This industry research report presents detailed segmentation of the global off-grid energy storage market by technology (Li-ion battery, sodium-based battery, lead-acid battery, and others) and by geography (Americas, EMEA, APAC). The report also presents a detailed analysis of the key vendors like Aquion Energy, Green Charge, LG Chem, NEC Energy Solutions, and NRG Energy.
Technavio’s market research analysts estimate the global off-grid energy storage market to grow at a CAGR of around 7% between 2015 and 2019. 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. The Americas lead the global market for off-grid energy storage, occupying around 49% of the overall market revenue. 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.
The new market research report from Technavio provides a breakdown and analysis of the off-grid energy storage segments by technology.
“With surging demand for li-ion batteries, the manufacturers are adopting next-generation technology batteries for renewable energy storage. They are using high-energy silicon electrodes combined with nanoparticles to offer long lasting energy. For instance, Amprius has developed batteries capable of storing twice as much energy as other batteries available. These batteries use nanostructured silicon electrodes, which allow portable electronics to run 40% longer without charging,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
Li-ion-based batteries are the largest revenue contributors to the off-grid energy storage market, occupying around 43% of the total market share. Rising fluctuations in the supply of and demand for electricity has incraesed the adopting of li-ion batteries, as these store more power. The renewable energy producers are preferring Li-ion-based batteries over other batteries owing to attributes such as discharge cycle life, energy, and power density.
The leading vendors in the global off-grid energy storage market include Aquion Energy, Green Charge, LG Chem, NEC Energy Solutions, and NRG Energy. 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.
A more detailed analysis is available in the Technavio report, Global Off-grid Energy Storage Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
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