Press release
Unlocking Opportunities in the Off Grid Energy Storage Systems Market: 2025-2034 Forecast Report
Off Grid Energy Storage Systems
What Will the Off Grid Energy Storage Systems Industry Market Size Be by 2025?
The market size of off-grid energy storage systems has seen a speedy expansion lately. This market is expected to rise from $9.83 billion in 2024 to $11.23 billion in 2025, marking an impressive compound annual growth rate (CAGR) of 14.2%. A considerable drive in this historic growth period is a result of the increasing acceptance of renewable energy sources, an upswing in the demand for utility-scale energy storage systems, rising demand from commercial and industrial clients, a booming desire for energy resources, and a shift of energy composition more towards renewable sources.
What's the Long-Term Growth Forecast for the Off Grid Energy Storage Systems Market Size Through 2029?
It is anticipated that the off-grid energy storage systems market will experience rapid expansion in the upcoming years, expected to rise to a value of $18.88 billion in 2029 with a compound annual growth rate (CAGR) of 13.9%. Factors propelling this growth during the forecast period are the increasing investments in the creation and production of battery energy storage system (BESS) devices, the growing need for backup power sources, the rising adoption of microgrids, the escalating requirement for trustworthy and cost-effective energy options in remote and rural regions, increased awareness, and appetite for energy autonomy, in addition to the growing demand from residential customers. The forecast period will also see a variety of major trends, including technological advancements, the introduction of new organic and inorganic expansion strategies, the unveiling of advanced BESS units, advancements in hardware manufacturing processes, and innovation and upgrades in li-ion battery technology.
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What Are the Key Growth Drivers Fueling the Off Grid Energy Storage Systems Market Expansion?
An upward trend in the embrace of renewable energy such as solar power, wind power, and hydropower is predicted to fuel the off-grid energy storage systems market's growth. This trend is fueled by factors such as social contagion, decentralized energy generation, corporate commitments, increased public health awareness, and efforts to address climate change. Off-grid energy storage systems augment the reliability and effectiveness of renewable energy sources by storing surplus energy generated during peak hours, which can be utilized when renewable resources are scant, thus ensuring a reliable, steady energy supply. For instance, a 2022 report from the Department of Energy, a U.S. government agency, predicted domestic solar energy generation would increase by 75% from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025, and wind energy generation is expected to rise 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. Consequently, the growth in the adoption of renewable energy resources serves as a driver for the off-grid energy storage systems market.
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What Are the Key Trends Driving Off Grid Energy Storage Systems Market Growth?
Key players in the off-grid energy storage systems market are concentrating their efforts on creating innovative solutions such as eco-friendly backup power systems. These solutions aim to augment energy independence, elevate system efficiency and ensure a trustworthy power supply in remote or underprivileged locations. They leverage renewable energy sources like solar and wind, along with superior energy storage technologies, presenting a sustainable and reliable substitute to conventional power systems. For example, in September 2023, the US craftsman, BLUETTI Inc., catapulted the EP800 & B500 off-grid energy storage system. The EP800 has the ability to yield an optimum continuous output of 7,600W whether at 120V or 240V, making it possible to charge multiple heavy-duty appliances at once such as air conditioners, heaters, and power tools. The EP800 sets itself apart as cost-effective and eco-friendly backup power solution by harnessing renewable energy and engendering no detrimental emissions, thereby advocating for a sustainable future.
How Is the Off Grid Energy Storage Systems Market Segmented?
The off grid energy storage systemsmarket covered in this report is segmented -
1) By Type: Lithium-Ion Battery, Lead-Acid Battery, Other Types
2) By Technology: Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage
3) By Application: Residential, Commercial, Industrial, Utility, Defense And Military
Subsegments:
1) By Lithium-Ion Battery: Lithium Iron Phosphate (LiFePO4), Lithium Cobalt Oxide (LiCoO2), Lithium Manganese Oxide (LiMn2O4), Lithium Nickel Manganese Cobalt (NMC)
2) By Lead-Acid Battery: Flooded Lead-Acid Battery, Sealed Lead-Acid Battery (SLA), Absorbent Glass Mat (AGM), Gel Lead-Acid Battery
3) By Other Types: Nickel-Cadmium (NiCd) Battery, Flow Battery, Sodium-Sulfur (NaS) Battery
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Which Companies Are Leading the Charge in Off Grid Energy Storage Systems Market Innovation?
Major companies operating in the off grid energy storage systems market are Tesla Inc., BYD Company Ltd., Amp Technology Ltd., LG Chem Ltd., Mitsubishi Heavy Industries Ltd., ABB Ltd., Toshiba Inc., NEC Energy Solutions Inc., Samsung SDI Co. Ltd., Tianneng Battery Group Co. Ltd., Panasonic Corporation, EnerSys Inc., CALB Co. Ltd., Enphase Energy Inc., SAFT SA, SMA Solar Technology AG, Sonnen Group, Fronius International GmbH, Zen Energy Pty Ltd., Aquion Energy Inc.
Which Regions Are Leading the Global Off Grid Energy Storage Systems Market in Revenue?
North America was the largest region in the off grid energy storage systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the off grid energy storage systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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