Intelligent Energy Storage Systems Market Size & Share, by Type (Lithium-Ion Battery, Flow Battery, Lead Acid Battery, Solar Battery); Application (Industrial Energy, Commercial Energy, Residential Energy, Grid-Scale Energy) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5496
  • Published Date: Jan 04, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Intelligent Energy Storage Systems Market size is expected to reach USD 33 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of intelligent energy storage systems was over USD 12 Billion. Aging power grids and the need for more resilient and efficient energy distribution systems drive the demand for intelligent energy storage. These systems can stabilize voltage, frequency, and overall grid performance, reducing strain during peak demand periods and preventing power outages. In a survey done, it was found that 70% of the U.S. electricity grid is more than 25 years old and in need of replacement as they are vulnerable to intense storms, and more are built to utilize fossil fuels as a form of energy.

Further, the increased adoption of renewable energy sources like solar and wind power creates fluctuations in energy supply. In 2020, the percentage of renewable energy in the world's electrical generation increased to 29%. Intelligent energy storage systems help by storing excess energy during peak production and releasing it during low production times, ensuring a steady and reliable energy supply.


Intelligent Energy Storage System Market
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Intelligent Energy Storage Systems Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 9%

Base Year Market Size (2023)

~ USD 12 Billion

Forecast Year Market Size (2036)

~ USD33 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Intelligent Energy Storage Systems Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rising Penetration of Electric Vehicles- The rapid growth of electric vehicles increases the demand for efficient energy storage solutions for charging infrastructure. According to estimates, the share of electric vehicles in total sales increased by more than threefold between 2020 and 2022 from around 4% to 14%.Intelligent storage systems can manage the electricity demand and provide quick charging capabilities, supporting the widespread adoption of EVs.
  • Cost Reduction and Efficiency- Advancements in technology and economies of scale are driving down the costs of energy storage systems. Intelligent systems are becoming more efficient, offering better energy management, optimized usage, and longer lifespans, making them more appealing to various industries.
  • Government Initiatives and Policies- Supportive government policies, subsidies, and incentives promoting the use of clean energy and storage systems play a pivotal role in driving intelligent energy storage systems market growth. These policies encourage investments in research, development, and deployment of intelligent energy storage solutions.
  • Increasing Energy Demand Management- With an increasing focus on energy conversion and demand-side management, intelligent energy storage systems help in optimizing energy- use. They enable users to store energy during off-peak hours when it’s cheaper and use it during peak demand times, reducing overall energy costs.                                                                                                                  

Challenges

  • Lack of Standardization- As the industry evolves rapidly, there’s a continual need for technological advancements to improve energy storage systems’ efficiency, capacity, and safety. However, this rapid evolution often results in a lack of standardized protocols and technologies across different products and manufacturers. This lack of standardization poses challenges in interoperability, making it difficult for various systems to communicate or integrate seamlessly. It can lead to compatibility issues, limiting the potential for system optimization, scalability, and overall performance. Additionally, the absence of uniform standards can cause uncertainty among consumers or businesses, hindering widespread adoption and investment.
  • High Capital Investment associated With AESS installations restricts the growth of the customer base, thus diminishing the market’s growth.
  • Competition from other similar markets becomes a restricting factor in the market’s growth.


Intelligent Energy Storage System Segmentation

Type (Lithium-Ion Battery, Flow Battery, Lead Acid Battery, Solar Battery)

Lithium-ion battery segment is estimated to hold 44% share of the global intelligent energy storage systems market during the forecast period. 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.

Application (Industrial Energy, Commercial Energy, Residential Energy, Grid-Scale Energy)

The industrial energy storage segment in the intelligent energy storage systems market is anticipated to garner the majority revenue share. Energy flexibility is becoming more and more necessary for industries to manage energy costs, optimize operations, and enhance grid stability. Businesses may maximize energy efficiency and lessen their dependency on the grid by storing excess energy during times of low demand and deploying it during times of high demand thanks to industrial energy storage systems. Moreover, load shifting—the practice of changing energy consumption from times of peak demand and price to times of lower demand and price—is made possible by energy flexibility. Businesses can lower their electricity costs by utilizing time-of-use pricing and avoiding peak demand fees by proactively regulating their energy usage.

Our in-depth analysis of the global intelligent energy storage systems market includes the following segments:

          Type

  • Lithium-Ion Battery
  •  Flow Battery
  • Lead Acid Battery
  •  Solar Battery

          Application

  • Industrial Energy
  •  Commercial Energy
  •  Residential Energy
  •  Grid-Scale Energy

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Intelligent Energy Storage Systems Industry - Regional Synopsis

North American Market Forecast

North America intelligent energy storage systems market is poised to hold 42% of the revenue share. Shifts in energy generation dynamics, particularly the increasing integration of renewable energy sources like solar and wind power, have heightened the demand for efficient energy storage solutions. The region’s emphasis on grid modernization and resilience against extreme weather events has also contributed to market expansion.  Government support, through incentives, tax credits, and policies promoting clean energy technologies, has encouraged adoption across residential, commercial, and industrial sectors. Moreover, the rise of electric vehicles (EVs) has spurred the need for smart charging infrastructure, further bolstering the demand for energy storage systems. According to statistics, in 2022, EV sales were up by 48% in North America, which includes the United States and Canada. Technological advancements, cost reductions in battery technologies, and the emergence of innovative grid management solutions have propelled the market forward. As North America continues its pursuit of a sustainable energy future, intelligent energy storage systems play a pivotal role in ensuring a reliable and resilient power supply.

APAC Market Statistics

Asia Pacific's intelligent energy storage systems market has witnessed robust growth attributed to several factors. Rapid industrialization, coupled with burgeoning urbanization across countries like China, India, Japan, South Korea, and Australia, has escalated energy demand. This surge, combined with increasing awareness of sustainability and environmental concerns, has fuelled the adoption of intelligent energy storage systems. Government initiatives promoting clean energy and favorable policies, including subsidies and incentives, have further propelled market expansion. Moreover, the region’s inclination toward renewable energy sources like solar and wind power has amplified the need for efficient energy storage solutions to manage intermittency. Technological advancements, cost reductions in energy storage components, and advancements in smart grid infrastructure also contribute significantly to the market’s growth. As countries in the Asia Pacific region prioritize energy security and grid stability, intelligent energy storage systems continue to play role in shaping   a more sustainable energy landscape.

Research Nester
Intelligent Energy Storage System Market Size
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Companies Dominating the Intelligent Energy Storage System Landscape

top-features-companies
    • ABB
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Johnson Controls
    • Eos Energy Enterprises
    • Electrovaya
    • BSLBATT 
    • Bloom Energy.
    • Wärtsilä  
    • Beacon Power, LLC
    • CODA Energy
    •  Amperehour Solar Technology Pvt. Ltd.

In-the-news

In The News

  • ABB and Gravitricity, a UK-based company that specializes in gravity energy storage, have signed a deal to investigate how hoist knowledge and technologies may hasten the creation and installation of gravity energy storage systems in abandoned mines.
  • The world leader in intelligent, healthy, and environmentally friendly building solutions, Johnson Controls, has announced the release of its Lithium-Ion Risk Prevention System. The system's design aims to offer early-warning battery failure detection for Lithium-Ion Energy Storage Systems (ESS) and other Lithium-Ion battery-using applications, like UPS systems in data centers and manufacturing plants.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5496
  • Published Date: Jan 04, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The aging electricity grid, penetration of Electric vehicles, increased adoption of renewable energy, and supportive government policies are some of the major drivers for the market’s growth.

The market size of intelligent energy storage system is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2024-2036.

The major players in the market are Johnson Controls, Eos Energy Enterprises, Electrovaya, BSLBATT, Bloom Energy., Wärtsilä, Beacon Power, LLC, CODA Energy, Amperehour Solar Technology Pvt. Ltd., NEC Corporation, and others.

The lithium-ion Battery segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
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