Off Grid Energy Storage Systems Market 2024

The off grid energy storage systems market size has grown rapidly in recent years. It will grow from $8.66 billion in 2023 to $9.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth during the historical period can be attributed to several factors, including the increased adoption of renewable energy sources, rising demand for utility-scale energy storage systems, a growing need from commercial and industrial clients, a burgeoning demand for energy resources, and a shift in the energy mix towards renewable sources.

The off grid energy storage systems market size is expected to see rapid growth in the next few years. It will grow to $16.58 billion in 2028 at a compound annual growth rate (CAGR) of 14%. The anticipated growth during the forecast period can be attributed to several factors, including investments in the design and manufacturing of battery energy storage system (BESS) devices, a rising need for backup power, an increasing adoption of microgrids, and growing demand for reliable and affordable energy solutions in remote and rural areas. Additionally, there is a heightened awareness and desire for energy independence, along with increased demand from residential customers. Key trends expected in this period include technological innovations, the introduction of new natural and inorganic extensions, the unveiling of advanced battery energy storage system (BESS) units, innovations in hardware production lines, and advancements in lithium-ion battery technology.

The growing adoption of renewable energy sources is projected to drive the expansion of the off-grid energy storage systems market in the future. Renewable energy sources such as solar, wind, and hydropower are naturally replenished over time. Factors contributing to the increased adoption of renewable energy include social contagion, decentralized energy generation, corporate commitments, heightened public health awareness, and climate change mitigation efforts. Off-grid energy storage systems play a crucial role in enhancing the reliability and efficiency of renewable energy by storing excess energy produced during peak generation times, which can be utilized when renewable resources are less available, thus ensuring a stable and reliable energy supply. For example, a report from the Department of Energy, a US government agency, indicated that domestic solar energy generation is expected to rise by 75%, from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025. Additionally, wind energy generation is forecasted to increase by 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. Consequently, the increasing adoption of renewable energy sources is propelling the off-grid energy storage systems market.

Key companies in the off-grid energy storage systems market are concentrating on developing innovative solutions, such as eco-friendly backup power systems, to boost energy independence, enhance system efficiency, and offer reliable power solutions in remote or underserved regions. Eco-friendly backup power systems provide a sustainable and dependable alternative to conventional power systems by harnessing renewable energy sources such as solar and wind, along with advanced energy storage technologies. For instance, in September 2023, BLUETTI Inc., a US-based company, introduced the EP800 & B500 off-grid energy storage system. The EP800 is capable of delivering a maximum continuous output of 7,600W at either 120V or 240V, enabling it to power multiple high-demand appliances simultaneously, including air conditioners, heaters, and power tools. It stands out as a cost-effective and eco-friendly backup power solution that utilizes renewable energy and produces zero harmful emissions, thus promoting a sustainable future.

In September 2023, Japan Industrial Partners Inc., a private equity firm based in Japan, acquired Toshiba Corporation for $13.5 billion. This acquisition represents a strategic move by Japan Industrial Partners to enhance its portfolio by incorporating Toshiba's expertise in off-grid energy storage systems. Toshiba Corporation is a Japan-based company specializing in providing off-grid energy storage systems.

Major companies operating in the off grid energy storage systems market are 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.

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 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.

The countries covered in the off grid energy storage systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Off-grid energy storage systems are solutions specifically designed to store energy in locations that are not connected to the main electricity grid. These systems typically utilize batteries or other storage technologies to capture energy generated from renewable sources, such as solar panels, wind turbines, or backup generators. Off-grid energy storage systems ensure a reliable power supply for homes, businesses, or communities in remote areas where energy independence and resilience are essential.

The primary types of off-grid energy storage systems include lithium-ion batteries, lead-acid batteries, and other types. Lithium-ion batteries are a kind of rechargeable battery that employs lithium ions as a critical component of the electrolyte. Various technologies associated with off-grid energy storage include pumped hydro storage, battery energy storage, compressed air energy storage, and flywheel energy storage. These systems are applicable in a wide range of sectors, including residential, commercial, industrial, utility, defense, and military applications.

The off-grid energy storage systems market research report is one of a series of new reports that provides off-grid energy storage systems market statistics, including off-grid energy storage systems industry global market size, regional shares, competitors with an off-grid energy storage systems market share, detailed off-grid energy storage systems market segments, market trends, and opportunities, and any further data you may need to thrive in the off-grid energy storage systems industry. This off-grid energy storage systems research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The off-grid energy storage systems market consists of revenues earned by entities by providing services such as backup power and uninterruptible power supply, charge management, frequency regulation and ancillary services, load management, and peak shaving. The market value includes the value of related goods sold by the service provider or included within the service offering. The off-grid energy storage systems market also includes sales of inverters, charge controllers, energy management systems, and thermal storage systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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