Published By : 30 Dec 2016 | Published By : QYRESEARCH
The increasing emphasis on energy conservation forms the foremost factor driving the global intelligent energy storage systems market. Since the optimum commercialization of renewable energy is yet to happen, conservation of the available energy remains the key step to deal with the current shortage of energy. Intelligent energy storage systems are gaining popularity as they enhance the total energy savings through a smart network of several energy storage units.
The Internet of Things (IoT) serves as the nerve center for intelligent energy storage systems. The remarkable growth of the IoT industry is, therefore, a shot in the arm for the global intelligent energy storage systems market. In addition, the continual advancements in the IoT technologies are helping the manufacturers in the market in taking a transformational leap forward towards more sophisticated systems. The increasing awareness about the availability and benefits of smart infrastructure and smart energy management systems is favoring the growth of the market.
Declining Prices of Batteries to Augment Market
The global intelligent energy storage systems market is likely to benefit from the falling prices of batteries and other indispensable parts. Moreover, the rapid technological advancements in battery technology are providing a fillip to the market. The scalability of these systems is also triggering their adoption across different sectors. They are increasingly being acknowledged in manufacturing plants and across the supply chain in the industrial sector. Furthermore, government initiatives regarding energy conservation are backing the growth of the market.
Early Incorporation to IoT in U.S. to Propel Growth of North America
On the basis of geography, the key segments can be North America, Asia Pacific, Europe, and Rest of the World. North America is expected to command a large share in the market over the forthcoming years. The U.S. is a major contributor to the growth of the region, primarily due to the early incorporation of IoT in the country. Moreover, the implementation and advancement of smart grid infrastructure in the country are catalyzing the growth of the overall region. Asia Pacific is poised to progress at a noteworthy CAGR in the near future, thanks to the favorable government initiatives in emerging economies such as India and China.