demand, energy prices, and weather conditions.
One of the key advantages of an intelligent energy storage system (IESS) is that it can help address the issue of intermittency in renewable energy sources. Because wind and solar power are not always available consistently, energy storage systems are essential for ensuring a reliable supply of energy to the grid.
An intelligent energy storage system can help smooth out the variability in energy supply, by storing excess energy during periods of high production and releasing it during times of high demand.
| Attribute | Key Insights |
|---|---|
|
Intelligent Energy Storage Systems Market Size (2023) |
US$ 12.12 Billion |
|
Projected Market Value (2033) |
US$ 31.25 Billion |
|
Global Market Growth Rate (2023 to 2033) |
9.9% CAGR |
|
Grid-scale Energy Storage Market Share (2022) |
42.3% |
|
India Market Growth Rate (2023 to 2033) |
14.8% CAGR |
|
Market Share of Lithium-ion Battery-based Energy Storage Systems (2022) |
39.4% |
“Lower Cost of Conventional Sources of Energy”
Extensive use of conventional energy sources is projected to impact market growth. Wind and solar energy are alternative sources that have been used for decades and are well-established in the market. They are more familiar to consumers and can also be less expensive in some cases.
It is important to note that there are significant advantages to using intelligent energy storage systems compared to these alternative solutions. While the availability of alternative energy storage solutions may pose a threat to manufacturers of intelligent energy storage systems, the unique advantages and benefits of these systems are anticipated to continue to drive demand for the technology.
Why are Manufacturers of Intelligent Energy Storage Systems Thriving in the United States?
“High Energy Demand Fuelling Need for Sustainable Energy Storage Solutions”
The United States accounted for 16.7% share of the global market in 2022.
The United States has one of the highest per capita energy consumption rates in the world, driven by factors such as a large population, high standards of living, and energy-intensive industries. This high demand for energy has led to challenges in meeting the needs of consumers, particularly during peak periods when demand is highest.
Intelligent energy storage systems can help address these challenges by storing excess energy during off-peak periods, when demand is lower, and releasing it during peak periods, when demand is higher. This can help reduce strain on the grid, provide a more stable and reliable energy supply, and lower costs for both businesses and consumers. As energy demand continues to grow and the need for more sustainable energy solutions increases, the market is expected to expand significantly.
What is the Demand Outlook for Intelligent Energy Storage Systems in India?
“Increased Use of Renewable Energy Driving Up Demand for Intelligent Energy Storage Systems”
Demand for intelligent energy storage systems in India is projected to increase at a high-value CAGR of 14.8% through 2033.
In India, the use of renewable energy sources like solar and wind power has rapidly increased. Because of the intermittent nature of these energy sources, energy storage systems are required to both store surplus energy produced during peak hours and release it during off-peak hours.
Intelligent energy storage devices can be extremely helpful in facilitating the grid integration of renewable energy sources by offering a more steady and dependable source of electricity. These systems can offer backup power during periods of peak demand or grid outages and help to balance out changes in energy supply and demand. Need for energy storage technologies is estimated to increase in the country as the use of renewable sources of energy rises.
How is Demand for Intelligent Energy Storage Systems Shaping Up in Canada?
“Growing Environmental Awareness Pushing Demand for Intelligent Energy Storage Solutions”
The market for intelligent energy storage equipment in Canada is predicted to expand at a CAGR of 13.8% from 2023 to 2033.
In recent years, concerns in Canada about the environmental impact of fossil fuels have increased, leading to the need to transition to a more sustainable energy system. This has led to the adoption of policies and incentives that support the development of renewable energy sources, including wind, solar, and hydroelectric power.
Intelligent energy storage systems can play an important role in supporting the integration of these renewable energy sources into the grid. They store excess energy generated during periods of peak production and release it when the demand is high. These systems can help improve the efficiency and stability of the grid, reduce energy costs, and promote a more sustainable energy system. As the country continues to pursue its goals for a cleaner and more resilient energy system, demand for energy storage solutions is expected to continue to grow.
Why Do Energy Storage Systems Using Lithium-Ion Batteries Account for High Demand?
“Benefits of Long Cycle Life and Fast Charging Capabilities”
Lithium-ion-battery-based energy storage systems occupied a market share of 40.4% in 2022.
Growing demand for lithium-ion-battery-based energy storage systems has been driven by several factors, including the rising use of renewable energy sources like solar and wind power, which can be intermittent in nature, and the need for reliable backup power in grid applications. Lithium-ion batteries have emerged as a popular choice for energy storage systems due to their high energy density, long cycle life, and fast charging capabilities.
As the use of energy storage systems grows, there is a corresponding increase in the demand for intelligent energy storage systems that can optimize the performance of the battery and the overall energy system.
What is the Scenario for Intelligent Energy Storage Systems in the Industrial Sector?
“Growing Need for Energy Flexibility for Optimized Industry Operations and Improved Grid Stability”
The industrial energy storage segment is projected to expand at a CAGR of 11.2% through 2033.
Industries exhibit a growing need for energy flexibility to optimize their operations, improve grid stability, and manage energy costs. Industrial energy storage systems enable businesses to store excess energy during low-demand periods and deploy it when demand is high, reducing reliance on the grid and maximizing energy efficiency.
Energy flexibility allows for load shifting, where energy consumption is shifted from periods of high demand and peak pricing to periods of lower demand and lower prices. By strategically managing energy usage, businesses can reduce their electricity bills by avoiding peak demand charges and taking advantage of time-of-use pricing.
Major companies are focusing on partnerships and acquisition of small and medium companies, due to the increase in demand for energy. These companies are focusing on research and development efforts to produce and update cutting-edge systems that can meet this demand.
Recent developments related to key players providing intelligent energy storage systems have been tracked by analysts at Persistence Market Research, which will be accessible in the full report.
| Attribute | Details |
|---|---|
|
Forecast Period |
2023 to 2033 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
US$ Billion for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Type:
By Application:
By Region:
To know more about delivery timeline for this report Contact Sales
The global intelligent energy storage systems market ended up at US$ 11.14 billion in 2022.
North America accounted for a leading market share of 22.9% in 2022.
The market for intelligent energy storage systems is forecasted to advance at a 9.9% CAGR through 2033.
Sales of intelligent energy storage devices are forecasted to climb to US$ 31.25 billion by 2033-end.
Demand for intelligent energy storage systems in India is set to rise at a CAGR of 14.8% through 2033.
