Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The Mobile Energy Storage System Market size is anticipated to grow due to the increasing global power and electricity consumption. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Mobile Energy Storage System Market, 2022-2029”. Furthermore, a mobile energy storage system is a stand-alone unit utilizing renewable energy to offer power backup in high-demand regions. It is modular and can be connected to the power grid. They generate electricity for both grid and off-grid uses.
Industry Developments
March 2021: Nomad Transportable Power Systems (NOMAD) is a joint venture between Northern Reliability Inc. (NRI) and KORE Power to deliver transportable energy storage systems based on renewable energy to various businesses in the U.S.
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Drivers & Restraints –
Rising Environmental Concerns to Drive the Market
Industrialization and urbanization have resulted in a substantial increase in the need for dependable power sources. Increased use of electronic and electric devices in both rural and urban regions adds to the need for power. The current electricity grid infrastructure is outdated and requires digitization and technical progress. Furthermore, the global mobile energy storage system market share is expected to be driven by increased environmental issues and the desire to minimize carbon footprints during the projection period.
The primary commercial limitation of mobile energy storage systems is their high initial costs. Additionally, the mobile energy storage system industry’s growth is being hampered by a lack of understanding of the benefits of mobile energy storage devices in emerging countries.
COVID-19 Impact -
The COVID-19 pandemic impacted almost all sectors around the globe, including the mobile energy storage system industry. Due to major disruptions in enterprises and the global economy, the predicted growth of numerous application sectors of the market is expected to drop as a result of COVID-19, which is restricting the supply of batteries and other components as well as adoption. The energy industry's supply chain, notably renewable energy technologies and battery energy storage systems, has been disrupted by the current scenario.
Furthermore, stringent government mandates and policies like social distance and slashing staff by a certain percentage at workplaces resulted in disturbing the manufacturing and supply chain that eventually led to having a negative impact on the industry.
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Segmentation -
On the basis of product, the mobile energy storage system industry is divided into sodium-based batteries, lithium-ion batteries, lead-acid batteries, and others. On the basis of application, the market is divided into commercial, industrial, commercial, and others. Geographically, the market is classified into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Report Coverage –
The report delivers data on the mobile energy storage system industry in all of its aspects. The report determines the market's size and growth potential across several sectors, such as application and region. It also offers insights on the COVID-19 impact, analysis of key market players, including company profiles, significant observations pertaining to product and business offerings, recent advancements, and key market strategies to meet growing market demand during the current pandemic.
Regional Insights –
Asia Pacific to Dominate the Market Owing to Increased Industrialization
Due to the rising urbanization and industrialization in evolving countries such as China and India, Asia Pacific region accounted for the largest global market share. Furthermore, the rising expansion of renewable energy is another factor driving the region's growth.
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The increasing adoption of renewable energy to meet industrial power demand, North America is the swiftly expanding region for the worldwide mobile energy storage system market. The North American industry is likewise expanding rapidly as government laws to monitor industries' carbon footprints in Canada and the U.S. become more stringent.
Lastly, due to the region's growing environmental concerns, Europe, the Middle East & Africa are likely to increase as well.
Competitive Landscape-
Key Players to Invest in Research & Development Activities
To strengthen their offerings in the industry, key players in the market such as Greener, Edison Energy, RES, and others are extensively using organic growth tactics such as collaborations, new product releases, agreements, and contracts.
List of Key Players in the Market:
- 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.
- aft
- Delta Electronics
Mobile Energy Storage System Market Segmentation:
By Product
- Lead–Acid Batteries
- Lithium-ion Batteries
- Sodium-based Batteries
- Others
By Application
- Residential
- Commercial
- Industrial
- Others
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