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Mobile energy storage systems are stand-alone modular devices that utilize renewable energy resources to provide power backup in places during peak demand by connecting to the power grid. They provide electricity to a grid and for off-grid applications as well. The increasing power and electricity consumption all over the world has created a demand for mobile energy storage systems.
Based on the product, the market is classified into lead-acid batteries, lithium-ion batteries, sodium-based batteries, and others. The lithium-ion battery segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period, as they are extremely affordable and have a very long-lasting life. The ease of accessibility is a major contributor to the market share of the lithium-ion battery segment.
Based on the application, the global market is classified into residential, commercial, industrial, and others. The industrial segment accounted for the major share in the market. There is a massive power requirement in industries like manufacturing and construction. The portability characteristic of the mobile energy storage systems makes it extremely useful in case of peak power demand. As they utilize renewable energy resources, they help reduce the carbon footprint of industries, proving to be extremely useful.
Due to the increased urbanization and industrialization, there is a huge surge in demand for reliable power sources. The increase in electric and electronic gadgets in urban and rural areas further fuels the electricity demand. The existing power grid infrastructure is obsolete and in need of digitization and technological advancement. The rising environmental concerns and the need to reduce carbon footprints are the factors that are likely to drive the global mobile energy storage system market during the forecast period.
The key market restraint for the market is the high initial cost of mobile energy storage systems. Also, inadequate awareness in developing nations of the utility of mobile energy storage systems is affecting the growth of the market.
Key Market Driver -
Worldwide surge in the demand for electricity and power
Key Market Restraint -
High Initial Cost
Some of the major companies in the mobile energy storage systems market are Edison Energy, Greener, RES, LG Chem, Panasonic, NEC Energy Solutions, NRG Energy, Amperex Technology Limited ATL, Boston-Power, China Aviation Lithium Battery Co., Ltd, Greenchoice, GE Renewable Energy, Aquion, Inc., Saft, and Delta Electronics.
The global mobile energy storage system market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific accounted for the major share of the global market due to rising power and electricity demand due to increased industrialization and urbanization in developing nations like India and China. The Asia Pacific market is also increasing due to the growing expansion of renewable energy power generation. North America is the fastest-growing region for the global mobile energy storage system market, owing to the rising adaptation of renewable energy for satisfying the industrial power demand. The North American market is also growing significantly due to the growing government regulations to monitor the carbon footprints of the industries in the U.S. and Canada. Europe and Middle East & Africa region is also expected to grow, owing to the rising environmental concerns in the region.
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