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Off-Grid Energy Storage System Market by Battery Type and Geography - Forecast and Analysis 2022-2026

  • Published: Oct 2022
  • Pages: 139
  • SKU: IRTNTR74573
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The off-grid energy storage system market share is expected to increase by USD 6.22 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7%.

This off-grid energy storage system market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the off-grid energy storage system market segmentations by battery type (Li-ion, LAB, sodium-based batteries, and others) and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The off-grid energy storage system (ESS) market report also offers information on several market vendors, including Amperex Technology Ltd., Aquion Energy, Boston Power, CALB Co. Ltd., CEA, EnerSys, Fronius International GmbH, General Electric Co, LG Energy Solution Ltd., Mitsubishi Heavy Industries Ltd., NEC Corp., NRG Energy Inc., Primus Power Solutions, Saft Groupe SAS, Samsung SDI Co. Ltd., Sonnen GmbH, Sumitomo Electric Industries Ltd., Toshiba Corp., Xtreme Power Inc., and ZEN Energy Retail Pty Ltd. among others.

What will the Off-Grid Energy Storage System Market Size be During the Forecast Period?

Off-Grid Energy Storage System Market Size

Download Report Sample to Unlock the Off-Grid Energy Storage System Market Size for the Forecast Period and Other Important Statistics

 

Off-Grid Energy Storage System Market: Key Drivers, Trends, and Challenges

Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the off-grid energy storage system market. During the COVID-19 pandemic, the off-grid energy storage system market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.

Key Off-Grid Energy Storage System Market Driver

Change in the energy mix is one of the key factors driving the off-grid energy storage system (ESS) market growth. Fossil fuels account for a major share of the global energy mix. However, burning fossil fuels for power generation increases the amount of GHG emissions released into the atmosphere. Due to the increase in GHG emissions, governments worldwide have started focusing on sustainable and renewable energy resources, such as solar, biomass, and wind, which help in reducing GHG emissions. This has resulted in the diversification of energy resources, with renewables increasingly accounting for a significant share of the global energy mix. Moreover, new regulatory mandates on the use of renewable energy resources by governments worldwide have also led to a change in the global energy mix. This, in turn, will drive market growth during the forecast period.

Key Off-Grid Energy Storage System Market Trend

The increased adoption of microgrids is one of the key off-grid energy storage system (ESS) market trends fueling the market growth. Microgrids are gaining popularity in commercial and industrial facilities where downtime of even a minute can cause significant monetary losses. Moreover, when natural disasters occur, they expose the fragility of the centralized grid architecture. Thus, governments worldwide are supporting the adoption of microgrids due to their strong endurance capabilities in times of natural calamities. This has spurred the adoption of microgrids among many communities to overcome power outages that occur during natural disasters. Such factors are expected to fuel the growth of the market during the forecast period.

Key Off-Grid Energy Storage System Market Challenge

The widening demand-supply disparity with regard to lithium is one of the factors challenging the off-grid energy storage system (ESS) market growth. Li-ion batteries are being used by several major EV manufacturers such as Honda, General Motors, Ford, and Nissan. Lithium is a metal that is mainly extracted from mines in Australia and South America. However, with the growing demand from the EV industry and other battery application segments, the exploration of new lithium reserves is being undertaken across the world. Although lithium reserves are available in abundance, new lithium mines need to become operational to meet the growing demand from the automotive battery sector. Hence, these factors are expected to hamper the growth of the market in focus during the forecast period to some extent.

This off-grid energy storage system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global off-grid energy storage system (ESS) market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the off-grid energy storage system market during the forecast period.

Who are the Major Off-Grid Energy Storage System Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Amperex Technology Ltd.
  • Aquion Energy
  • Boston Power
  • CALB Co. Ltd.
  • CEA
  • EnerSys
  • Fronius International GmbH
  • General Electric Co
  • LG Energy Solution Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • NEC Corp.
  • NRG Energy Inc.
  • Primus Power Solutions
  • Saft Groupe SAS
  • Samsung SDI Co. Ltd.
  • Sonnen GmbH
  • Sumitomo Electric Industries Ltd.
  • Toshiba Corp.
  • Xtreme Power Inc.
  • ZEN Energy Retail Pty Ltd.

 

This statistical study of the off-grid ESS market encompasses successful business strategies deployed by the key vendors. The off-grid ESS market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • nec.com - The company offers off-grid energy storage systems such as 9 MW medium-size self-contained energy storage systems.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The off-grid energy storage system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Off-Grid Energy Storage System Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the off-grid ESS market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Off-Grid Energy Storage System Market?

Off-Grid Energy Storage System Market Share by Geography

For more insights on the market share of various regions Request PDF Sample now!

42% of the market’s growth will originate from North America during the forecast period. The US is the key market for the off-grid energy storage system market in North America. Market growth in this region will be slower than the growth of the market in MEA.

The growing investments in ESS will facilitate the off-grid energy storage system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

The outbreak of COVID-19 hampered the growth of the regional market in 2020. However, the demand for off-grid ESS is expected to rise further in the coming years due to the ongoing construction of infrastructure and developments in North America. Hence, such factors are expected to fuel the growth of the regional market during the forecast period.

What are the Revenue-generating Battery Type Segments in the Off-Grid Energy Storage System Market?

Off-Grid Energy Storage System Market Share

To gain further insights on the market contribution of various segments Request a PDF Sample

The off-grid energy storage system market share growth by the Li-ion segment will be significant during the forecast period. The self-discharge rate of Li-ion batteries is also lower than most other battery chemistries, such as lead-acid batteries (LAB), nickel-cadmium (Ni-Cd) and nickel-metal hydride batteries (NiMH). These beneficial characteristics of Li-ion batteries contribute to their high preference. Such factors are expected to drive the growth of the Li-ion batteries segment of the market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the off-grid ESS market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Off-Grid Energy Storage System Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 7%

Market growth 2022-2026

$6.22 billion

Market structure

Fragmented

YoY growth (%)

6.8

Regional analysis

North America, APAC, Europe, South America, and the Middle East and Africa

Performing market contribution

North America at 42%

Key consumer countries

US, China, India, Germany, and France

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

Amperex Technology Ltd., Aquion Energy, Boston Power, CALB Co. Ltd., CEA, EnerSys, Fronius International GmbH, General Electric Co, LG Energy Solution Ltd., Mitsubishi Heavy Industries Ltd., NEC Corp., NRG Energy Inc., Primus Power Solutions, Saft Groupe SAS, Samsung SDI Co. Ltd., Sonnen GmbH, Sumitomo Electric Industries Ltd., Toshiba Corp., Xtreme Power Inc., and ZEN Energy Retail Pty Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Off-Grid Energy Storage System Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive off-grid energy storage system market growth during the next five years
  • Precise estimation of the off-grid energy storage system market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the off-grid energy storage system industry across North America, APAC, Europe, South America, and the Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of off-grid energy storage system market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Battery Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Battery Type

    • 5.1 Market segments
      • Exhibit 24: Chart on Battery Type - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Battery Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Battery Type
      • Exhibit 26: Chart on Comparison by Battery Type
      • Exhibit 27: Data Table on Comparison by Battery Type
    • 5.3 Li-ion - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Li-ion - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 29: Data Table on Li-ion - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 30: Chart on Li-ion - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Li-ion - Year-over-year growth 2021-2026 (%)
    • 5.4 LAB - Market size and forecast 2021-2026
      • Exhibit 32: Chart on LAB - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 33: Data Table on LAB - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 34: Chart on LAB - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on LAB - Year-over-year growth 2021-2026 (%)
    • 5.5 Sodium based batteries - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Sodium based batteries - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 37: Data Table on Sodium based batteries - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 38: Chart on Sodium based batteries - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Sodium based batteries - Year-over-year growth 2021-2026 (%)
    • 5.6 Others - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.7 Market opportunity by Battery Type
      • Exhibit 44: Market opportunity by Battery Type ($ billion)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 46: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 48: Chart on Geographic comparison
      • Exhibit 49: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 APAC - Market size and forecast 2021-2026
      • Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 China - Market size and forecast 2021-2026
      • Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.10 Germany - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.11 France - Market size and forecast 2021-2026
      • Exhibit 82: Chart on France - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 83: Data Table on France - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 84: Chart on France - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on France - Year-over-year growth 2021-2026 (%)
    • 7.12 India - Market size and forecast 2021-2026
      • Exhibit 86: Chart on India - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 87: Data Table on India - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 88: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 90: Market opportunity by geography ($ billion)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 91: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 93: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 94: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 95: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 96: Matrix on vendor position and classification
            • 10.3 Amperex Technology Ltd.
              • Exhibit 97: Amperex Technology Ltd. - Overview
              • Exhibit 98: Amperex Technology Ltd. - Product / Service
              • Exhibit 99: Amperex Technology Ltd. - Key offerings
            • 10.4 Aquion Energy
              • Exhibit 100: Aquion Energy - Overview
              • Exhibit 101: Aquion Energy - Product / Service
              • Exhibit 102: Aquion Energy - Key offerings
            • 10.5 Boston Power
              • Exhibit 103: Boston Power - Overview
              • Exhibit 104: Boston Power - Product / Service
              • Exhibit 105: Boston Power - Key offerings
            • 10.6 CALB Co. Ltd.
              • Exhibit 106: CALB Co. Ltd. - Overview
              • Exhibit 107: CALB Co. Ltd. - Product / Service
              • Exhibit 108: CALB Co. Ltd. - Key offerings
            • 10.7 EnerSys
              • Exhibit 109: EnerSys - Overview
              • Exhibit 110: EnerSys - Business segments
              • Exhibit 111: EnerSys - Key news
              • Exhibit 112: EnerSys - Key offerings
              • Exhibit 113: EnerSys - Segment focus
            • 10.8 General Electric Co
              • Exhibit 114: General Electric Co - Overview
              • Exhibit 115: General Electric Co - Business segments
              • Exhibit 116: General Electric Co - Key news
              • Exhibit 117: General Electric Co - Key offerings
              • Exhibit 118: General Electric Co - Segment focus
            • 10.9 LG Energy Solution Ltd.
              • Exhibit 119: LG Energy Solution Ltd. - Overview
              • Exhibit 120: LG Energy Solution Ltd. - Product / Service
              • Exhibit 121: LG Energy Solution Ltd. - Key offerings
            • 10.10 Mitsubishi Heavy Industries Ltd.
              • Exhibit 122: Mitsubishi Heavy Industries Ltd. - Overview
              • Exhibit 123: Mitsubishi Heavy Industries Ltd. - Business segments
              • Exhibit 124: Mitsubishi Heavy Industries Ltd. - Key news
              • Exhibit 125: Mitsubishi Heavy Industries Ltd. - Key offerings
              • Exhibit 126: Mitsubishi Heavy Industries Ltd. - Segment focus
            • 10.11 NEC Corp.
              • Exhibit 127: NEC Corp. - Overview
              • Exhibit 128: NEC Corp. - Business segments
              • Exhibit 129: NEC Corp. - Key news
              • Exhibit 130: NEC Corp. - Key offerings
              • Exhibit 131: NEC Corp. - Segment focus
            • 10.12 NRG Energy Inc.
              • Exhibit 132: NRG Energy Inc. - Overview
              • Exhibit 133: NRG Energy Inc. - Business segments
              • Exhibit 134: NRG Energy Inc. - Key offerings
              • Exhibit 135: NRG Energy Inc. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 136: Inclusions checklist
                • Exhibit 137: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 138: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 139: Research methodology
                • Exhibit 140: Validation techniques employed for market sizing
                • Exhibit 141: Information sources
              • 11.5 List of abbreviations
                • Exhibit 142: List of abbreviations

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
              Interested in this report?
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              Off-Grid Energy Storage System market growth will increase by $6.22 billion during 2022-2026.
              The off-grid energy storage system market is expected to grow at a CAGR of 7% during 2022-2026.
              Technavio has segmented the off-grid energy storage system market by battery type (Li-ion, LAB, sodium-based batteries, and others) and geographic (North America, APAC, Europe, South America, and Middle East and Africa).
              Amperex Technology Ltd., Aquion Energy, Boston Power, CALB Co. Ltd., CEA, EnerSys, Fronius International GmbH, General Electric Co, LG Energy Solution Ltd., Mitsubishi Heavy Industries Ltd., NEC Corp., NRG Energy Inc., Primus Power Solutions, Saft Groupe SAS, Samsung SDI Co. Ltd., Sonnen GmbH, Sumitomo Electric Industries Ltd., Toshiba Corp., Xtreme Power Inc., ZEN Energy Retail Pty Ltd. are a few of the key vendors in the off-grid energy storage system market.
              North America will register the highest growth rate of 42.22% among the other regions. Therefore, the off-grid energy storage system market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the off-grid energy storage system market growth are:
              • Change in energy mix
              • Increased adoption of microgrids
              The off-grid energy storage system market vendors should focus on grabbing business opportunities from the li-ion segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Five-force market analysis

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