Global Off-grid Energy Storage Systems Market Analysis - Global Industry Size, Share, Trends and Forecast, 2018 - 2025

Published - Aug 2018 | Category - Energy and Power | No. of Pages - 104 | Published By - ARC

Introduction

Off-grid energy storage illustrates the consumer energy independence from grid connection and dependence on public and private firms for electrical energy. In off-grid energy storage, batteries are used to store energy for later consumption which finds a wide-scale application in the fuel saving, arbitrage, distribution network management, avoiding unnecessary infrastructure upgrade, customer bill management, and backup power supply. The key off-grid energy storage technology include Li-ion battery technology, LAB technology, and Sodium based battery technology. The off-grid energy storage is sustainable energy storage solution. A standout amongst the most generally utilized technology is LAB technology, owing to its low cost. On the other hand, Li-ion battery are better than LAB technology as they have longer lifespan with lighter and compact structure. Significant applications of off-grid energy storage include residential, commercial, remote lighting, telecom, utilities and events among others.

Market Dynamics

Increasing awareness about electric vehicles among the consumers is anticipated to drive its demand throughout the forecast period. The increasing economies of scale reducing the cost of storage solution and infrastructure incapability of grid connection in certain geographic regions is also expected to boost the growth of global off-grid energy storage market over the forecast period. Another major reason for the rise in demand for off-grid energy storage is the growing environmental concerns and global trend towards rising energy independence among consumers. The major companies along with government support in this market have adopted the strategy of technology development to uncover novel solutions in global electricity in the structure of off-grid energy storage market. The emerging markets such as China, India and Brazil are anticipated to boost the demand for off-grid energy storage thus, driving the growth of overall market. The volatility in pricing and global economic fluctuations is expected to hamper the growth of global off-grid energy storage market over the forecast period. In addition to this, the high initial capital cost is likely to restrain the market growth.


 

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