Energy Storage Software: Introduction
- Energy storage software is a battery management solution which manages the operation of storage system modules as well as internal and external communications.
- Energy storage software is used for running energy storage equipment. The software enables batteries to perform multiple tasks, from transferring short bursts of power to stabilizing the electric grid, to releasing a steady supply of electricity over a longer period of time.
- Energy storage software provides various features. It checks that all data is transmitting correctly through the system, monitors state of charge (SOC) and state of health (SOH), provides battery performance statistics and capability to change configuration settings, and views faults and warnings.
- The global energy storage software market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies and increasing digitalization in the energy sector across the globe.
Global Energy Storage Software Market: Dynamics
Global Energy Storage Software Market: Key Drivers
- Rising need for reliable and uninterrupted power supply from end-users, such as healthcare, IT & telecommunication, and data centers is expected to drive the demand for energy storage software during the forecast period.
- Rapid industrialization, digitalization, infrastructure development, and continuous population growth is generating demand for continuous power supply, which in turn is expected to fuel the energy storage software market during the forecast period.
- Increasing consumer awareness regarding energy efficiency in residential and commercial buildings is expected to further promote market growth.
- Increasing demand for distributed electricity generation along with rising trend of renewable source-based power generation is expected to boost the energy storage software market growth over the forecast period.
- Technological advancement in energy storage technologies, such as the development of advanced batteries offering fast charging and over a wide range of applications, is expected to create demand for energy storage software during the forecast period.
- However, high capital investment for energy storage software is expected to hamper the market during the forecast period.
Impact of COVID-19 on the Global Energy Storage Software Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. COVID-19 has a negative impact on the energy storage software market due to site access problems and difficulty in getting permissions in times of lock downs and disruption in the supply chain, thereby hampering the overall growth of the energy industry.
North America to Hold Major Share of the Global Energy Storage Software Market
- In terms of region, the global energy storage software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the global energy storage software market in 2020. Rise in investment in renewable energy plants by governments in the U.S. in order to achieve a future with sustainable energy is anticipated to boost the energy storage software market in the region.
- The energy storage software market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing reliable power demand due to industrial advancements and rising population in China, Japan, India, and South Korea, thus generating demand for energy storage software in the region. The Chinese government is significantly investing in large scale battery energy storage systems, which is expected to increase the demand for energy storage software.
Global Energy Storage Software Market: Competition Landscape
Several local, regional, and international players are active in the energy storage software market with a strong presence. Rapid technological advancements have created significant opportunities in the global energy storage software market.
Key Players Operating in the Global Energy Storage Software Market Include:
- ABB Ltd.
- Baltimore Aircoil Company, Inc.
- BYD Company Limited
- Evapco, Inc.
- General Electric Company
- GS Yuasa Corporation
- Hitachi Chemical Co., Ltd.
- LG Chem, LTD.
- NEC Energy Solutions
- Saft Groupe S.A.
- Samsung SDI Co., Ltd.
- Siemens AG
- Tesla, Inc.
Global Energy Storage Software Market: Research Scope
Global Energy Storage Software Market, by Technology
- Pumped Hydro
- Electrochemical Storage
- Electromechanical Storage
- Thermal Storage
Global Energy Storage Software Market, by Application
Global Energy Storage Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.