LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global off-grid energy storage system market report. This research report also lists 11 other prominent vendors that are expected to impact the market during the forecast period.
Collective efforts taken by developing economies to use renewable sources over fossil fuel to reduce greenhouse gas (GHG) emissions are expected to drive the global off-grid energy storage system market during the forecast period.
The market share of lithium-ion (Li-ion) batteries is expected to grow significantly during the forecast period. These batteries offer more than double the service life of lead-acid batteries (LAB). In addition, they require low maintenance and are lightweight and compact. Due to these advantages Li-ion batteries are preferred in off-grid energy storage systems.
Competitive vendor landscape
The global off-grid energy storage system market is characterized by the presence of a large number of global, regional, and local vendors. These vendors provide high-tech, highly customized batteries for battery energy storage. The high market growth rate of the off-grid storage system market is expected to attract many vendors worldwide. In addition, many global vendors are expected to increase the competition with their enhanced Li-ion, sodium-sulfur, and advanced LAB products during the forecast period.
“The market also comprises many small-scale manufacturers that produce and sell batteries. Large players with diversified business operations can manage their profitability during the volatile demand for batteries because revenues from other sources offset the decline in battery revenues,” says Thanikachalam Chandrasekaran, a lead energy storage analyst from Technavio.
As a result, though many vendors enter the market to tap the large customer base, only a few players that manage their sales, distribution, and working capital effectively survive and continue their operations.
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Top five off-grid energy storage system market vendors
Aquion Energy provides energy storage solutions. It offers sodium-ion batteries, off-grid generator optimization, grid-level energy service applications, transmission operators, power producers, and off-grid renewables for industries and consumers. Aquion Energy primarily provides Aqueous Hybrid Ion battery systems for applications of energy storage systems.
Eguana Technologies supplies high-performance power conversion and control systems for energy storage systems. Aquion Energy completed its field trials of Eguana’s Bi-Direx inverter with AHI high-performance batteries. The Bi-Direx inverter is a highly efficient, grid-interactive designed for low-voltage distribution and storage energy systems for microgrids and smart grids.
Green Charge offers ways to save energy costs and serves commercial and industrial businesses, municipalities, and schools. It offers risk-free financed energy storage and software to help in time-shifts power use. It also optimizes electronic vehicle charging solar and measures energy efficiency. The company also operates through its offices in New York and San Diego, US.
Green Charge established its presence in the energy storage sector with its offerings such as GreenStation and Power Efficiency Agreement. Some of its partners are Nissan, SunEdison, ChargePoint, NRG eVgo, Flextronics, Samsung SDI, ITOCHU, Con Edison, US Department of Energy, California Energy Commission, and ABM.
LG Chem manufactures, supplies, and exports petrochemical goods, information, electronic materials, batteries, and related products and solutions. As of December 2014, the company generated revenue of USD 20.32 billion and invested USD 0.46 billion in R&D. It had 24,928 employees in FY2014. Some of the subsidiaries of the company include LG Chem HK, LG Polymers India, Ningbo Zhenhai LG Yongxing Trading, and Tianjin LG BOTIAN Chemical.
NEC Energy Solutions
NEC Energy Solutions manufactures and markets advanced batteries for backup power, electric grid, and lead-acid replacement applications, using advanced energy storage technologies. The company markets its products through online resellers to customers in North America, APAC, and EMEA. The company offers lead-acid replacement batteries, component cells, and grid storage solutions. It operates as a subsidiary of NEC.
In July 2015, NRG Energy entered into a channel partnership agreement with Lucid (a cloud-based building management company) to accelerate the adoption of Lucid’s BuildingOS platform with NRG Renew’s (a subsidiary of NRG Energy) client base. In July 2015, the company announced the partnership with Ice Energy (a company that provides distributed thermal energy storage for utilities) to reduce California’s peak energy demand by providing an innovative energy storage solution.
The other prominent vendors are:
- Amperex Technology
- Boston Power
- China Aviation Lithium Battery
- GE Energy Storage
- Mitsubishi Heavy Industries
- Primus Power
- Sumitomo Electric Industries
- Xtreme Power
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- Global Grid Scale Energy Storage Market 2016-2020
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