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Smart Energy Storage Market to Reach USD 425.8 Billion by 2034, Growing at a 9.0% CAGR from 2024: Comprehensive Industry Analysis and Forecast
Smart Energy Storage
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Analyst Viewpoint
Several factors are driving the growth of the smart energy storage market. Notably, the decrease in the cost of lithium-ion batteries and the increase in government initiatives to combat climate change are significant contributors. Smart energy storage systems, designed for intelligent and efficient electrical energy storage, are becoming increasingly vital.
The integration of smart grids, renewable energy sources, Internet of Things (IoT) enabled devices, and efficient energy management systems is transforming energy production, distribution, and consumption, further boosting the global smart energy storage market.
Key players in the industry are adopting advanced technologies such as thermal storage systems and intelligent storage systems to increase their market share. Investments in off-grid smart energy storage solutions for remote areas are also expanding their global footprint.
Market Drivers
Decrease in Cost of Lithium-ion Batteries
The decreasing cost of lithium-ion batteries is creating lucrative opportunities in the smart energy storage market. This cost reduction has made energy storage projects financially viable, leading to increased installations in various applications, such as microgrid solutions, grid stabilization, and renewable energy integration.
In 2020, IHS Markit (now part of S&P Global) projected that the average cost of a lithium-ion battery cell would fall below US$ 100 per kilowatt-hour (kWh) within three years. By 2030, the cost is expected to drop further to approximately US$ 73/kWh. This cost decline is driving the adoption of lithium-ion batteries in smart energy storage systems for both business and household applications connected to renewable energy sources like solar, wind, or hydro.
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 play a crucial role in this energy transition by enhancing grid stability, enabling more renewable energy deployment, and reducing reliance on fossil fuels.
Government programs, such as renewable energy targets, carbon pricing mechanisms, and clean energy incentives, are being introduced to support this transition. For instance, in May 2023, EVE Energy Malaysia Sdn. Bhd. and Pemaju Kelang Lama Sdn. Bhd. signed a Memorandum of Understanding (MOU) to establish a state-of-the-art manufacturing facility in Malaysia, demonstrating the increasing government focus on smart energy storage systems.
Regional Outlook
Europe
Europe accounted for the largest share of the global smart energy storage market in 2023. The region's need for resilient and sustainable energy infrastructure, substantial investments in smart grid technologies, and supportive policies promoting clean energy are driving market dynamics.
Germany, in particular, has set ambitious carbon footprint reduction goals, striving for 65% reduction by 2030, 88% by 2040, and near-zero emissions by 2045. The country is implementing measures to decarbonize the electricity sector, aligning with its medium- and long-term climate objectives.
North America
North America is anticipated to experience significant growth during the forecast period. Strong government support, widespread adoption of cutting-edge technologies, and a focus on grid modernization are contributing to the region's smart energy storage market share.
Key Players and Competitive Landscape
Key companies in the global smart energy storage market are heavily investing in R&D of advanced lithium-ion smart energy storage technologies. Additionally, several key players are launching smart energy storage management software to enhance system efficiency.
Major players in the industry include:
BYD
Samsung
Panasonic Holdings Corporation
General Electric
Siemens AG
ABB
Beacon
Toshiba Corporation
These companies are profiled based on various parameters, including company overview, business segments, product portfolio, recent developments, business strategies, and financial overview.
Key Developments
Itron Inc.: In May 2022, Itron Inc. expanded its long-term collaboration with Microsoft to accelerate cloud adoption and develop next-generation consumer and grid edge solutions for utility and smart city industries.
GE Digital: In March 2022, GE Digital announced Opus One DERMS, an end-to-end modular Distributed Energy Resource Management System designed to help utilities manage Distributed Energy Resources (DERs) and enhance grid safety, security, resilience, and energy affordability.
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 Country
U.S.
Canada
Germany
U.K.
France
Russia
Italy
Japan
China
India
ASEAN
Brazil
Mexico
GCC Countries
South Africa
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
The smart energy storage market (marché du stockage d'énergie intelligent) is poised for robust growth, driven by technological advancements, cost reductions, and supportive government initiatives aimed at fostering a sustainable and efficient energy ecosystem.
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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.
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