Press release
Smart Power Storage Systems Market Size, Growth, Outlook, Volume, Market Forecast 2023-2030
Smart Power Storage Systems Market - DataM Intelligence 4Market Research
The market's growth is influenced by an increasing emphasis on lowering power prices and the broad deployment of renewable technologies. According to the International Energy Agency, worldwide energy storage capacity will expand by 56% by 2026, reaching 270 GW.
Residential applications are expected to account for about one-third of the global smart power storage market during the forecast period. In March 2022, the Institute for Power Electronics and Electrical Drives (ISEA) and RWTH Aachen University discovered that household storage systems (HSS) accounted for 93% of the 1,357 MWh of new energy capacity added in 2021, with industrial and large-scale storage segments accounting for the remaining 7%.
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Market Drivers
Decline in Costs of Lithium-ion Batteries
Smart power storage systems are now more cost-competitive with conventional energy storage technologies as lithium-ion battery prices have plummeted. As the cost of battery production falls, so does the overall cost of adopting smart power storage systems, making them more cheap and appealing to a broader variety of customers in commercial, residential, and industrial settings.
There are several technological advantages to adopting lithium-ion batteries. In comparison to lead-acid batteries, rechargeable Li-ion batteries often endure over 5,000 cycles. Li-ion batteries are gaining prominence as the most powerful rechargeable batteries available, owing to their technical and cost advantages. Battery makers are cutting the cost of Li-ion technology, fuelling industry development.
Market Segmentation
The global Smart Power Storage Systems Market can be segmented by technology, connection, and by application.
By Technology
• Lithium-ion Batteries
• Advanced Lead-Acid Batteries
• Flow Batteries
• Others
By Connection
• On Grid
• Off Grid
By Application
• Residential
• Commercial
• Industrial
• Utility
Industry News
• In August 2022, ABB Corporation, a Swedish international company, acquired Siemens' low-voltage NEMA motor division. ABB will gain an established North American client base, a respected product line and capable operations, sales and management personnel as a result of the acquisition.
• In July 2022, Eos Energy Enterprises, Inc., a prominent provider of zinc-based long-term energy storage systems, increased its R&D capacity to discover new iterations of its Znyth aqueous battery and increase the production and launch of its energy storage products.
Major Companies Covered
The key players contributing to the Smart Power Storage Systems Market growth include BYD Company Ltd., LG Energy Solutions Co. Ltd., Panasonic Corporation, Samsung SDI Co. Ltd., Tesla Inc., ABB Ltd., AEG Power Solutions, Delta Electronics Inc., General Electric and Hitachi.
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