Published on : Aug 30, 2019
Energy storage systems are utilized to store excess electricity, which can be used during peak hours of demand, blackouts, and power shortages. Energy storage, particularly for renewable energy sectors, has become a key issue. Over the past few years, there has been an accelerated demand for the deployment of rural utilities and solar home systems, together with electrical energy storage devices, allowing off grid access to power and energy stability. The need to store energy acts as a growth factor for global off-grid energy storage system market.
Global off-grid energy storage system market derives traction from developments in the electric vehicle industry, which has recently witnessed important innovation in energy storage technologies. Besides, such innovations increase cycle life and at the same time reduce costs. Nevertheless, rapidly evolving technologies of energy storage used for remote deployment have been subjected to great debate in relation to performance optimization, costs, and lifetime.
Technological Advancement and Incessant R&D Activities Opens up New Avenues
With the focus on advancements in the technology of battery storage, companies have started increasing their investments on research and development activities. The objective is to come up with new technologies that can substantially reduce battery costs.
Increase in demand from the telecom industry is one of the primary growth factors of global off-grid energy storage system market. In the recent years, there has been spectacular growth in the telecom industry worldwide. To reinforce the rapid growth in traffic and give better coverage, telecom operators have started setting up new base transceiver stations (BTS). This has further resulted in the installation of telecom towers in remote locations. Such remote installation led to the adoption of diesel generators owing to unreliable grid connections.
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Diesel is responsible for more than 40% of the total expenditures of operation, it pollutes the environment as well. Under such a scenario, to power their BTS, telecom operators were induced to make use of off-grid energy storage systems. Few of the major telecom operators, Eltek and Bharti Airtel have already made an announcement of setting up of off grid energy storage systems. Telecom Industry, thus, open up opportunities for the global off-grid energy storage system market.