Global Off-grid Energy Storage System Market to Surpass USD 15.45 Bn by 2031| Growth Market Reports

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Jun 08, 2023, 06:00 ET

PUNE, India, June 8, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Off-grid Energy Storage System Market Segments - By Type (Lithium-ion Battery, Lead-acid Battery, and Others), By Application (Family Backup Power, Industrial UPS, Unattended Equipment, and Others), By Sales Channel (Manufacturer/Distributor/Service Provider and Aftermarket), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was around USD 7.92 Bn in 2022 and is projected to reach USD 15.45 Bn by 2031, expanding at a CAGR of 7.7% during the forecast period, 2023-2031. The market growth is attributed to the rising demand for off-grid energy systems to provide energy for remote areas that are not connected to the main grid.

Key Market Players Profiled in the Report

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
ZEN Energy Systems New Zealand Limited

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include type, application, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

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Market Segment Highlights:

Based on region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is dominating as some governments across the region are focusing on increasing their investment in the energy sector to increase storage systems across the countries.

The market in Asia Pacific is anticipated to expand at a considerable CAGR during the forecast period with the emerging economies present in the region such as India and China focusing on increasing electrification plans for remote areas.

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Key Takeaways from the Study:

Off-grid systems are the ones that supply electricity to equipment when there is no utility to power available.
With the favorable government policies for the use of renewable energy and energy storage, the global market is expected to grow at a significant growth in the coming years.
Rising use of renewable energy sources by governments for industrial projects and other purposes is going to fuel market growth.
Off-grid energy storage systems help to provide energy to remote areas that are not connected to the main power grid. This is going to create new opportunities for global key players to expand their business in remote areas.
Based on Type, the market is segregated into lithium-ion batteries, lead-acid batteries, and others. The lithium-ion batteries segment is expected to hold a major share of the market due to the growing use of these batteries are cost-effective and lower in weight than other types.
Based on Application, the segment is divided into industrial UPS, family backup power, unattended equipment, and others. The family segment is anticipated to expand at a significant growth rate in the coming years as these off-grid energy storage systems are widely used for homes that are in remote places.

Read 259 Pages Research Report with Detailed TOC on "Global Off-grid Energy Storage System Market Segments - By Type (Lithium-ion Battery, Lead-acid Battery, and Others), By Application (Family Backup Power, Industrial UPS, Unattended Equipment, and Others), By Sales Channel (Manufacturer/Distributor/Service Provider and Aftermarket), and Region (North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Key Segments Covered

Type

Lithium-ion Battery
Lead-acid Battery
Others

Application

Family Backup Power
Industrial UPS
Unattended Equipment
Others

Sales Channel

Manufacturer/Distributor/Service Provider
Aftermarket

Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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