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Rising Requirement for Rural Electrification to Bode Well for Growth of Global Off-Grid Energy Storage System Market

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Published on : Oct 27, 2016

ALBANY, NY, Oct 27, 2016: This report is an extensive evaluation of the global off-grid energy storage system market and encapsulates an in-depth review of the prime trends impacting the development of this market. The market dynamics affecting the market’s pace have also been reviewed under this study. These include the drivers, challenges, trends, and opportunities in this market. The market has also been studied on the basis of technological advancement and geography. The main outcomes of the five forces evaluation of the global off-grid energy storage system market also form an integral part of this report.

The introduction section of the report presents the market overview and market forecast. The global off-grid energy storage system market is anticipated to exhibit a CAGR of approximately 7.0% between 2016 and 2020. The market is fuelled by the increasing demand for off-grid energy storage systems from the telecom sector. The usage of diesel generators in the telecom sector pollutes the environment and this is why there is an increasing demand for off-grid energy storage systems within this sector. 

In addition, the growing requirement for rural electrification will also provide impetus to the global off-grid energy storage systems market. Furthermore, the increasing consumption of power and soaring investments in renewable energy will drive the growth of this market. The reducing cost of energy storage systems and the upcoming improved technologies are the top trends seen in the market. On the other hand, the increasing battery-related challenges and fall in subsidies globally may hamper the development of this market. 

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Moving further, the segmentation of the global off-grid energy storage systems market has been presented. On the basis of battery technology, the report segments the market into lead-acid batteries (LAB), lithium-ion (Li-ion), and sodium-based off-grid energy storage systems. Amongst these, the segment of Li-ion batteries represented a share of approximately 37% in the market in 2015. This is due to the globally increasing demand for mobile devices such as smartphones, notebooks, laptops, and tablet computers in which the Li-ion batteries are largely employed. 

On the basis of geography, the report segments the market into the Americas, Asia Pacific, Europe, the Middle East, and Africa. Amongst these, the Americas is predicted to dominate the market with a share of over 44% by 2020. This is due to the rising awareness amongst public regarding lowering carbon dioxide emissions, emergence of new government policies, and the advancement in battery technology.

Next comes the competitive landscape section of the report encapsulating the prime vendors dominant in the market. A number of local, regional, and global vendors present highly customized and high-tech batteries for battery energy storage and this is why the market is highly fragmented in nature. The top vendors in the market are Green Charge, Aquion Energy, LG Chem, NRG Energy, and NEC Energy Solutions, among others, as stated in this study.

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