Off-grid Energy Storage Market in India 2017-2021
About Off-grid Energy Storage
Energy storage systems store surplus electricity that can be used during power shortages, blackouts, and peak hours of demand. Off-grid energy storage systems are decentralized structures designed for standalone power and help consumers in remote locations. These systems complement diesel generators or intermittent renewables sources by providing backup during low voltage or power outages.
Technavio’s analysts forecast the off-grid energy storage market in India to grow at a CAGR of 15.17% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the off-grid energy storage market in India for 2017-2021. To calculate the market size, the report considers the new installations and exclude aftermarket.
Technavio's report, Off-Grid Energy storage market in India 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Off-Grid Energy storage market in India2017-2021
Technavio recognizes the following companies as the key players in the off-grid energy storage market in India: Delta Electronics, Exide Industries, NEC Energy Solutions, and Su-Kam Power Systems
Other Prominent Vendors in the market are: ABB, Amara Raja, Luminous Power Technologies, Panasonic India, Saft, Samsung SDI, Schneider Electric, and Trojan Battery Company.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Need for reducing CO2 emissions. Diesel mini-grid systems are common in remote areas where access to grid power is unreliable or non-existent. The cost of electricity generated is dependent on the cost of diesel and the maintenance cost incurred. However, in an off-grid scenario, the cost incurred is higher than just the price available at pump prices. This is due to the fact that diesel has to be delivered to the location, which can be a challenge. The transportation cost is added to the cost of the diesel, keeping the cost per kWh on the higher side.”
According to the report, one of the major drivers for this market is Need for electrification. Electricity consumption is proportional to the economic development of a country. Though it is a complex relationship, electricity is a pre-requisite and a strategic component necessary for economic growth, driving infrastructure and social development.
Further, the report states that one of the major factors hindering the growth of this market is High capital requirement. To have a sustainable and reliable off-grid source of power, it is highly necessary to have power source to charge the battery. Usually, solar is paired with a battery as solar is abundant in nature and is freely available. The solar system would charge the battery with the power discharged from the battery as and when required. In the alternative scenario where diesel generators are used, solar systems can be retrofitted with an energy storage system so that diesel generators can be used to charge the battery with the battery supplying the power when needed.
Delta Electronics, Exide Industries, NEC Energy Solutions, and Su-Kam Power Systems, ABB, Amara Raja, Luminous Power Technologies, Panasonic India, Saft, Samsung SDI, Schneider Electric, and Trojan Battery Company.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook