(MENAFN- GlobeNewsWire - Nasdaq) The Global Off Grid energy Storage Systems market Size was Valued at USD 12.45 Billion in 2023 and the Worldwide Off Grid Energy Storage Systems Market Size is Expected to Reach USD 57.1 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: EnerSys, Samsung SDI, LG, Sonnen, Fronius, Toshiba, Mitsubishi Heavy Industries, Sumitomo Electric Industries, Enphase, SAFT, NEC Energy Solutions, BYD, Tianneng Battery, CALB, GE, ABB, Samsung SDI, Hitachi Chemical Co., Ltd., and Other Key Players
New York, United States , Sept. 09, 2024 (GLOBE NEWSWIRE) -- The Global Off Grid Energy Storage Systems Market Size is Expected to Grow from USD 12.45 Billion in 2023 to USD 57.1 Billion by 2033, at a CAGR of 16.45% during the forecast period 2023-2033.
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An off-grid energy storage system, also called a stand-alone system, is a small, renewable energy system that's not connected to the electricity grid. It uses solar panels to convert solar energy into electricity during the day, and then stores the energy in a battery for use at night or when it's cloudy. The system can also be used to power electric vehicles. The off-grid energy storage system market is propelled by a number of factors; one of the major factors is the ever-increasing demand for renewable sources of energy, especially solar and wind power. This increases the need for reliable energy storage solutions to solve the intermittent problem associated with these sources of energy. Moreover, rising grid-based electricity costs drive the use of off-grid systems, particularly in remote or rural areas, making them more cost-effective for many households and communities. Moreover, the capital cost of such systems, which in some cases can be several orders of magnitude larger than grid-alternative systems in larger-scale applications. In addition, the off-grid systems can at times be difficult to design, install, and maintain because the users need to have special knowledge and technical expertise which act as a restraint of the off-grid energy storage system market.
Browse key industry insights spread across 220 pages with 115 Market data tables and figures & charts from the report on the " Global Off Grid Energy Storage Systems Market Size, Share, and COVID-19 Impact Analysis, By Type (Lithium-ion Batteries, Lead Acid Batteries, Flow Batteries, Flywheel Energy Storage, and Pumped Hydro Storage), By Application (Residential, Commercial, Industrial, Utility, and Defense & Military), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The lithium-ion batteries segment is predicted to hold the largest market share through the forecast period.
Based on the type, the off grid energy storage systems market is classified into lithium-ion batteries, lead acid batteries, flow batteries, flywheel energy storage, and pumped hydro storage. Among these, the lithium-ion batteries segment is predicted to hold the largest market share through the forecast period. The cost of lithium batteries has continuously decreased which is significantly driving the off grid energy storage systems. Lithium-ion technology, like solar energy, has become considerably profitable as prices have dropped. High investment and innovation in the lithium-ion batteries are fuelling the market. Moreover governments are focusing on the adoption of renewable energy and zero carbon emission is the most important factor for the growth of off grid energy storage systems market.
The residential segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the off grid energy storage systems market is divided into residential, commercial, industrial, utility, and defense & military. Among these, the residential segment is anticipated to hold the highest market share during the projected timeframe. This can be attributed to various factors, such as growing demand from residential customers for reliable and sustainable power sources, coupled with a rise in the deployment of off-grid power systems by these customers especially across remote or rural areas. These systems enable the production and storage of renewable energy at home, making the homeowner less dependent on the grid and having a more resilient, lower-cost power supply. Moreover, with residential-scale energy storage technologies such as lithium-ion batteries becoming more affordable and accessible, these solutions can be scaled to a larger number of homeowners.
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North America is estimated to hold the largest share of the off grid energy storage systems market over the forecast period .
North America is estimated to hold the largest share of the off grid energy storage systems market over the forecast period. Factors such as the already well-established renewable energy sector, especially in the United States, where solar and wind power are being greatly deployed, have placed North America as the biggest market foreseen over the projected period in off-grid energy storage systems. This has created a strong demand for reliable and scalable energy storage solutions to support the grid integration of these intermittent renewable sources. Government incentives and related policies, such as tax credits and renewable energy targets, also raise the level of adoption for off-grid energy storage systems in North America. It has also seen high demand for off-grid energy storage solutions to meet the desire for energy independence and security from the large rural and remote populations residing in this region, most of whom do not have access to reliable grid-connected electricity.
Europe is expected to grow at the fastest CAGR growth of the off grid energy storage systems market during the forecast period. The rapid growth of the renewable energy sector in countries like China, India, and Japan will ensure the fastest growth in the off-grid energy storage systems market during the forecast period in the Asia Pacific region. Specifically, the strong demand comes from the need for reliable and modular energy storage solutions that enable the running of these resources by handling the variability of solar and wind power. Also, the large rural and remote populations of the region that lack grid-connected electricity have been increasingly accessing off-grid energy storage systems to fulfill their basic power requirements.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the off grid energy storage systems market include EnerSys, Samsung SDI, LG, Sonnen, Fronius, Toshiba, Mitsubishi Heavy Industries, Sumitomo Electric Industries, Enphase, SAFT, NEC Energy Solutions, BYD, Tianneng Battery, CALB, GE, ABB, Samsung SDI, Hitachi Chemical Co., Ltd., and others.
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Recent Developments
In July 2024, NTPC invited bids for the supply, installation, commissioning, and integration of a 600 kW/3000 kWh Vanadium Redox Flow Battery (VRFB) storage system at the NTPC Energy Technology Research Alliance (NETRA) facility in Greater Noida.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the off grid energy storage systems market based on the below-mentioned segments:
Global Off Grid Energy Storage Systems Market, By Type
Lithium-ion Batteries Lead Acid Batteries Flow Batteries Flywheel Energy Storage Pumped Hydro Storage
Global Off Grid Energy Storage Systems Market, By Application
Residential Commercial Industrial Utility Defense & Military
Global Off Grid Energy Storage Systems Market, By Regional Analysis
North America Europe Germany UK France Italy Spain Russia Rest of Europe
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 the Middle East & Africa
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