Power industry experts around the world are now realizing the increasing importance of intelligent energy storage systems. With the advancement in technology, innovation in manufacturing techniques and various financial models launched such as Power Efficiency Agreement (PEA) are proving to be very cost effective and also reducing greenhouse gas emissions and environmental degradation.
An intelligent energy storage system allows a consumer to optimize the usage of their energy storage units. The intelligent energy storage system accepts inputs from various devices and the users can control and synchronize all the units as one large storage system. Also, allowing each energy unit to perform its own task so that multiple value streams are generated for the customers.
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Fall in the batteries and other component price are the key factors allowing the intelligent energy storage system to become an economic alternative for power storage to the traditional practices. Distributed energy storage systems are making a significant impact on the market due to flexibility in their models. New regulations in US such as California’s landmark AB 2514 which highlights the lower emissions with greater efficiency of today’s intelligent energy storage solutions. Also state government incentives in the developing economies along with rising Peak power demand charges are some key factors driving the intelligent energy storage system market.
Intelligent energy storage systems market is broadly classified on the basis of application as:
- Commercial Storage
- Residential Storage
- Industrial storage
- Grid Scale
Intelligent energy storage systems market is broadly classified on the basis of technology as:
- Flow Batteries
- Lithium Ion
- Advanced Lead Acid Batteries
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