Off-grid Energy Storage Market Overview, Growth, and Oppotunities by 2031

MARKET OVERVIEW

The growing deployment of renewable energy along with supportive government regulations are the key factors driving the market growth over the coming years. One of the most important drivers of utility-scale energy storage systems is the substantial growth in the amount of renewable energy being deployed around the globe. In addition, a paradigm shift towards a connected world and growing advancement in storage solutions are necessitating further developments in the off-grid energy storage market which helps drives the market growth over the forecast period.

MARKET SCOPE

The "Global Off-Grid Energy Storage Market Analysis to 2031" is a specialized and in-depth study of the energy storage products with a special focus on the global market trend analysis. The report aims to provide an overview of the off-grid energy storage market with detailed market segmentation by product, application and geography. The report provides key statistics on the market status of the leading off-grid energy storage market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

• On the basis of product the market is segmented into Lithium-ion Batteries, Lead-acid Batteries, Sodium-based Batteries, and Others
• On the basis application, the market is segmented as Residential Backup Power, Industrial UPS, Unattended Equipment, and Others

MARKET DYNAMICS

Drivers

• Increasing focus towards sustainable source of energy
• Favourable government regulations and renewable support programs drives the market growth

Restraints

• The high cost of energy storage systems restraints the market growth

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America. The off-grid energy storage market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the off-grid energy storage market in these regions.

IMPACT OF COVID-19 ON OFF-GRID ENERGY STORAGE MARKET

The emergence of the COVID-19 has severely impacted the energy storage industries, which resulted decline in the demand for off-grid energy storage in the year 2021. During the pandemic, the governments across the world were compelled to reduce the business activities in response to minimize the threat of coronavirus. Owing the decline in the business activities has further negatively impacted the battery storage solutions for the short term. The limited availability of spares and manpower for maintenance due to the pandemic is a major problem that affects the market growth. The shortage of raw materials, unavailability of distribution channel is affecting the production and sale of off-grid energy storage solutions. However, from the year 2021, the opening of the manufacturing industries had lead to higher demand for the off-grid energy storage solution. The growing demand for energy storage, new investments and rising demand for renewable energy and associated advantages of the off-grid energy storage solution during the pandemic recovering period is fuleing the demand for off-grid energy storage which in turn drives the market outlook.

MARKET PLAYERS

The report covers key developments in the off-grid energy storage market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in off-grid energy storage market are anticipated to get lucrative growth opportunities in the future owing increase in R&D investments.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the off-grid energy storage market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• Amperex Technology
• Aquion Energy
• Boston-Power
• EnerSys
• GE Renewable Energy
• Green Charge
• LG Chem
• Mitsubishi Heavy Industries
• NEC Energy Solutions
• NRG Energy

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Off-grid Energy Storage Report Scope