Intelligent Energy Storage Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region:

Description

Intelligent energy storage systems (IESSs) are advanced technologies that use cutting-edge control and monitoring systems to optimize the performance of energy storage solutions.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%. These systems are designed to provide a more reliable and efficient means of storing energy from renewable sources, such as wind and solar power, and delivering it to the grid whenever required.

An IESS typically consists of a set of batteries or other energy storage devices, along with a sophisticated control system that manages the flow of energy in and out of the storage system. The control system employs advanced algorithms and machine learning techniques to optimize the use of the energy storage system, considering factors such as energy demand, energy prices, and weather conditions.

One of the key advantages of an IESS is its ability to address the issue of intermittency in renewable energy sources. Since wind and solar power are not consistently available, energy storage systems are essential for ensuring a reliable supply of energy to the grid. An IESS helps smooth out the variability in energy supply by storing excess energy during periods of high production and releasing it during times of high demand.

Opportunities in the Market for Intelligent Energy Storage Systems

The extensive use of conventional energy sources continues to impact market growth. Although wind and solar energy are well-established and familiar to consumers, intelligent energy storage systems offer significant advantages. While the availability of alternative energy storage solutions may pose a threat to manufacturers of IESSs, the unique benefits of these systems are expected to drive demand.

Recent Developments in the Market

ABB Corporation announced its plans to acquire Power Tech Converter (PTC), a top provider of auxiliary power converter systems for metros and light rail cars.
LG Energy Solutions acquired NEC Energy Solutions, a U.S.-based grid battery integrator, to expand its energy storage systems commercial 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 leads to challenges in meeting consumer needs, particularly during peak periods. IESSs can help address these challenges by storing excess energy during off-peak periods and releasing it during peak periods. This reduces strain on the grid, provides a more stable and reliable energy supply, and lowers costs for businesses and consumers. As energy demand continues to grow and the need for sustainable energy solutions increases, the market is expected to expand significantly.

India

In India, the use of renewable energy sources like solar and wind power has rapidly increased. Due to the intermittent nature of these sources, energy storage systems are necessary to store surplus energy produced during peak hours and release it during off-peak hours. IESSs facilitate the grid integration of renewable energy sources by providing a steady and dependable electricity supply. These systems offer backup power during peak demand or grid outages and help balance energy supply and demand fluctuations. As renewable energy usage rises, the need for energy storage technologies is expected to grow.

Canada

In recent years, concerns about the environmental impact of fossil fuels in Canada have increased, leading to a transition towards a more sustainable energy system. This has resulted in policies and incentives supporting renewable energy sources like wind, solar, and hydroelectric power. IESSs support the integration of these renewable energy sources into the grid by storing excess energy generated during peak production and releasing it when demand is high. These systems improve grid efficiency and stability, reduce energy costs, and promote a more sustainable energy system. As Canada pursues its goals for a cleaner energy system, the demand for energy storage solutions is expected to grow.

Category-wise Insights

Lithium-Ion Battery-based Energy Storage Systems

Lithium-ion-battery-based energy storage systems occupy a significant market share due to their high energy density, long cycle life, and fast charging capabilities. The rising use of renewable energy sources, which can be intermittent, and the need for reliable backup power in grid applications drive the demand for lithium-ion battery-based systems. As the use of energy storage systems grows, there is an increasing need for IESSs to optimize battery and overall energy system performance.

Industrial Energy Storage

The industrial energy storage segment is projected to expand significantly, driven by the need for energy flexibility to optimize 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 during high-demand periods, reducing grid reliance and maximizing energy efficiency. Energy flexibility allows for load shifting, where energy consumption shifts from periods of high demand to periods of lower demand, reducing electricity bills and avoiding peak demand charges.

Competitive Analysis

Major companies focus on partnerships and acquisitions of small and medium companies due to the increasing demand for energy. These companies also invest in research and development to produce and update cutting-edge systems that meet market demand.

Bloom Energy and Unimicron entered a contract for the installation of fuel cells at Unimicron factories in Taiwan.
Electrovaya Inc. announced plans to manufacture stationary high-voltage energy storage battery systems using its exclusive Infinity Battery Technology Platform.
ABB Corporation signed a contract to acquire Siemens' low-voltage NEMA motor business.
Eos Energy Enterprises, Inc. expanded its R&D capacity to develop new iterations of its Znyth aqueous battery and accelerate the production and introduction of its energy storage devices.

Key Companies Profiled

ABB
Green Charge Networks
Ampere Hour Energy
NEC Energy Solutions
CODA Energy
Beacon Power Systems
Greensmith
Bloom Energy
BSLBATT
Electrovaya
Eos Energy Storage
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)

1. Executive Summary

1.1. Global Intelligent Energy Storage Systems Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Intelligent Energy Storage Systems Market Outlook, 2019-2031

3.1. Global Intelligent Energy Storage Systems Market Outlook, by Type, Value (US$ Bn), 2019-2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Lithium-Ion Battery-based Energy Storage Systems
  - 3.1.1.2. Flow Battery-based Energy Storage Systems
  - 3.1.1.3. Lead Acid Battery-based Energy Storage Systems
  - 3.1.1.4. Solar-based Energy Storage Systems
3.2. Global Intelligent Energy Storage Systems Market Outlook, by Application, Value (US$ Bn), 2019-2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Industrial Energy Storage
  - 3.2.1.2. Commercial Energy Storage
  - 3.2.1.3. Residential Energy Storage
  - 3.2.1.4. Grid-scale Energy Storage
3.3. Global Intelligent Energy Storage Systems Market Outlook, by Region, Value (US$ Bn), 2019-2031
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Intelligent Energy Storage Systems Market Outlook, 2019-2031

4.1. North America Intelligent Energy Storage Systems Market Outlook, by Type, Value (US$ Bn), 2019-2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Lithium-Ion Battery-based Energy Storage Systems
  - 4.1.1.2. Flow Battery-based Energy Storage Systems
  - 4.1.1.3. Lead Acid Battery-based Energy Storage Systems
  - 4.1.1.4. Solar-based Energy Storage Systems
4.2. North America Intelligent Energy Storage Systems Market Outlook, by Application, Value (US$ Bn), 2019-2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Industrial Energy Storage
  - 4.2.1.2. Commercial Energy Storage
  - 4.2.1.3. Residential Energy Storage
  - 4.2.1.4. Grid-scale Energy Storage
4.3. North America Intelligent Energy Storage Systems Market Outlook, by Country, Value (US$ Bn), 2019-2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 4.3.1.2. U.S. Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 4.3.1.3. Canada Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 4.3.1.4. Canada Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031

5. Europe Intelligent Energy Storage Systems Market Outlook, 2019-2031

5.1. Europe Intelligent Energy Storage Systems Market Outlook, by Type, Value (US$ Bn), 2019-2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Lithium-Ion Battery-based Energy Storage Systems
  - 5.1.1.2. Flow Battery-based Energy Storage Systems
  - 5.1.1.3. Lead Acid Battery-based Energy Storage Systems
  - 5.1.1.4. Solar-based Energy Storage Systems
5.2. Europe Intelligent Energy Storage Systems Market Outlook, by Application, Value (US$ Bn), 2019-2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Industrial Energy Storage
  - 5.2.1.2. Commercial Energy Storage
  - 5.2.1.3. Residential Energy Storage
  - 5.2.1.4. Grid-scale Energy Storage
5.3. Europe Intelligent Energy Storage Systems Market Outlook, by Country, Value (US$ Bn), 2019-2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 5.3.1.2. Germany Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 5.3.1.3. U.K. Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 5.3.1.4. U.K. Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 5.3.1.5. France Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 5.3.1.6. France Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 5.3.1.7. Italy Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 5.3.1.8. Italy Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 5.3.1.9. Turkey Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 5.3.1.10. Turkey Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 5.3.1.11. Russia Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 5.3.1.12. Russia Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 5.3.1.13. Rest of Europe Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 5.3.1.14. Rest of Europe Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031

6. Asia Pacific Intelligent Energy Storage Systems Market Outlook, 2019-2031

6.1. Asia Pacific Intelligent Energy Storage Systems Market Outlook, by Type, Value (US$ Bn), 2019-2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Lithium-Ion Battery-based Energy Storage Systems
  - 6.1.1.2. Flow Battery-based Energy Storage Systems
  - 6.1.1.3. Lead Acid Battery-based Energy Storage Systems
  - 6.1.1.4. Solar-based Energy Storage Systems
6.2. Asia Pacific Intelligent Energy Storage Systems Market Outlook, by Application, Value (US$ Bn), 2019-2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Industrial Energy Storage
  - 6.2.1.2. Commercial Energy Storage
  - 6.2.1.3. Residential Energy Storage
  - 6.2.1.4. Grid-scale Energy Storage
6.3. Asia Pacific Intelligent Energy Storage Systems Market Outlook, by Country, Value (US$ Bn), 2019-2031
- 6.3.1. Key Highlights
  - 6.3.1.1. China Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 6.3.1.2. China Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 6.3.1.3. Japan Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 6.3.1.4. Japan Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 6.3.1.5. South Korea Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 6.3.1.6. South Korea Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 6.3.1.7. India Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 6.3.1.8. India Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 6.3.1.9. Southeast Asia Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 6.3.1.10. Southeast Asia Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 6.3.1.11. Rest of Asia Pacific Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 6.3.1.12. Rest of Asia Pacific Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031

7. Latin America Intelligent Energy Storage Systems Market Outlook, 2019-2031

7.1. Latin America Intelligent Energy Storage Systems Market Outlook, by Type, Value (US$ Bn), 2019-2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Lithium-Ion Battery-based Energy Storage Systems
  - 7.1.1.2. Flow Battery-based Energy Storage Systems
  - 7.1.1.3. Lead Acid Battery-based Energy Storage Systems
  - 7.1.1.4. Solar-based Energy Storage Systems
7.2. Latin America Intelligent Energy Storage Systems Market Outlook, by Application, Value (US$ Bn), 2019-2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Industrial Energy Storage
  - 7.2.1.2. Commercial Energy Storage
  - 7.2.1.3. Residential Energy Storage
  - 7.2.1.4. Grid-scale Energy Storage
7.3. Latin America Intelligent Energy Storage Systems Market Outlook, by Country, Value (US$ Bn), 2019-2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 7.3.1.2. Brazil Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 7.3.1.3. Mexico Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 7.3.1.4. Mexico Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 7.3.1.5. Argentina Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 7.3.1.6. Argentina Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 7.3.1.7. Rest of Latin America Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 7.3.1.8. Rest of Latin America Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031

8. Middle East & Africa Intelligent Energy Storage Systems Market Outlook, 2019-2031

8.1. Middle East & Africa Intelligent Energy Storage Systems Market Outlook, by Type, Value (US$ Bn), 2019-2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Lithium-Ion Battery-based Energy Storage Systems
  - 8.1.1.2. Flow Battery-based Energy Storage Systems
  - 8.1.1.3. Lead Acid Battery-based Energy Storage Systems
  - 8.1.1.4. Solar-based Energy Storage Systems
8.2. Middle East & Africa Intelligent Energy Storage Systems Market Outlook, by Application, Value (US$ Bn), 2019-2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Industrial Energy Storage
  - 8.2.1.2. Commercial Energy Storage
  - 8.2.1.3. Residential Energy Storage
  - 8.2.1.4. Grid-scale Energy Storage
8.3. Middle East & Africa Intelligent Energy Storage Systems Market Outlook, by Country, Value (US$ Bn), 2019-2031
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 8.3.1.2. GCC Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 8.3.1.3. South Africa Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 8.3.1.4. South Africa Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 8.3.1.5. Egypt Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 8.3.1.6. Egypt Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 8.3.1.7. Nigeria Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 8.3.1.8. Nigeria Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031
  - 8.3.1.9. Rest of Middle East & Africa Intelligent Energy Storage Systems Market by Type, Value (US$ Bn), 2019-2031
  - 8.3.1.10. Rest of Middle East & Africa Intelligent Energy Storage Systems Market by Application, Value (US$ Bn), 2019-2031

9. Competitive Landscape

9.1. Manufacturer vs by Application Heatmap
9.2. Company Market Share Analysis, 2023
9.3. Competitive Dashboard
9.4. Company Profiles
- 9.4.1. ABB
  - 9.4.1.1. Company Overview
  - 9.4.1.2. Product Portfolio
  - 9.4.1.3. Financial Overview
  - 9.4.1.4. Business Strategies and Development
- 9.4.2. Green Charge Networks
  - 9.4.2.1. Company Overview
  - 9.4.2.2. Product Portfolio
  - 9.4.2.3. Financial Overview
  - 9.4.2.4. Business Strategies and Development
- 9.4.3. AmpereHour Energy
  - 9.4.3.1. Company Overview
  - 9.4.3.2. Product Portfolio
  - 9.4.3.3. Financial Overview
  - 9.4.3.4. Business Strategies and Development
- 9.4.4. NEC Energy Solution
  - 9.4.4.1. Company Overview
  - 9.4.4.2. Product Portfolio
  - 9.4.4.3. Financial Overview
  - 9.4.4.4. Business Strategies and Development
- 9.4.5. CODA Energy
  - 9.4.5.1. Company Overview
  - 9.4.5.2. Product Portfolio
  - 9.4.5.3. Financial Overview
  - 9.4.5.4. Business Strategies and Development
- 9.4.6. Beacon Power Systems
  - 9.4.6.1. Company Overview
  - 9.4.6.2. Product Portfolio
  - 9.4.6.3. Financial Overview
  - 9.4.6.4. Business Strategies and Development
- 9.4.7. Greensmith
  - 9.4.7.1. Company Overview
  - 9.4.7.2. Product Portfolio
  - 9.4.7.3. Financial Overview
  - 9.4.7.4. Business Strategies and Development
- 9.4.8. Bloom Energy
  - 9.4.8.1. Company Overview
  - 9.4.8.2. Product Portfolio
  - 9.4.8.3. Financial Overview
  - 9.4.8.4. Business Strategies and Development
- 9.4.9. BSLBATT
  - 9.4.9.1. Company Overview
  - 9.4.9.2. Product Portfolio
  - 9.4.9.3. Financial Overview
  - 9.4.9.4. Business Strategies and Development
- 9.4.10. Electrovaya
  - 9.4.10.1. Company Overview
  - 9.4.10.2. Product Portfolio
  - 9.4.10.3. Financial Overview
  - 9.4.10.4. Business Strategies and Development
- 9.4.11. Eos Energy Storage
  - 9.4.11.1. Company Overview
  - 9.4.11.2. Product Portfolio
  - 9.4.11.3. Financial Overview
  - 9.4.11.4. Business Strategies and Development
- 9.4.12. Johnson Controls
  - 9.4.12.1. Company Overview
  - 9.4.12.2. Product Portfolio
  - 9.4.12.3. Financial Overview
  - 9.4.12.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations