Wilmington, Delaware, United States, July 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global mobile energy storage systems market is anticipated to grow at a 10.4% CAGR from 2023 to 2031. A market valuation of US$ 13 billion is expected by end of the forecast period.
The rising demand for energy has led to the increasing popularity of mobile energy storage systems, driving market growth. These systems offer multiple benefits, including providing backup power to storm-prone areas, additional power generation, energy storage services on short notice or for short-term contracts, and improved efficiency for diesel generators.
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Mobile Energy Storage Systems Market: Prominent Players
The global market for mobile energy storage systems is characterized by several regional and global entities. Some key mobile energy storage systems providers profiled by TMR include:
Quanta Technology, Power Edison, Socomec, Hamedata Technology, Renewable Energy Systems Ltd, NEC Corporation, Aggreko, and Jauch Quartz America, Inc.
Prominent developments in the mobile energy storage systems market domain by key players are as follows:
- In September 2022, Quanta Services, Inc. acquired Blattner Holding Company (Blattner), the largest utility-scale renewable energy infrastructure solutions provider in North America.
- In August 2022, Nomad Transportable Power Systems, a company founded by the United States-based battery manufacturer KORE Power, introduced a portfolio of energy storage systems.
- In July 2022, Renewable Energy Systems Ltd. successfully constructed the first DC/DC retrofit battery energy storage system in Virginia.
- In March 2022, Greener Power Solutions ordered 20 more mobile battery systems from Alfen, a leading provider of smart energy solutions.
The global rise in public awareness about greenhouse gases is fueling the demand for mobile energy storage systems, which predominantly serve as storage solutions for renewable energy sources. As the world shifts towards renewable power generation technologies, the mobile energy storage market is projected to experience substantial growth in the forecast period.
Mobile energy is built upon decentralized power generation technology, presenting a cost-effective, reliable, and promising alternative for the future of energy generation and distribution. These systems are characterized by their strength, flexibility, modularity, and reliability, making them valuable electric capacity resources that cater to a wide range of electricity-related services. These attributes are anticipated to drive market growth significantly throughout the forecast period.
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Key Takeaways from the Market Report
- The global mobile energy storage systems market is expected to be worth US$ 5.86 billion in 2023.
- From 2023 to 2031, the market is estimated to grow with a CAGR of 10.4%.
- In terms of capacity, the below 3000 KWh segment is expected to dominate the market by accumulating over 69.8% market share in 2023, while generating sales with a CAGR of 11.3% during the forecast period.
- By battery type, lithium-ion batteries are expected to generate substantial revenue while growing at a CAGR of 13% during the forecast period.
- As per TMR projections, the demand for mobile energy storage systems in United Kingdom is expected to rise with a CAGR of 10.6% throughout the forecast period.
Mobile Energy Storage Systems Market: Growth Drivers & Trends
- The demand for mobile energy systems is expected to rise due to growing demand for electric vehicles.
- The increasing installations of renewable energy sources, coupled with government initiatives aimed at promoting clean energy technologies, serve as significant growth driving factors in the market.
- The trend of miniaturization and the widespread adoption of smart grids are poised to drive the demand for mobile energy storage systems in the forecast period.
- Surging demand for renewable energy sources is anticipated to fuel market growth.
- The growing requirement for alternative energy sources in the residential sector is expected to fuel market expansion.
Mobile Energy Storage Systems Market: Regional Analysis
- North America is expected to dominate the market by accumulating over 30.2% market share in 2023. The sales of mobile energy storage systems in the region are expected to increase with a CAGR of 10.1% during the forecast period. The region's rapid expansion is fueled by the increasing adoption of renewable energy to meet industrial power demand. Stringent government regulations monitoring carbon footprints in Canada and the United States are driving significant growth in the North American mobile energy storage market.
- Asia Pacific is expected to account for approximately 29.4% market share in 2023 and is expected to accumulate over 37.4% market share by end of the forecast period. The market in this region is projected to grow with an impressive CAGR of 10.3% during the forecast period. The significant market share in Asia Pacific is attributed to the increasing urbanization and industrialization in countries like China and India, along with the expanding adoption of renewable energy sources.
- The European market is expected to grow with a CAGR of 10.5% during the forecast period. This growth is primarily driven by the heightened adoption of electric vehicles in the United Kingdom, where the presence of EV manufacturers has had a positive impact on the market.
Mobile Energy Storage Systems Market- Key Segments
Capacity
- Below 3,000 KWh
- 3,000-10,000 KWh
- Above 10,000 KWh
Classification
- Towable Systems
- Float-in
- Others
Battery Type
- Lithium-ion
- Lead-acid
- Nickel-cadmium
- Others
System
- Off-grid
- On-grid
Application
- Commercial
- Industrial
- Residential
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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