Press release
Smart Energy Storage Market Outlook 2034: Projected to Reach USD 425.8 Billion by 2034, Growing at a 9.0% CAGR from 2024
Download Sample Report Copy Here: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=86007&utm_source=OpenPR_Sandeep&utm_medium=OpenPR
Analyst Viewpoint
The decrease in the cost of lithium-ion batteries and the increase in government initiatives to combat climate change are prominent factors driving the smart energy storage market. Smart energy storage systems offer intelligent and effective electrical energy storage solutions, integrating smart grids, renewable energy sources, Internet of Things (IoT) enabled devices, and effective energy management systems, which are transforming energy production, distribution, and consumption.
Key players are adopting advanced technologies such as thermal storage systems and intelligent storage systems to increase their market share. They are also investing in off-grid smart energy storage solutions for remote areas to expand their global footprint.
Market Introduction
The introduction of smart energy technologies has significantly shifted the global energy environment, aiming to build a more responsive, sustainable, and efficient energy ecosystem. This involves integrating advanced digital technology with conventional energy infrastructure, including smart grids, advanced metering infrastructure (AMI), demand response systems, energy management systems (EMS), and IoT devices.
Smart Energy Supply Systems (ESS)
ESS aims to enhance the stability, reliability, and efficiency of energy supply, facilitating the integration of renewable energy sources such as wind and solar power.
Key Drivers
Decrease in Cost of Lithium-ion Batteries
The cost reduction of lithium-ion batteries has made energy storage projects financially feasible, increasing their deployment in various applications such as microgrid solutions, grid stabilization, and renewable energy integration.
In 2020, IHS Markit, later merged with S&P Global, forecasted that the average cost of a lithium-ion battery cell would fall below US$ 100 per kilowatt hour (kWh) within three years and decline further to US$ 73/kWh by 2030.
The affordability of lithium-ion batteries is boosting their use in smart energy storage for both business and household applications connected to renewable energy sources.
Increase in Government Initiatives
Governments worldwide are focusing on transitioning to low-carbon energy systems to combat climate change and reduce greenhouse gas emissions. Smart energy storage systems are crucial in this transition by improving grid stability, deploying more renewable energy sources, and reducing reliance on fossil fuels.
Governments are implementing programs such as renewable energy targets, carbon pricing mechanisms, and clean energy incentives to reduce carbon emissions.
In May 2023, EVE Energy Malaysia Sdn. Bhd. and Pemaju Kelang Lama Sdn. Bhd. signed a Memorandum of Understanding (MOU) for the establishment of EVE's state-of-the-art manufacturing facility in Malaysia.
Regional Outlook
Leading Region: Europe
Europe accounted for the largest share of the global smart energy storage market in 2023 due to the increasing need for resilient and sustainable energy infrastructure, substantial investments in smart grid technologies, and the establishment of policies promoting clean energy.
Germany has set ambitious carbon footprint reduction goals, aiming for 65%, 88%, and nearly 0% net carbon emissions by 2030, 2040, and 2045, respectively.
The government is enacting measures to decarbonize the electricity sector, in line with its climate objectives.
North America
North America is anticipated to record considerable market growth during the forecast period due to strong government support, widespread acceptance of cutting-edge technologies, and an increased focus on grid modernization.
Analysis of Key Players
Companies in the global smart energy storage market are investing in R&D for advanced lithium-ion smart energy storage technology. Some key players are also launching smart energy storage management software to enhance system efficiency.
Major Players
BYD
Samsung
Panasonic Holdings Corporation
General Electric
Siemens AG
ABB
Beacon
Toshiba Corporation
Key Developments
May 2022: Itron Inc. expanded its long-term collaboration with Microsoft to accelerate cloud adoption and the next generation of consumer and grid edge solutions for utility and smart city industries.
March 2022: GE Digital announced the first solution from its acquisition of Opus One Solutions, the Opus One DERMS, an end-to-end modular Distributed Energy Resource Management System (DERMS) designed to help utilities keep the grid safe, secure, and resilient while enabling energy affordability and customer participation in power generation.
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
Historical Data Available for: 2020-2022
Quantitative Units: US$ Bn for Value
Market Analysis: Segment analysis and regional level analysis, including drivers, restraints, opportunities, key trends, Porter's Five Forces Analysis, value chain analysis, and key trend analysis.
Competition Landscape: Market share analysis by company (2023), company profiles (overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy, recent developments, and key financials).
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
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
By Countries
U.S.
Canada
Germany
U.K.
France
Russia
Italy
Japan
China
India
ASEAN
Brazil
Mexico
GCC Countries
South Africa
Conclusion
The smart energy storage market (Markt für intelligente Energiespeicher) is set for substantial growth, driven by declining lithium-ion battery costs, government initiatives to combat climate change, and the integration of advanced technologies in energy management systems. Europe leads the market, with North America also poised for significant growth. Major players are focusing on technological advancements and expanding their global presence to capture a larger market share.
Purchase Full Report Here: https://www.transparencymarketresearch.com/checkout.php?rep_id=86007<ype=S&utm_source=OpenPR_Sandeep&utm_medium=OpenPR
More Reports from Transparency Market Research
Biomethane Market
(バイオメタン市場): https://www.transparencymarketresearch.com/biomethane-market.html
Biomass Gasifier Market (바이오매스 가스화기 시장): https://www.transparencymarketresearch.com/biomass-gasifier-market.html
Contact Us:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
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.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Smart Energy Storage Market Outlook 2034: Projected to Reach USD 425.8 Billion by 2034, Growing at a 9.0% CAGR from 2024 here
News-ID: 3588882 • Views: …
More Releases from Transparency Market Research
Global Solar Powered Agricultural Dryer Market to Exceed USD 2.4 Billion by 2031 …
The global solar powered agricultural dryer market, valued at US$ 1.6 billion in 2022, is projected to grow at a CAGR of 5.8% from 2023 to 2031, reaching US$ 2.4 billion by the end of 2031. Rising investments in renewable energy, growing awareness of sustainable agricultural practices, and the rapid expansion of the agricultural sector driven by population growth are key factors fueling market growth.
Uncover essential discoveries and trends from…
Technetium-99m Market Forecast 2034: Rising Demand for Diagnostic Imaging and Ra …
The global Technetium‐99m Market was valued at US$ 6.0 Billion in 2023 and is projected to grow at a CAGR of 3.3% from 2024 to 2034, surpassing US$ 8.6 Billion by the end of the forecast period. Advancements in nuclear imaging infrastructure, government-backed healthcare initiatives, and an increasing demand for precise diagnostic procedures are fueling this growth.
Discover essential conclusions and data from our Report in this sample -
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77100
Analysts' Viewpoint
The Technetium‐99m…
Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to …
The global Equine Diagnostic Services Market, valued at approximately US$ 168 million in 2019, is projected to expand at a compound annual growth rate (CAGR) of ~5% from 2020 to 2030, reaching around US$ 280 million by 2030. Equine diagnostic services, encompassing tests like genetic, infectious disease, and imaging diagnostics, are critical for managing horse health in veterinary hospitals, clinics, and mobile settings. The market is driven by increasing equine…
Digital Printing Market to Reach USD 54.4 Billion by 2034, Growing at a CAGR of …
The digital printing market is experiencing strong growth, driven by rapid technological advancements, rising demand for personalized and on-demand printing, and an increasing focus on sustainable solutions. Digital printing allows for the direct transfer of digital files onto a wide range of substrates, offering high-resolution output with greater speed and flexibility. Its adaptability has led to broad adoption across industries such as packaging, textiles, publishing, and advertising-sectors where customization, efficiency,…
More Releases for Energy
Green Renewable Energy Market Next Big Thing: Enphase Energy, Bloom Energy, Clea …
Advance Market Analytics published a new research publication on "Green Renewable Energy Market Insights, to 2030" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Green Renewable Energy market was mainly driven by the increasing R&D spending across the world.
Get inside Scoop of the…
Business Energy Solution Market Size in 2023 To 2029 | SSE Energy Solutions, BES …
The large-scale Business Energy Solution market report provides valuable insights for clients looking to forecast investments in emerging markets, expand market share, or launch new products. The report presents multifaceted Business Energy Solution market insights that are simplified using established tools and techniques, making it a credible marketing report. Data is presented in a clear and easy-to-understand manner, with graphs and charts to aid comprehension. The report employs integrated approaches…
Decentralized Energy Storage Market Is Booming Worldwide | Fuelcell Energy, Enph …
A new business intelligence report released by AMA with title "Decentralized Energy Storage Market" has abilities to raise as the most significant market worldwide as it has remained playing a remarkable role in establishing progressive impacts on the universal economy. The Global Decentralized Energy Storage Market Report offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics…
Waste-To-Energy Technologies Market Top Growing Companies: Xcel Energy, Novo Ene …
Qurate Business Intelligence’s up-to-date research study on Waste-To-Energy Technologies was performed by highly qualified research professionals and industry experts. This is to provide an in-depth analysis on the Waste-To-Energy Technologies. The report is comprehensive and includes over 120 pages. The global energy market is witnessing a shift toward waste to energy technologies due to growing energy demands worldwide, the rapid depletion of conventional sources of energy, and concerns over…
Waste To Energy Market ||Novo Energy Ltd., Hitachi Zosen, Foster Wheeler A.G., S …
Zion Market Research published a new 110+ pages industry research "Global Waste to Energy Market Set For Rapid Growth, To Reach Value Around USD 42.74 Billion By 2024" is exhaustively researched and analyzed in the report to help market players to improve their business tactics and ensure long-term success. The authors of the report have used easy-to-understand language and uncomplicated statistical images but provided thorough information and detailed data on…
In-Pipe Hydro Systems Market | key player - Lucid Energy, Rentricity, Tecnoturbi …
Looking at the current market trends as well as the promising demand status of the “In-Pipe Hydro Systems Market” it can be projected that the future years will bring out positive outcomes. This research report added by MRRSE on its online portal delivers clear insight about the changing tendencies across the global market. Readers can gather prime facets connected to the target market which includes product, end-use and application; assisting…
