Press release
Soaring Demand Set to Propel Off Grid Energy Storage Systems Market to $18.31 Billion by 2029
Off Grid Energy Storage Systems
What Is the Expected CAGR for the Off Grid Energy Storage Systems Market Through 2025?
The market for off-grid energy storage systems has experienced rapid expansion recently. The estimated value for this industry is set to rise from $9.83 billion in 2024 to $11.06 billion in 2025, with a compound annual growth rate (CAGR) of 12.5%. This substantial growth during the historic timeframe is largely due to several factors, including the widespread adoption of renewable energy sources, the growing demand for utility-scale energy storage systems and the surge in requests from commercial and industrial clients. Furthermore, the increasing demand for energy resources and a noticeable shift towards renewable forms of energy in the energy mix have also contributed to the market's expansion.
What's the Projected Size of the Global Off Grid Energy Storage Systems Market by 2029?
The market size of off-grid energy storage systems is projected to experience significant expansion in the upcoming years. By 2029, it is forecasted to reach a value of $18.31 billion with a compound annual growth rate (CAGR) of 13.4%. The anticipated growth during the forecast period can be credited to the investment in the design and production of battery energy storage system (BESS) appliances, an escalating requirement for backup power, the rising adoption of microgrids, growing demand for dependable and cost-effective energy solutions in rural and isolated regions. An increase in awareness and the aspiration for energy autonomy, and growing demand from residential customers are other contributing factors. Prominent trends in the forecast period encompass technological advancements, the launch of new organic and inorganic extensions, the release of advanced BESS units, development in hardware production methods, and technological upgrades in li-ion battery technology.
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Top Growth Drivers in the Off Grid Energy Storage Systems Industry: What's Accelerating the Market?
The off-grid energy storage systems market is anticipated to grow due to the increasing acceptance of renewable energy sources. These resources, such as solar, wind, and hydropower, can naturally renew over time. Social contagion, decentralized energy production, corporate commitments, public health consciousness and efforts to mitigate climate change have spurred the move to renewable energy sources. They are supported by off-grid energy storage systems which enhance their reliability and efficacy by saving the surplus energy produced at peak times for later use when renewable resources are scarce, thereby providing a steady and reliable energy supply. For instance, in a 2022 report by the Department of Energy, a US government agency, it was projected that domestic solar energy production would see a 75% increase, from 163 billion kWh in 2023 to 286 billion kWh in 2025. Wind energy production is also expected to increase by 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. Thus, the rising acceptance of renewable energy sources is fueling the growth of the off-grid energy storage systems market.
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What Trends Will Shape the Off Grid Energy Storage Systems Market Through 2029 and Beyond?
Leading firms in the off-grid energy storage systems market are emphasising on the introduction of innovative solutions like environmentally-friendly backup power systems. These aim to bolster energy autonomy, enhance system performance, and provide reliable power facilities in distant or underserved areas. These green backup power solutions provide a dependable and sustainable replacement to conventional power systems by making use of renewable energy sources like solar and wind, along with state-of-the-art energy storage technologies. For instance, in September 2023, BLUETTI Inc., a company based in the US, unveiled the EP800 & B500 off-grid energy storage system. The EP800 is capable of providing a top continuous output of 7,600W at either 120V or 240V, hence able to power multiple high-demand devices at once, such as heaters, air conditioners, and power tools. The EP800 stands out as an economically viable and green backup power solution as it uses renewable energy and produces zero harmful emissions, thereby contributing to a sustainable future.
What Are the Main Segments in the Off Grid Energy Storage Systems Market?
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 Top Companies are Driving Growth in the Off Grid Energy Storage Systems Market?
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 Will Dominate the Off Grid Energy Storage Systems Market Through 2029?
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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