USD 10.88 Billion
Global Off-Grid Energy Storage Systems Market Size, Share, Growth Analysis, By Type(Lithium-ion Battery, Lead-acid Battery), By Application(Family Backup Power, Industrial UPS) - Industry Forecast 2024-2031
Report ID:
SQMIG10A2014 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
64 |
Figures:
73
Global Off-Grid Energy Storage Systems Market Insights
Global Off-Grid Energy Storage Systems Market size was valued at USD 10.88 Billion in 2022 and is poised to grow from USD 12.65 Billion in 2023 to USD 42.35 Billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031).
The imminent growth of the market is poised to be significantly influenced by two primary drivers set to shape its trajectory in the upcoming years. Firstly, the expanding deployment of renewable energy stands as a pivotal force propelling the market forward. Globally, there has been a substantial increase in the adoption of renewable energy sources, which directly fuels the demand for utility-scale energy storage systems. This surge is bolstered by favorable government policies aimed at incentivizing the integration and utilization of renewable energy, solidifying its role as a key driver of market growth.
Additionally, the evolving landscape of off-grid energy storage is undergoing continuous innovation to meet the demands of a connected world. This paradigm shift, alongside remarkable advancements in storage technologies, further steers the market's expansion, ushering in an era of enhanced capabilities and opportunities throughout the forecast period. These converging forces, characterized by the rise of renewable energy adoption and technological innovations, are poised to fuel substantial growth and evolution within the market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
lithium-ion battery
Fastest Growth
lead-acid battery
Growth Rate
16.3% CAGR
Global Off-Grid Energy Storage Systems Market ($ Bn)
Country Share for North America Region (%)
Global Off-Grid Energy Storage Systems Market By Type ($ Bn)
Global Off-Grid Energy Storage Systems Market By Type (%)
To get more reports on the above market click here to Buy The Report
Global Off-Grid Energy Storage Systems Market Segmental Analysis
The global off-grid energy storage systems market is segmented on the basis of type, application and region. Based on type the market is segmented as, lithium-ion battery, lead-acid battery, others. Based on application the market is segmented as, family backup power, industrial ups, unattended equipment, others. By region, the market is segmented into North America, Latin America, Asia Pacific, Europe, and MEA.
Analysis By Type
The forecast period indicates the lithium-ion battery segment's dominance within the industry, poised to claim a substantial share of the global market throughout the forecast period. This segment is set to lead propelled by multiple factors, prominently including the escalating deployment of new large-capacity grid infrastructure. Simultaneously, the consistent strides in Li-ion Battery Energy Storage System (BESS) products play a pivotal role in driving the segment's growth trajectory.
The lead-acid battery segment upholds a crucial position in the off-grid energy storage systems market, especially where cost-efficiency and established technology are paramount. Despite the emergence of newer alternatives, lead-acid batteries persist as a prevalent choice in off-grid scenarios due to their cost-effectiveness and unwavering reliability. Their enduring usage stems from a proven track record of dependable performance and a familiarity that has cemented their role within off-grid applications.
Analysis By Application
The utility segment is poised to claim the dominant share within the industry, driven by burgeoning electrification initiatives aimed at energizing remote and distant areas. This projected leadership stems from a concerted global push to extend electricity access to regions previously underserved or isolated. As efforts intensify to bridge the energy gap and empower remote communities, utilities play a pivotal role in expanding their reach and providing reliable power infrastructure to these distant locations.
The non-residential segment is poised for steady growth, driven by the establishment of sophisticated commercial and industrial infrastructures alongside a rising demand for enhanced energy security across various sectors. This anticipated expansion aligns with the continual evolution of advanced infrastructures within commercial and industrial domains, necessitating robust energy solutions to ensure resilience and reliability.
Global Off-Grid Energy Storage Systems Market By Type, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Off-Grid Energy Storage Systems Market Regional Insights
The North America region is poised for substantial growth throughout the forecast period, buoyed by a confluence of factors that contribute to its expansion. The region benefits from a favorable landscape shaped by government policies conducive to renewable energy, offering incentives and tax benefits that incentivize the deployment of sustainable energy sources. This supportive regulatory environment acts as a catalyst, encouraging both public and private entities to invest significantly in renewable energy initiatives.
The battery energy storage market in Europe benefits from a robust market size propelled by several key factors. The region's market growth is fueled by the substantial installation of diverse power generation technologies, reflecting a concerted effort towards embracing a spectrum of renewable energy solutions. Europe's progressive stance is further reinforced by supportive government policies and organizational frameworks advocating the deployment of green energy solutions across various sectors.
Global Off-Grid Energy Storage Systems Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Off-Grid Energy Storage Systems Market Dynamics
Drivers
Investment in Designing and Manufacturing of BESS Devices to Play a Significant Role in Industry Dynamics
- Numerous industry entities persistently strive to innovate, introducing new natural and inorganic extensions to enhance the global acceptance of their products. Simultaneously, several players within the industry are dedicatedly unveiling advanced Battery Energy Storage System (BESS) units to align with the burgeoning growth across the sector. For instance, in March 2021, Tesvolt, a prominent German storage system manufacturer, unveiled its latest technological advancement: the TS-I HV 80 battery line. Specifically engineered to mitigate load peaks, this product line caters to the demand stemming from commercial and industrial clientele.
Restraints
Rising Expansion of the Off-Grid Energy Storage Business
- The expansion of the off-grid energy storage business encounters a significant limitation rooted in the demand for substantial capital investments. These systems are predominantly utilized in large-scale plants to address energy demands during peak loads, presenting a critical need for upfront capital. According to the World Bank's Energy Sector Management Assistance Program (ESMAP), the total installed cost of diverse energy storage systems spans from slightly over USD 2,000 per kW to around USD 3,300 per kW. This cost range encompasses various technologies and components, impacting the initial capital expenditures required for setting up or expanding off-grid energy storage systems.
Request Free Customization of this report to help us to meet your business objectives.
Global Off-Grid Energy Storage Systems Market Competitive Landscape
The competitive environment of the global Off-Grid Energy Storage Systems Market is characterized by a dynamic interplay of key players and evolving strategies within the food processing industry. Innovation is a key competitive factor. smaller and niche players are making a notable impact by focusing on specialized solutions and offering customizable blends to cater to specific meat processing needs. This diversity within the market allows food processors to select tailored solutions that align with their specific requirements.
Top Player’s Company Profiles
- Sonnen
- Fronius
- Toshiba
- Mitsubishi Heavy Industries
- Sumitomo Electric Industries
- Enphase
- SAFT
- NEC Energy Solutions
- BYD
- Tianneng Battery
- CALB
- ABB
- Samsung SDI
- Hitachi Chemical Co., Ltd.
Recent Developments
- In 2023, the Mornington large battery project, a 240 MWp/480 MWh initiative along Victoria's coast, spearheaded by Maoneng, a solar and energy storage company, garnered grid connection assessment clearance from the Australian Energy Market Operator (AEMO).
Global Off-Grid Energy Storage Systems Key Market Trends
Expanding Grid Infrastructure to Unlock New Opportunities for Market Growth
- The burgeoning demand for energy resources, witnessed both in developing and developed nations, coupled with the concerted efforts to ensure energy security, stands as a driving force poised to propel market growth. This exponential demand prompts a collective push towards bolstering energy infrastructure. Moreover, the ongoing advancements in integrating emerging power generation technologies and modernizing existing infrastructures have intensified the need for novel grid systems.
Global Off-Grid Energy Storage Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global off-grid energy storage systems market analyses, an off-grid energy storage system refers to an electrical power setup operating independently from a centralized grid, serving as an autonomous source of power. These systems play a crucial role by offering backup power during emergencies or supplementing the regular electrical supply from the grid. Often employed in remote locations devoid of centralized grid access or in areas where extending the grid infrastructure proves financially impractical, off-grid systems stand as a viable solution.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.88 Billion |
| Market size value in 2031 | USD 42.35 Billion |
| Growth Rate | 16.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Off-Grid Energy Storage Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Off-Grid Energy Storage Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Off-Grid Energy Storage Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Off-Grid Energy Storage Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Off-Grid Energy Storage Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Off-Grid Energy Storage Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Off-Grid Energy Storage Systems Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
