Off-grid energy storage market to hit $18.31b by 2029

The highest growth is expected in APAC.

The global market for off-grid energy storage systems is projected to reach $18.31b by 2029 with a compound annual growth rate of 13.4%.

According to The Business Research Company (TBRC), this growth can be associated to factors such as increased investments in the conceptualisation and production of battery energy storage systems (BESS) technology, the escalating requirement for backup power, the growing adoption of microgrids, and the escalating demand for trustworthy and cost-effective energy solutions in remote and rural regions.

The rise in awareness and desire for energy autonomy, and the surging demand from residential consumers, contribute to this growth.

The market reached $9.83b in 2024, with North America leading the regions. However, during the forecast period, the region predicted to witness the highest growth rate is the Asia-Pacific.

“The projected growth of the off-grid energy storage systems market is expected to be fueled by rising adoption of renewable energy sources. Natural replenishment of renewable energy sources such as solar, wind, and hydropower is one of the factors influencing their adoption,” the company said.

Other factors include social contagion, decentralised energy production, corporate commitments, awareness of public health, and attempts to mitigate climate change.

Key players are also investing in the creation of innovative technologies, like green backup power solutions, to improve energy self-sufficiency, boost system productivity, and ensure dependable power supply in remote and underprivileged regions.

“Such green backup power utilities propose a durable and trustworthy replacement to conventional power systems, utilising renewable sources such as solar and wind along with advanced energy storage methodologies,” TBRC said.