Global Off-grid Energy Storage System Market 2016-2020
About Off-Grid Power Generation Systems
Off-grid power generation systems are generally used when there are capital limitations or the physical landscape makes it tough to have a grid connection. Off-grid energy storage systems are used in localities that are far away from populated areas or cities and not connected to any electricity grid. In these regions, despite the presence of independent power supply providers, electricity is not available 24/7 to consumers. This creates a demand for energy storage systems that aid in storing electricity for future use during power outages.
Technavio’s analysts forecast the global off-grid energy storage system market to grow at a CAGR of 6.657% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global off-grid energy storage system market for 2016-2020. To calculate the market size, the report considers the revenue generated by the demand for energy storage for off-grid systems for application by end-users in each region and their corresponding key countries.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Off-Grid Energy Storage System Market 2016-2020
Technavio recognizes the following companies as the key players in the global off-grid energy storage system market: Aquion Energy, Green Charge, LG Chem, NEC Energy Solutions, and NRG Energy.
Other Prominent Vendors in the market are: Amperex Technology, Boston Power, China Aviation Lithium Battery, EnerSys, GE Energy Storage, Mitsubishi Heavy Industries, Primus Power, SAFT, Sumitomo Electric Industries, Toshiba, and Xtreme Power.
Commenting on the report, an analyst from Technavio’s team said: “Emergence of new energy technologies will be a key trend for market growth. Companies are focused on the advances of battery storage technology. They are investing heavily in R&D departments so that with new technologies they can reduce the battery costs, which is a major issue for the battery energy storage system market. Battery energy storage systems have encountered many breakthroughs and technological advances that result in reduction of cost and increase the efficiency of batteries.”
According to the report, the use of off-grid energy storage technologies reduces losses and improves the efficiency of power plants. In addition, the use of off-grid storage technologies makes transmission and distribution more flexible and can help to meet the peak demand and increase the system efficiency. Therefore, growing power consumption is one of the major drivers for global off-grid energy storage system market.
Further, the report states that decline in diesel prices will be a challenge for the market. One of the main reasons for opting off-grid battery systems is to reduce the cost and dependency on diesel; however, since 2012, there has been a year-over-year decline in diesel prices, which is negatively impacting the growth of global off-grid energy storage system market. As the diesel cost per liter decreases, the value proposition for switching to the off-grid hybrid system also decreases, increasing the payback period.
Aquion Energy, Green Charge, LG Chem, NEC Energy Solutions, NRG Energy, Amperex Technology, Boston Power, China Aviation Lithium Battery, EnerSys, GE Energy Storage, Mitsubishi Heavy Industries, Primus Power, SAFT, Sumitomo Electric Industries, Toshiba, and Xtreme Power.
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