The off-grid energy storage systems market will grow from $8.66 billion in 2023 to $9.83 billion in 2024 at a CAGR of 13.5%. Growth is fueled by renewable energy adoption, demand for utility-scale storage, commercial and industrial needs, and a shift toward renewables.
The off grid energy storage systems market is expected to grow rapidly, reaching $16.58 billion by 2028 at a CAGR of 14.0%. The growth is driven by investments in battery energy storage systems (BESS), the need for backup power, microgrid adoption, demand for affordable energy in remote areas, energy independence awareness, and rising residential customer demand. Trends include technological innovations, natural and inorganic extension developments, advanced BESS units, hardware production innovations, and improvements in li-ion battery technology.
Major Driver In The Off Grid Energy Storage Systems Market
The off-grid energy storage systems market is expected to grow with the rising adoption of renewable energy sources, which allow for energy storage during peak production. These systems ensure a reliable energy supply when renewable resources are less available. The Department of Energy indicates that solar energy generation is expected to rise from 163 billion kWh in 2023 to 286 billion kWh by 2025, and wind energy is projected to grow from 430 billion kWh in 2023 to 476 billion kWh by 2025. Consequently, the demand for renewable energy drives the off-grid energy storage systems market.
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Off Grid Energy Storage Systems Market Competitive Landscape
Tesla Inc., BYD Company Ltd., Amperex 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.
Key Off Grid Energy Storage Systems Market Trend
Companies in the off-grid energy storage systems market are developing eco-friendly backup power solutions to boost energy independence and provide reliable power in remote or underserved areas. For example, in September 2023, BLUETTI Inc. launched the EP800 & B500 off-grid energy storage system, capable of delivering a maximum continuous output of 7,600W. This cost-effective and eco-friendly solution uses renewable energy and generates zero emissions, promoting sustainability while powering high-demand appliances.
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Global Off Grid Energy Storage Systems Market Segmentation
The off grid energy storage systems market 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
By Geography:The regions covered in the off grid energy storage systems market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the off grid energy storage systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Off Grid Energy Storage Systems Global Market Report 2024 furnishes information about the global off grid energy storage systems market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
