Intelligent Energy Storage Systems Market Size

Intelligent Energy Storage Systems Market size is expected to reach USD 33 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of intelligent energy storage systems was over USD 12 Billion. Aging power grids and the need for more resilient and efficient energy distribution systems drive the demand for intelligent energy storage. These systems can stabilize voltage, frequency, and overall grid performance, reducing strain during peak demand periods and preventing power outages. In a survey done, it was found that 70% of the U.S. electricity grid is more than 25 years old and in need of replacement as they are vulnerable to intense storms, and more are built to utilize fossil fuels as a form of energy.

Further, the increased adoption of renewable energy sources like solar and wind power creates fluctuations in energy supply. In 2020, the percentage of renewable energy in the world's electrical generation increased to 29%. Intelligent energy storage systems help by storing excess energy during peak production and releasing it during low production times, ensuring a steady and reliable energy supply.