Technavio Expects the Global Off-Grid Energy Storage Market to Exceed USD 13 Billion by 2019

According to the latest market research study released by Technavio, the global off-grid energy storage market is expected to exceed USD 13 billion by 2019, growing at a CAGR of over 7% during the forecast period.

This research report titled ‘Global Off-grid Energy Storage Market 2015-2019’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.

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The report segments the global off-grid energy storage market by technology and can be divided into three broad segments:

• Global off-grid energy storage market by Li-ion batteries
• Global off-grid energy storage market by lead-acid batteries
• Global off-grid energy storage market by sodium-based batteries

Global off-grid energy storage market by Li-ion batteries

The global off-grid energy storage market by Li-ion batteries is likely to exceed USD 6 billion by 2019, growing at a CAGR of over 8%.

The demand for Li-ion-based batteries in off-grid energy storage has increased over the years in response to rising fluctuations in the supply of and demand for electricity. Li-ion-based batteries store excess power and make this stored power available during peak hours of demand. The growth in off-grid renewable energy production, especially in wind and solar energy, in the past few years, has led to an increased need for off-grid energy storage. This growth can be mainly attributed to the increasing efficiency and the price fall of these batteries.

According to Vishu Rai, lead analyst at Technavio for energy storage research, “Li-ion-based batteries are the most suitable application for power management systems such as frequency regulation, electric energy time shift, and load leveling. These batteries play a vital role in the case of short discharges of under two hours and cannot handle deep discharges efficiently.”

The major manufacturing capacity of Li-ion cells is located in APAC countries like China, Japan, and South Korea, and is dominated by Samsung SDI, LG Chem, and Panasonic Corporation.

Global off-grid energy storage market by lead-acid batteries

The global off-grid energy storage market by lead-acid is likely to reach USD 4 billion by 2019, growing at a CAGR of over 6%.

Lead-acid batteries are a mature technology, and have been available in the market since the 1960s. These batteries are deployed extensively to support renewable energy deployment. Most of the solar PV installations use sealed valve-regulated lead-acid (VRLA) or flooded lead-acid batteries. Given the relative cost advantage of these batteries, they are widely adopted in the costly off-grid installations.

Additional innovations by adding carbon value to the lead-acid batteries help in increasing efficiency and overcoming the technical drawbacks related to short life cycle, slow charging, and maintenance requirements. However, these batteries offer relatively lower energy density compared to Li-ion batteries.

“Growth for these batteries can be attributed to the cost advantage when compared to the other batteries. The increased availability of the raw material required to manufacture lead-acid batteries is another factor driving the installations,” says Vishu.

Global off-grid energy storage market by sodium-based batteries

The global off-grid energy storage market by sodium-based batteries is predicted to exceed USD 2 billion by 2019, growing at a CAGR of over 6%.

Sodium sulfur batteries were developed in the 1970s and are the most mature composition in the battery industry. These batteries were considered to be the efficient batteries before the invention of Li-ion batteries. Sodium sulfur provides a storage time of around six hours and can overcome degradation of electrodes at high temperatures by liquefying NaS electrodes.

The growth of sodium-based batteries can be attributed to their low maintenance, increasing efficiency, and higher storage capacity. The technical upgradation of sodium sulfur batteries by adding electrodes enables the batteries to increase their life span and give more operational flexibility by eliminating the risk of accidental fire. Given the technical nature of operating at high temperatures provides sodium sulphur batteries a competitive advantage over other batteries. Sodium-based batteries play a vital role in the case of peak shaving and power quality aspects of off-grid energy storage.

Technavio’s energy analysts highlight the following five vendors as the top contributors to the global off-grid energy storage market:

• Aquion Energy
• Green Charge
• LG Chem
• NEC Energy Solutions
• NRG Energy

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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