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From 2024–2031, the worldwide market for off-grid energy storage systems is expected to expand from a value of $9.29B in 2023 to $33.10B in 2031, a compound annual growth rate (CAGR) of 18.3%.
Two key drivers will shape the market's trajectory in the approaching years and are expected to have a substantial impact on its imminent expansion. The growing use of renewable energy sources is, first and foremost, a driving factor in the industry's expansion. The demand for energy storage systems on a utility scale has been driven by the dramatic rise in the use of renewable energy sources around the world. Renewable energy continues to play a pivotal role in driving market growth, and supportive government policies are adding fuel to the fire.
To keep up with the needs of an interconnected society, off-grid energy storage is also experiencing constant innovation. Along with other significant developments in storage technologies, this paradigm shift is driving the market's expansion and bringing new opportunities and capabilities during the projected period. The increasing adoption of renewable energy sources and technical advancements are two factors that are coming together to drive significant change and expansion in the industry.
As grid modernization continues, the demand for grid energy storage systems is on the rise, which is driving the expansion of the Off-Grid Energy Storage Market. Solar power is becoming an increasingly important part of the world's energy mix, which is also driving demand and the market forward. The research study offers a comprehensive analysis of the market for off-grid energy storage systems worldwide. Important market segments, trends, drivers, constraints, the competitive landscape, and other aspects are thoroughly examined in the report.
Because renewable energy sources are intermittent, energy storage is crucial for efficiently tapping into this resource. Many different approaches exist for storing energy on a massive scale within an electrical power system; these are together referred to as grid energy storage or large-scale energy storage. Energy is saved for later use when demand is high and prices are higher; this is especially true with intermittent power sources like solar, wind, and tidal power, which produce cheap electricity when supply is abundant and demand is low. A solar energy system that does not connect to the grid is designed to operate independently. Batteries store the electricity that is produced by various sources, such as solar panels, generators, or hydro systems.
The energy that is stored in the batteries is subsequently used to power your home. As the name "off-grid" suggests, this setup is not linked to the utility grid or any other external power source. An off-grid solar power system doesn't connect to the power grid in any way. System components include photovoltaic cells, charge controllers, batteries, inverters, and a backup power source. By utilizing this technology, one can independently produce and consume energy, eliminating the need to rely on a utility. An off-grid system has several advantages, such as energy independence, no power outages, and a fixed price for the entire system's lifespan.
As grid modernization continues, the demand for grid energy storage systems is on the rise, which is driving the expansion of the Off-Grid Energy Storage Market. Grids typically store solar and wind power, the two most prevalent forms of renewable energy. Clouds and shifting wind patterns, however, halt the sun's ability to generate energy. Energy storage systems that are adaptable to grid conditions are necessary to deal with such variations. Energy storage devices that use batteries are becoming more common in grid upgrading. In cases where power generation surpasses demand, these methods aid grid operators in conserving power. Electric power generation, transmission, and distribution are all made more reliable and flexible with the implementation of these systems.
Solar power is becoming an increasingly important part of the world's energy mix, which is also driving demand and the market forward. But the market is constrained because deploying battery energy storage devices requires substantial capital inputs. Installation investments must be higher for battery energy storage technologies including lead-acid, lithium-ion, and flow batteries due to their high performance and high energy density. Because of its superior energy density, reduced self-discharge rate, and low maintenance requirements, lithium-ion batteries are more costly than other battery types.
Report Coverage
Global Off-Grid Energy Storage Systems research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Off-Grid Energy Storage Systems report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Off-Grid Energy Storage Systems competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Off-Grid Energy Storage Systems market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Off-Grid Energy Storage Systems market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Off-Grid Energy Storage Systems market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
EnerSys, SAFT, Sonnen, NEC Energy Solutions, Sumitomo Electric Industries, Fronius, LG Chem, Aquion Energy, Toshiba, Samsung SDI, Mitsubishi Heavy Industries, ZEN Energy, Enphase, CALB
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Off-Grid Energy Storage Systems market based on the below-mentioned segments:
Global Off-Grid Energy Storage Systems Market, By Type
Lithium-ion Battery
Lead-acid Battery
Sodium-sulfur Battery
Flow Battery
Fuel Cells
Others
Global Off-Grid Energy Storage Systems market, By Application
Family Backup Power
Industrial UPS
Unattended Equipment
Grid Load Optimization
Remote Grid Systems
Telecom Stations
Others
Global Off-Grid Energy Storage Systems Market, By End User
Residential
Commercial
Industrial
Utilities
Global Off-Grid Energy Storage Systems market, Regional Analysis
Two key drivers will shape the market's trajectory in the approaching years and are expected to have a substantial impact on its imminent expansion. The growing use of renewable energy sources is, first and foremost, a driving factor in the industry's expansion. The demand for energy storage systems on a utility scale has been driven by the dramatic rise in the use of renewable energy sources around the world. Renewable energy continues to play a pivotal role in driving market growth, and supportive government policies are adding fuel to the fire.
To keep up with the needs of an interconnected society, off-grid energy storage is also experiencing constant innovation. Along with other significant developments in storage technologies, this paradigm shift is driving the market's expansion and bringing new opportunities and capabilities during the projected period. The increasing adoption of renewable energy sources and technical advancements are two factors that are coming together to drive significant change and expansion in the industry.
As grid modernization continues, the demand for grid energy storage systems is on the rise, which is driving the expansion of the Off-Grid Energy Storage Market. Solar power is becoming an increasingly important part of the world's energy mix, which is also driving demand and the market forward. The research study offers a comprehensive analysis of the market for off-grid energy storage systems worldwide. Important market segments, trends, drivers, constraints, the competitive landscape, and other aspects are thoroughly examined in the report.
Because renewable energy sources are intermittent, energy storage is crucial for efficiently tapping into this resource. Many different approaches exist for storing energy on a massive scale within an electrical power system; these are together referred to as grid energy storage or large-scale energy storage. Energy is saved for later use when demand is high and prices are higher; this is especially true with intermittent power sources like solar, wind, and tidal power, which produce cheap electricity when supply is abundant and demand is low. A solar energy system that does not connect to the grid is designed to operate independently. Batteries store the electricity that is produced by various sources, such as solar panels, generators, or hydro systems.
The energy that is stored in the batteries is subsequently used to power your home. As the name "off-grid" suggests, this setup is not linked to the utility grid or any other external power source. An off-grid solar power system doesn't connect to the power grid in any way. System components include photovoltaic cells, charge controllers, batteries, inverters, and a backup power source. By utilizing this technology, one can independently produce and consume energy, eliminating the need to rely on a utility. An off-grid system has several advantages, such as energy independence, no power outages, and a fixed price for the entire system's lifespan.
As grid modernization continues, the demand for grid energy storage systems is on the rise, which is driving the expansion of the Off-Grid Energy Storage Market. Grids typically store solar and wind power, the two most prevalent forms of renewable energy. Clouds and shifting wind patterns, however, halt the sun's ability to generate energy. Energy storage systems that are adaptable to grid conditions are necessary to deal with such variations. Energy storage devices that use batteries are becoming more common in grid upgrading. In cases where power generation surpasses demand, these methods aid grid operators in conserving power. Electric power generation, transmission, and distribution are all made more reliable and flexible with the implementation of these systems.
Solar power is becoming an increasingly important part of the world's energy mix, which is also driving demand and the market forward. But the market is constrained because deploying battery energy storage devices requires substantial capital inputs. Installation investments must be higher for battery energy storage technologies including lead-acid, lithium-ion, and flow batteries due to their high performance and high energy density. Because of its superior energy density, reduced self-discharge rate, and low maintenance requirements, lithium-ion batteries are more costly than other battery types.
Report Coverage
Global Off-Grid Energy Storage Systems research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Off-Grid Energy Storage Systems report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Off-Grid Energy Storage Systems competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Off-Grid Energy Storage Systems market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | EnerSys, SAFT, Sonnen, NEC Energy Solutions, Sumitomo Electric Industries, Fronius, LG Chem, Aquion Energy, Toshiba, Samsung SDI, Mitsubishi Heavy Industries, ZEN Energy, Enphase, CALB |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Off-Grid Energy Storage Systems Market from 2021 to 2031.
- Market Forecast for Off-Grid Energy Storage Systems Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Off-Grid Energy Storage Systems competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Off-Grid Energy Storage Systems
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Off-Grid Energy Storage Systems market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Off-Grid Energy Storage Systems market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
EnerSys, SAFT, Sonnen, NEC Energy Solutions, Sumitomo Electric Industries, Fronius, LG Chem, Aquion Energy, Toshiba, Samsung SDI, Mitsubishi Heavy Industries, ZEN Energy, Enphase, CALB
Primary Target Market
- Market Players of Off-Grid Energy Storage Systems
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Off-Grid Energy Storage Systems market based on the below-mentioned segments:
Global Off-Grid Energy Storage Systems Market, By Type
Lithium-ion Battery
Lead-acid Battery
Sodium-sulfur Battery
Flow Battery
Fuel Cells
Others
Global Off-Grid Energy Storage Systems market, By Application
Family Backup Power
Industrial UPS
Unattended Equipment
Grid Load Optimization
Remote Grid Systems
Telecom Stations
Others
Global Off-Grid Energy Storage Systems Market, By End User
Residential
Commercial
Industrial
Utilities
Global Off-Grid Energy Storage Systems market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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