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Technavio's market study identifies the need for electrification to be one of the primary growth factors for the off-grid energy storage market in India. Electricity consumption is imperative for economic growth, driving infrastructure and social development. Majority of the population residing in developing countries and rural area lack access to grid power, that impacts the economic growth of the country. Grid extension has high operational cost and demands for high investment. Consequently, remote locations are utilizing limited grid connectivity in addition to, diesel generators and energy storage systems. The market analysts estimate that the market will grow steadily at a CAGR of more than 15% by 2021.
The cost of diesel is higher in remote locations due to the added high cost of transportation, that additionally influences the cost of electricity. Burning diesel also emits noisy carbon emissions into the atmosphere. Solar photovoltaic (PV) technology produces clean and renewable solar power that creates minimal noise while under operation. The operating time of diesel generators can be reduced significantly by hybridizing power systems, whihc will consequently reduce CO2 emissions. Our market research analysts predict that the rising need for reducing CO2 emissions will be one of the key trends that will gain tractiion in the off-grid energy storage market in India during the next few years.
The off-grid energy storage market in India is highly fragmented due to the presence of a large number of international, regional, and local vendors. Vendors will compete intensely by offering advanced and differentiated products, and the smaller vendors offer high quality at lower prices to compete with the larger players. The solar energy storage market offers high growth potential that attracts new entrants.
The leading vendors in the market are
The other prominent vendors in the market are ABB, Amara Raja, Luminous Power Technologies, Panasonic India, Saft, Samsung SDI, Schneider Electric, and Trojan Battery Company.
Majority of the population residing in India have limited access to grid power, that encourages the consumers to adopt off-grid energy solutions such as solar home systems. Solar home systems are economically viable for remote locations and highly suitable to cater to the growing demand as they utilize renewable resources, contributing to the growth of the residential segment in the solar energy storage market in India.
Lead acid batteries can be segmented into flooded batteries that are used in deep-cycle applications, and VRLA batteries are suitable for standby power with low depth of discharge characteristics. Additionally, factors such as advances in related technology have increased battery life cycle, charge acceptance, high efficiency, discharge performance, and low upfront costs will influence the growth of the lead-acid battery segment.
Key questions answered in the report include
Off-grid systems are stand-alone power systems that provide power or electricity to a smaller community. This market research report on the off-grid energy storage market in India by Technavio is an important part of the energy portfolio and offers insights into the major trends and market drivers persua
ding the growth of the energy storage industry. The market research experts at Technavio also consider the market forecast, market size, and increasing demand for various energy storage products and services and offer a comprehensive picture of the off-grid energy storage market in India for the estimated period of 2017-2021.
This upcoming market research report on the off-grid energy storage market in India covers vendors like Su-Kam Power System, Panasonic, and EXIDE industries limited. As per our market research experts, declining cost of solar PV and increasing need for rural electrification may influence the demand for off-grid energy storage market in India in the coming years.
Our market research analysis includes qualitative and quantitative research techniques like vendor analysis, drivers, challenges, and trend analysis. Moreover, an analysis of the market share and market size using statistical models is also carried out to help clients develop effective growth strategies and keep pace with the frequently changing market landscape.
The upcoming industry report on the off-grid energy storage market in India also offers insights into fast-growing segments within the energy industry, including sectors like oil and gas and water and waste management. Additionally, this report also presents insights into the varying competitive landscape to give clients a realistic picture of the future direction of the industry.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user
PART 07: Market segmentation by technology
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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