According to a recent market study published by Growth Market Reports, titled, “Global Off-grid Energy Storage System Market by Type, by Application, by Sales Channel, and by Region: Size, Share, Trends and Opportunity Analysis, 2019-2030”, the market was valued at USD 7,362.6 Million in 2021 and is expected to expand at a growth rate of around 7.7 % by 2030.

Off-grid power energy storage system offers electricity to machinery or equipment in the absence of utility power. The off-grid energy storage system is designed and located in remote or isolated places. An off-grid solar energy system is designed to function independently without a grid system. The system relies on energy production collected by solar panels, generators, or hydroelectric systems, which is then collected and stored in batteries. The power is then supplied with energy stored by batteries to desired places systems are purposely designed for providing benefits to remote or rural areas, where it is comparatively expensive for users to connect to the main grid.

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The COVID-19 outbreak has had a significant impact on off-grid energy storage systems. Restrictions imposed by governments during the pandemic impacted the manufacture and installation of solar energy storage systems for residential and industrial users. Companies faced various challenges in the manufacture of off-grid energy storage systems, owing to the shutdown of factories and lack of workforce. Lockdowns implemented during the pandemic impacted the global manufacturing sectors. Additionally, these lockdowns significantly disrupted supply chain activities and reduced the production of commodities, goods, and services. Various industries registered declining growth in 2020.

A supply chain is a network of companies, suppliers, manufacturers, and distributors involved in the creation and sale of a product to the final buyers. This network includes different activities, information, entities, people, and resources. Entities involved in the supply chain include manufacturers, vendors, warehouses, transportation firms, distribution centers, and retailers. The presence of major suppliers and wholesalers, adoption of technologies, availability of raw materials, and presence of an integrated logistics industry are some factors that strengthened the supply chain in developed regions.

Key Takeaways from the Study:

  • The players in the global Off-grid Energy Storage System market include AEG Power Solutions, EnerSys, Enphase Energy, Fronius International GmbH, Lento Industries Pvt. Ltd., LG Chem, PR INDUSTRIAL srl, Saft, Selectronic, Sumitomo Electric Industries, Ltd., TESVOLT AG, Tianneng rechargeable battery manufacturers, Victron Energy B. V, and ZEN Energy Systems New Zealand Limited.
  • Market Players are adopting key strategies such as product launches, acquisitions, collaborations, and geographic expansion where a potential opportunity arises for the off-grid energy storage system solution market.
  • Selectronic Australia Pty Ltd and BayWa r.e, Australia Pty Ltd entered into a distribution partnership. Selectronic Australia Pty Ltd., Integrated BayWa r.e. Australia Pty Ltd into its distributor network, operating solely in West Australia. BayWa r.e. has become a preferred partner for many installers and contractors in West Australia, as it is a key supplier to the solar distribution market since early 2017.
  • Based on type, the global off-grid energy storage system solution market is segmented into lithium-ion batteries, lead-acid batteries, and others. The lead-acid battery segment is projected to expand at a significant CAGR during the forecast period, due to the increasing adoption of lead-acid technologies in off-grid energy storage systems.
  • Based on application, the global off-grid energy storage system is divided into family backup power, industrial UPS, unattended equipment, and others. The industrial UPS segment holds a significant share of the market in 2021 and is projected to expand at a significant CAGR during the forecast period, due to the increase in the usage of the renewable off-grid storage system in industrial UPS systems.
  • In terms of demand by sales channel, the global off-grid energy storage system solution is segmented into manufacturer/distributor/service provider and aftermarket. The manufacturer/distributor/service provider segment is expected to hold a considerable share of the market during the forecast period, due to the high demand for off-grid energy storage systems and the rise in installation services of these off-grid batteries.
  • Based on region, the global off-grid energy storage system market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, owing to an increase in electrification plans for remote areas and providing access to the uninterrupted power supply in such areas. For instance, in 2020, Energies used renewable energy storage batteries such as lithium-ion and lead-acid battery technologies for the electrification of remote areas in India. This has improved access to electricity in rural areas at an affordable rate.

Report  Scope

Report Metric

Details

Market Value in 2021

US$ 7,362.6 Million

Market Growth Rate (from 2022 to 2030)

7.7%

Historical Data

2015 to 2020

Base Year

2021

Forecast Period

2022 - 2030

Units Considered

Value (US$ Million)

Market Segments

By Type, By Application, By Sales Channel, and by Region

Key Companies Profiled

AEG Power Solutions, EnerSys, Enphase Energy; Fronius International GmbH, Lento Industries Pvt. Ltd, LG Chem, PR INDUSTRIAL srl, Saft, Selectronic,  Sumitomo Electric Industries, Ltd., TESVOLT AG, Tianneng rechargeable battery manufacturers; Victron Energy B. V and ZEN Energy Systems New Zealand Limited.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturers and Distributors
  • Demand Side: Residential, Industrial sectors
  • Regulatory Side: Concerned Government Authorities, and Other Approved Regulatory Bodies
  • Associations and Industry Bodies: National Institution for Transforming India, India Smart Grid Forum, Department of Energy, and others.