The report states that the market will exhibit a promising 15% CAGR from 2017 to 2021. The impressive future growth prospects of the India off-grid energy storage market are attributed chiefly to the increased demand for regular electrification in the emerging economy. Regular electricity being one of the most important factors for the healthy economic growth of any economy, allowing for promising growth of the infrastructure development and social development sectors, its demand has remained high in the country over several decades. As a large population of the country resides in rural areas and lacks access to grid electricity, the demand and adoption of alternative and off-grid energy solutions has swelled. This has led to the increased usage of off-grid energy storage systems in the country.
While diesel generators are a good source of energy for remote places with lack of grid connectivity, factors such as the high cost of diesel and the negative impact of its diesel burning on the environment owing to harmful emissions are compelling users to consider cleaner and cheaper energy solutions such as solar photovoltaic technology. In the next few years, the solar PV technology is projected to account for a massive share in the off-grid power market in the country and will emerge as one of the key drivers of the India off-grid energy storage market.
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On the basis of end-user, the report segments the India off-grid energy storage market into residential and non-residential users. As a significant share of India’s population has limited access to grid power, the demand for off-grid energy solutions such as solar home power across the residential sector has consistently increased in the recent past. The increased adoption of solar home systems, an economically and environmentally viable clean energy solution for remote locations, will translate in the increased adoption of off-grid energy storage solutions in the residential sector in the country in the near future.
The report segments the India off-grid energy storage market on the basis of technology into lead-acid battery and li-ion battery. Of these, the segment of lead acid batteries is further segmented into flooded batteries that find usage in deep-cycle applications and VRLA batteries that are most suited to powering devices with a low level of discharge function. The segment has remained the top grosser in the past few years and continues to account for a significant share of the overall market. With vast improvements in aspects such as battery life, efficiency, charge acceptance, discharge performance, and reducing costs, lead-acid batteries will continue to witness demand at a splendid pace in the India off-grid energy storage market over the report’s forecast period as well.
The report states that the India off-grid energy storage market has a largely fragmented vendor landscape, featuring a large number of regional, domestic, and international vendors. As the level of competition is high in the market, companies compete with their peers by offering innovative, technologically advanced, and differentiated products. Smaller vendors compete by supplying high quality products at economical costs. The market offers low hindrance and high potential to new entrants.
Some of the leading players in the market are NEC Energy Solutions, Exide Industries, Delta Electronics, Su-Kam Power Systems, Samsung SDI, ABB, Trojan Battery Company, Amara Raja, Panasonic India, Saft, Schneider Electric, and Luminous Power Technologies.
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