IoT drives the intelligent energy storage systems market
The increasing emphasis on energy conservation is 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 towards dealing with the current shortage of energy. Intelligent energy storage systems are gaining popularity because 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, so the remarkable growth of the IoT industry is a shot in the arm for the global intelligent energy storage systems market. In addition, the continual advancements in the IoT technologies are helping manufacturers in the market take 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 helping to drive the growth of the market.
The global intelligent energy storage systems market is likely to benefit from the falling prices of batteries and other indispensable parts, as well as technological advancements in battery technology. The scalability of these systems is also triggering their adoption across different sectors. Individual users can install intelligent energy storage systems in their residence, industries can apply them to manufacturing plants or even across the supply chain, and utilities can incorporate them in power grids.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.
Based on geography, the key segments of the market are North America, Asia Pacific, Europe, and the Rest of the World. North America is expected to command a large share of the market in 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, and the implementation and advancement of smart grid infrastructure in the country are catalyzing the growth of the overall region. The dynamic economies in Asia Pacific are expected to come to the fore in the intelligent energy storage systems market in the coming years, with governments in countries such as China and India proactively attempting to encourage energy conservation initiatives.
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