Press release
At a CAGR of 7.5%, Global Off-grid Energy Storage Market to rise over 2015-2019
Albany, NY, Feb 22, 2017: Energy storage systems are used to store excess electricity that can be utilized during power shortages, blackouts, and peak hours of demand. The global market for off-grid energy storage is driven by the need to maintain off-grid issues like grid stability, grid flexibility, and frequency regulation. These factors promote growth in this market during the forecast period and results in its steady CAGR of nearly 7.5% by 2019.Technavios market research analyst has estimated eminent factors, such as its ability to mitigate intermittent nature of renewables, to drive market growth during the period of 2014 and 2019. Energy storage helps in the smoothing and supply shift of renewable energy sources like wind and solar PV. It also helps to optimize the variable renewable energy feed-in to the grid, which is expected to drive the market for battery based energy storage during the forecast period.
This market is dominated by multiple global, regional, and local vendors who provide high-tech, customized batteries for energy storage. The development and introduction of Li-ion, sodium-sulphur, and advanced lead-acid battery products during the forecast is expected to augment the revenue-generating capacity for vendors as it helps them to overcome competition and gain prominence in the market.
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Key vendors in this market are -
- Aquion Energy
- Green Charge
- LG Chem
- NEC Energy Solutions
- NRG Energy
Other prominent vendors analyzed in this market study are GE Energy Storage, Mitsubishi Heavy Industries, Amperex Technology Limited, Boston Power, China Avaiation Lithium Battery Co., Ltd., Enersys, Primus Power, Sumitomo Electric Industries, Ltd., Toshiba, and Xtreme Power Inc.
Technological segmentation of the off-grid energy storage market
- Li-ion battery
- Sodium-based battery
- Lead-acid battery
- Others
In this market research report, analysts envisage the Li-ion battery segment to dominate the global market for off-grid energy storage during the forecast period. Factors like its increasing efficiency and decreasing price are expected to account for its high market share of nearly 45% by 2019.
Geographical segmentation of the off-grid energy storage market
- Americas
- EMEA
- APAC
In this market research, Technavio analysts estimate the Americas to account for the largest market share during the forecast period. This regions high market share can be attributed to factors like the introduction of favorable government policies, the rising adoption of microgrids, and the consumer-driven interest to reduce CO2 emissions.
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Key questions answered in this report:-
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the global off-grid energy storage market?
- What are the key market trends impacting the growth of the global off-grid energy storage market?
- What are the challenges to market growth?
- Who are the key vendors in the global off-grid energy storage market?
- What are the market opportunities and threats faced by the vendors in the global off-grid energy storage market?
- Trending factors influencing the market shares of the EMEA, Americas, and APAC?
- What are the key outcomes of the five forces analysis of the global off-grid energy storage market?
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