Opportunities for Licensees in the Growing Intelligent Energy Storage Industry
Intelligent energy storage is defined as the integration of Internet of Things (IoT) technology with energy storage. It enables individuals, businesses, and organizations to collect and store energy from the grid or from renewables such as solar, then program how that energy is used throughout the day in their HVAC and electrical systems. It can also integrate IoT devices so that they can all be monitored and controlled through a single user interface.
This means that HVAC companies, electrical contractors, and solar companies are all positioned to take advantage of the growing intelligent energy storage industry. These companies have the expertise and customer base to provide intelligent energy storage technology as an additional revenue stream. The way they can do this is to secure a license to market and sell this technology besides or in addition to their existing products and services. This opportunity has emerged through the convergence of several factors:
Cheaper and better-performing intelligent energy storage technology and components – Energy storage, renewable energy, and IoT technology are cheaper than ever before and continue to decline in prices. At the same time, such technologies are improving in terms of the quality of service they provide.
Increased demand for energy storage in commercial, industrial, and residential applications – The U.S. energy storage market grew 243 percent in 2015 and will likely continue on this trajectory for several years. In addition, the Internet of Things (IoT) market will likely reach $267 billion by 2020. More and more consumers want the benefits of intelligent energy storage, and HVAC, electrical, and solar companies are positioned to address this demand.
Enhanced efficiencies presented by smart HVAC and solar plus storage – The energy storage and solar energy markets are developing hand-in- hand, and the top solar developers have become the top storage developers too. The benefits of both intelligent energy storage and solar energy generation are made greater than the sum of their parts when used in conjunction to generate, store, and distribute energy on demand.
The benefits of intelligent energy storage for consumers
There are several ways that homeowners, businesses, and organizations can benefit from intelligent energy storage technology. Homeowners can use intelligent energy storage to control and lower energy costs. They can also turn their homes into smart homes through home automation. Finally, they can decrease their carbon footprint by reducing and even eliminating wasted energy.
Businesses and organizations can use intelligent energy storage to automate and control their buildings’ and facilities’ HVAC and electrical systems. They can also reduce energy costs by generating energy on-premises through renewables such as solar, then storing it to be used later. Finally, businesses that have sustainable or renewable energy goals are able to achieve them by reducing wasted energy.
The intelligent energy storage industry is booming, and it’s only going to continue for the foreseeable future. If you’re interested in exploring how you can benefit from the opportunity for additional revenue streams by licensing intelligent energy storage technology for your business, contact us.