Press release
Energy Storage Software Market Anticipated to Achieve Lucrative Growth by 2031
Energy storage software is a battery management solution which manages the operation of storage system modules as well as internal and external communications.Energy storage software is used for running energy storage equipment. The software enables batteries to perform multiple tasks, from transferring short bursts of power to stabilizing the electric grid, to releasing a steady supply of electricity over a longer period of time.
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Energy storage software provides various features. It checks that all data is transmitting correctly through the system, monitors state of charge (SOC) and state of health (SOH), provides battery performance statistics and capability to change configuration settings, and views faults and warnings.
The global energy storage software market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies and increasing digitalization in the energy sector across the globe.
Global Energy Storage Software Market: Dynamics
Global Energy Storage Software Market: Key Drivers
Rising need for reliable and uninterrupted power supply from end-users, such as healthcare, IT & telecommunication, and data centers is expected to drive the demand for energy storage software during the forecast period.
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Rapid industrialization, digitalization, infrastructure development, and continuous population growth is generating demand for continuous power supply, which in turn is expected to fuel the energy storage software market during the forecast period.
Increasing consumer awareness regarding energy efficiency in residential and commercial buildings is expected to further promote market growth.
Increasing demand for distributed electricity generation along with rising trend of renewable source-based power generation is expected to boost the energy storage software market growth over the forecast period.
Technological advancement in energy storage technologies, such as the development of advanced batteries offering fast charging and over a wide range of applications, is expected to create demand for energy storage software during the forecast period.
However, high capital investment for energy storage software is expected to hamper the market during the forecast period.
Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. COVID-19 has a negative impact on the energy storage software market due to site access problems and difficulty in getting permissions in times of lock downs and disruption in the supply chain, thereby hampering the overall growth of the energy industry.
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In terms of region, the global energy storage software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America dominated the global energy storage software market in 2020. Rise in investment in renewable energy plants by governments in the U.S. in order to achieve a future with sustainable energy is anticipated to boost the energy storage software market in the region.
The energy storage software market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing reliable power demand due to industrial advancements and rising population in China, Japan, India, and South Korea, thus generating demand for energy storage software in the region. The Chinese government is significantly investing in large scale battery energy storage systems, which is expected to increase the demand for energy storage software.
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