Lewes, DE -- (SBWire) -- 10/23/2017 --Report forecast the off-grid energy storage market in India to grow at a CAGR of 15.17% during the period 2017-2021.
Energy storage systems store surplus electricity that can be used during power shortages, blackouts, and peak hours of demand. Off-grid energy storage systems are decentralized structures designed for standalone power and help consumers in remote locations. These systems complement diesel generators or intermittent renewables sources by providing backup during low voltage or power outages.
The report covers the present scenario and the growth prospects of the off-grid energy storage market in India for 2017-2021. To calculate the market size, the report considers the new installations and exclude aftermarket.
According to the report, one of the major drivers for this market is Need for electrification. Electricity consumption is proportional to the economic development of a country. Though it is a complex relationship, electricity is a pre-requisite and a strategic component necessary for economic growth, driving infrastructure and social development.
Further, the report states that one of the major factors hindering the growth of this market is High capital requirement. To have a sustainable and reliable off-grid source of power, it is highly necessary to have power source to charge the battery. Usually, solar is paired with a battery as solar is abundant in nature and is freely available. The solar system would charge the battery with the power discharged from the battery as and when required. In the alternative scenario where diesel generators are used, solar systems can be retrofitted with an energy storage system so that diesel generators can be used to charge the battery with the battery supplying the power when needed.
Off-Grid Energy storage market in India 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the off-grid energy storage market in India: Delta Electronics, Exide Industries, NEC Energy Solutions, and Su-Kam Power Systems
Other Prominent Vendors in the market are: ABB, Amara Raja, Luminous Power Technologies, Panasonic India, Saft, Samsung SDI, Schneider Electric, and Trojan Battery Company.
Market driver
- Need for electrification
- For a full, detailed list, view our report
Market challenge
- High capital requirement
- For a full, detailed list, view our report
Market trend
- Need for reducing CO2 emissions
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2021 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
Spanning over 69 pages "Off-grid Energy Storage Market in India 2017 - 2021" report covers Executive summary, Introduction, Scope of the report, Research Methodology, Market landscape, Market segmentation by end-user, Market segmentation by technology, Decision framework, Drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.
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