Press release
Smart Energy Storage Industry Valued at USD 165.0 Billion in 2023, Projected to Hit USD 425.8 Billion by 2034
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Analyst Viewpoint
Key drivers for the market include the declining cost of lithium-ion batteries and government initiatives to promote low-carbon energy systems. The integration of smart grids, renewable energy sources, IoT-enabled devices, and efficient energy management systems is transforming energy production, distribution, and consumption. Major players are adopting advanced technologies such as thermal and intelligent storage systems and investing in off-grid solutions to expand their global presence.
Market Introduction
Smart energy storage solutions are revolutionizing the global energy landscape by combining advanced digital technology with traditional energy infrastructure. These systems aim to create an energy ecosystem that is more responsive, sustainable, and efficient. Smart grids, advanced metering infrastructure (AMI), demand response systems, and energy management systems (EMS) integrate various technologies, including flywheels, supercapacitors, and batteries, to enhance the stability, reliability, and efficiency of energy supply. This facilitates the integration of renewable energy sources such as wind and solar power.
Key Market Drivers
Decrease in Cost of Lithium-ion Batteries
Financial Feasibility: The cost reduction of lithium-ion batteries has made smart energy storage projects more financially viable, leading to increased installations for applications such as microgrids, grid stabilization, and renewable energy integration.
Market Impact: IHS Markit projected that the average cost of a lithium-ion battery cell would fall below US$ 100 per kilowatt-hour (kWh) by 2023 and could decline further to US$ 73/kWh by 2030. This cost decline supports the adoption of lithium-ion batteries in business and household applications connected to renewable energy sources.
Increase in Government Initiatives
Low-Carbon Energy Systems: Governments worldwide are focusing on transitioning to low-carbon energy systems to combat climate change and reduce greenhouse gas emissions. Smart energy storage systems play a crucial role in this transition by improving grid stability, deploying renewable energy sources, and reducing fossil fuel dependence.
Policy Support: Governments are introducing programs such as renewable energy targets, carbon pricing mechanisms, and clean energy incentives to foster market growth. For example, EVE Energy Malaysia signed a Memorandum of Understanding (MOU) in May 2023 for establishing a state-of-the-art manufacturing facility in Malaysia.
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Regional Outlook
Leading Region: Europe
Europe held the largest share of the global smart energy storage market in 2023. Factors driving the market in Europe include the need for resilient and sustainable energy infrastructure, substantial investments in smart grid technologies, and policies promoting clean energy. Germany, for instance, has set ambitious carbon footprint reduction goals and is enacting measures to decarbonize its electricity sector.
North America
North America is expected to witness considerable growth during the forecast period, supported by strong government initiatives, widespread adoption of cutting-edge technologies, and a focus on grid modernization.
Analysis of Key Players
Major companies in the smart energy storage market are investing in R&D for advanced lithium-ion technologies and launching smart energy storage management software to enhance system efficiency. Key players include:
BYD
Samsung
Panasonic Holdings Corporation
General Electric
Siemens AG
ABB
Beacon
Toshiba Corporation
Recent Developments
May 2022: Itron Inc. expanded its collaboration with Microsoft to accelerate cloud adoption and develop next-generation consumer and grid edge solutions.
March 2022: GE Digital launched Opus One DERMS, a modular Distributed Energy Resource Management System (DERMS) designed to help utilities manage distributed energy resources and enhance grid safety, security, and resilience.
Market Snapshot
Market Size in 2023: US$ 165.0 Bn
Market Forecast (Value) in 2034: US$ 425.8 Bn
Growth Rate (CAGR): 9.0%
Forecast Period: 2024-2034
Market Segmentation
By Type
Lead Acid
Nickel Cadmium
Nickel-Metal Hydride
Lithium-ion
Others
By End-use
Consumer Electronics
Renewable Energy
Automotive
Industrial
Defense
Others
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Countries Covered
U.S.
Canada
Germany
U.K.
France
Russia
Italy
Japan
China
India
ASEAN
Brazil
Mexico
GCC Countries
South Africa
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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