The market growth of intelligent energy storage systems can be attributed to factors, such as growing concerns regarding environmental impacts caused by the use of fossil fuels for electricity generation. Therefore, the rising demand for renewable energy sources leading to the rising demand for intelligent energy storage systems. According to The International Energy Association (IEA), in order to keep global warming below 2 degrees Celsius, the world needs 266 GW of energy storage by 2030, up from 176.5 GW in 2017. Increasing investments by leading players in the development of intelligent energy storage systems are among the prime factors boosting market growth. Other factors such as government initiatives for electricity storage, new regulatory mandates in the U.S., which highlight the importance of lower infrastructure costs, as well as greater efficiency, flexibility and affordability, for current intelligent energy storage solutions and emissions are expected to propel the market growth.
