Intelligent energy storage systems (IESSs) represent a cutting-edge advancement in energy storage technology, designed to optimize performance through sophisticated control and monitoring mechanisms.The market for IESSs is projected to reach $13.31 billion by 2024 and $27.27 billion by 2031, with a robust CAGR of 10.80%. The primary objective of IESS is to provide a more reliable and efficient means of storing energy from renewable sources like wind and solar power, and delivering it to the grid as needed.
An IESS typically consists of a set of batteries or other energy storage devices, paired with a sophisticated control system. This control system monitors and manages the flow of energy in and out of the storage system, utilizing advanced algorithms and machine learning techniques. These technologies optimize energy storage by considering various factors such as energy demand, prices, and weather conditions.
In recent developments, several key players have made significant acquisitions and partnerships to strengthen their market position. For example, ABB Corporation acquired Power Tech Converter, a provider of auxiliary power converter systems, while LG Energy Solutions acquired NEC Energy Solutions to expand its energy storage systems offerings.
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An IESS typically consists of a set of batteries or other energy storage devices, paired with a sophisticated control system. This control system monitors and manages the flow of energy in and out of the storage system, utilizing advanced algorithms and machine learning techniques. These technologies optimize energy storage by considering various factors such as energy demand, prices, and weather conditions.
Market Share and Regional Insights
The sales of intelligent energy storage systems represent a significant portion of the global energy storage market. Notably, North America holds a leading position in this market, with a substantial share, and is expected to continue dominating throughout the forecast period. Additionally, East Asia accounts for a considerable share of the global market, reflecting its growing demand for intelligent energy storage solutions.- ne of the key advantages of IESS is its ability to address the intermittency issues associated with renewable energy sources. Since wind and solar power are not consistently available, energy storage systems are essential to ensure a reliable energy supply to the grid. IESS helps mitigate variability in energy supply by storing excess energy during periods of high production and releasing it during times of high demand.
Market Opportunities
The extensive use of conventional energy sources poses a challenge to the growth of the IESS market. Despite this, the unique advantages and benefits of intelligent energy storage systems are expected to drive continued demand. Alternative energy storage solutions may present competition, but the efficiency and reliability offered by IESS provide a competitive edge.In recent developments, several key players have made significant acquisitions and partnerships to strengthen their market position. For example, ABB Corporation acquired Power Tech Converter, a provider of auxiliary power converter systems, while LG Energy Solutions acquired NEC Energy Solutions to expand its energy storage systems offerings.
Country-wise Insights
United States
The United States has one of the highest per capita energy consumption rates globally, driven by a large population, high standards of living, and energy-intensive industries. This high demand for energy necessitates solutions like IESS, which can store excess energy during off-peak periods and release it during peak periods. This not only helps reduce strain on the grid but also provides a stable energy supply and lowers costs for both businesses and consumers.India
India has seen a rapid increase in the use of renewable energy sources like solar and wind power. The intermittent nature of these sources makes energy storage systems crucial for storing surplus energy produced during peak hours and releasing it during off-peak hours. IESS facilitates the grid integration of renewable energy sources by providing a steady and dependable electricity supply, balancing out energy supply and demand fluctuations.Canada
Environmental awareness in Canada has led to a shift towards a more sustainable energy system, supported by policies and incentives for renewable energy development. IESS can store excess energy generated during peak production periods and release it when demand is high. This improves grid efficiency and stability, reduces energy costs, and promotes a more sustainable energy system.Category-wise Insights
Lithium-Ion Batteries
Energy storage systems using lithium-ion batteries are in high demand due to their long cycle life and fast charging capabilities. These batteries are favored for their high energy density and reliability, making them a popular choice for various energy storage applications.Industrial Sector
The industrial energy storage segment is expanding as industries seek energy flexibility to optimize operations and improve grid stability. IESS allows businesses to store excess energy during low-demand periods and deploy it during high-demand periods, reducing reliance on the grid and maximizing energy efficiency. This energy flexibility enables load shifting, helping businesses avoid peak demand charges and take advantage of time-of-use pricing.Competitive Analysis
Major companies are focusing on partnerships and acquisitions of small and medium companies to meet the increasing demand for energy storage systems. Research and development efforts are also prioritized to produce and update cutting-edge systems.- Bloom Energy entered into a contract with Unimicron for the installation of fuel cells.
- Electrovaya Inc. announced plans to manufacture stationary high-voltage energy storage battery systems using its Infinity Battery Technology Platform.
- ABB Corporation signed a contract to acquire Siemens' low-voltage NEMA motor business, enhancing its client base and product range in North America.
- Eos Energy Enterprises, Inc. expanded its R&D capacity to develop new iterations of its Znyth aqueous battery and accelerate the production of energy storage devices.
Key Companies Profiled
Several key companies are leading the market, including ABB, Green Charge Networks, Ampere Hour Energy, NEC Energy Solutions, CODA Energy, Beacon Power Systems, Greensmith, Bloom Energy, BSLBATT, Electrovaya, Eos Energy Storage, and Johnson Controls.Key Segments of Intelligent Energy Storage Systems Industry Research
By 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
By Application:
- Industrial Energy Storage
- Commercial Energy Storage
- Residential Energy Storage
- Grid-scale Energy Storage
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Western Europe
- Eastern Europe
- Central Asia and Pacific
- Russia & Belarus
- Balkan & Baltic Countries
- Middle East and Africa (MEA)
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Table of Contents
1. Executive Summary
2. Market Overview
3. Global Intelligent Energy Storage Systems Market Outlook, 2019-2031
4. North America Intelligent Energy Storage Systems Market Outlook, 2019-2031
5. Europe Intelligent Energy Storage Systems Market Outlook, 2019-2031
6. Asia Pacific Intelligent Energy Storage Systems Market Outlook, 2019-2031
7. Latin America Intelligent Energy Storage Systems Market Outlook, 2019-2031
8. Middle East & Africa Intelligent Energy Storage Systems Market Outlook, 2019-2031
9. Competitive Landscape
10. Appendix
Companies Mentioned
- ABB
- Green Charge Networks
- AmpereHour Energy
- NEC Energy Solution
- CODA Energy
- Beacon Power Systems
- Greensmith
- Bloom Energy
- BSLBATT
- Electrovaya
- Eos Energy Storage
- Johnson Controls
Methodology
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