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Global Off-grid Energy Storage Market 2015-2019

Global Off-grid Energy Storage Market 2015-2019

Market outlook of the global off-grid energy storage market

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.

Technavio’s 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.

Competitive landscape and key vendors

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.

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 region’s 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.

Key questions answered in the report include
  • 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?
Technavio also offers customization on reports based on specific client requirement.

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Press Release

Technavio Announces the Publication of its Research Report – Global Off-grid Energy Storage Market 2015-2019

Technavio recognizes the following companies as the key players in the Global Off-grid Energy Storage Market: Aquion Energy, Green Charge, LG Chem, NEC Energy Solutions and NRG Energy

Other Prominent Vendors in the market 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.

Commenting on the report, an analyst from Technavio’s team said: “The increasing demand for Li-ion batteries is driving manufacturers to adopt next-generation technology batteries for renewable energy storage. The Li-ion battery market is experiencing major changes by adopting high-energy silicon electrodes in place of conventional graphite ones. The new type of silicon electrode based Li-ion batteries offer long lasting energy. However, these batteries shrink and swell as the battery is used and recharged, and that causes the battery to fall apart.”

According to the report, Frequency regulation is the novel technology in ESS and is the major economic driver in the case of grid storage. This enables the power producers to generate electricity at a lower price and helps them in achieving the economies of scale. Frequency regulation in ESS helps in replacing the maintenance of the power grid frequency of 60 Hz by enabling charging and discharging of ESS.

Further, the report states that manufacturers are required to look at the intended and unintended use of battery packs by consumers. Adherence to specific standards adds to the costs, which deters manufacturers from investing more into the market.

Companies Mentioned

Aquion Energy, Green Charge, LG Chem, NEC Energy Solutions, NRG Energy, 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, Xtreme Power Inc.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
      • Table Product offerings
  • Market research Methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
  • Market landscape
    • Market overview
    • Market size and forecast
      • Table Global off-grid energy storage market 2014-2019 ($ billions)
    • Five forces analysis
      • Table Five forces analysis
  • Market segmentation by technology
    • Global off-grid energy storage market by technology 2014
      • Table Global off-grid energy storage market by technology 2014
    • Global off-grid energy storage market by technology 2019
      • Table Global off-grid energy storage market by technology 2019
      • Table Global off-grid energy storage market by technology 2014-2019
    • Global off-grid energy storage market by Li-ion batteries
      • Table Global off-grid energy storage market by Li-ion batteries 2014-2019 ($ billions)
    • Global off-grid energy storage market by lead-acid batteries
      • Table Global off-grid energy storage market by lead-acid batteries 2014-2019 ($ billions)
    • Global off-grid energy storage market by sodium-based batteries
      • Table Global off-grid energy storage market by sodium-based batteries 2014-2019 ($ billions)
  • Geographical segmentation
    • Global off-grid energy storage market by geographical segmentation 2014
      • Table Global off-grid energy storage market by geographical segmentation 2014
    • Global off-grid energy storage market by geographical segmentation 2019
      • Table Global off-grid energy storage market by geographical segmentation 2019
      • Table Global off-grid energy storage market by geographical segmentation 2014-2019
    • Off-grid energy storage market in Americas
      • Table Off-grid energy storage market in Americas 2014-2019 ($ billions)
    • Off-grid energy storage market in EMEA
      • Table Off-grid energy storage market in EMEA 2014-2019 ($ billions)
    • Off-grid energy storage market in APAC
      • Table Off-grid energy storage market in APAC 2014-2019 ($ billions)
  • Market drivers
    • Table Frequency regulation projects for ESS in US (MW)
    • Table Requirements of various energy services
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
    • Table Characteristics of different batteries
  • Vendor landscape
    • Competitive scenario
    • Other prominent vendors
  • Key vendor analysis
    • Aquion Energy
    • Green Charge
      • Table Green Charge: Products and services
    • LG Chem
      • Table LG Chem: Business segmentation by revenue 2014
      • Table LG Chem: Business segmentation by revenue 2013 and 2014 ($ billions)
      • Table LG Chem: Geographical segmentation by revenue 2014
    • NEC Energy Solutions
    • NRG Energy
      • Table NRG Energy: Business segmentation 2014 by revenue
      • Table NRG Energy: Business segmentation by revenue 2013 and 2014 ($ billions)
  • Appendix
    • List of abbreviation
  • Explore Technavio

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