Technavio announces top five leading vendors in the Global Off-Grid Energy Storage System Market

Technavio has announced the top five leading vendors -Aquion Energy, Green Charge, LG Chem, NEC Energy Solutions and NRG Energy in its Global Off-Grid Energy Storage System Market report.

The report also list 11 firms that are expected to impact the market during the forecast period of 2020. The 11 firms include Amperex Technology, Boston Power, China Aviation Lithium Battery, EnerSys, GE Energy Storage, Mitsubishi Heavy Industries, Primus Power, SAFT, Sumitomo Electric Industries, Toshiba and Xtreme Power.

The research firm in its report predicts the global off-grid energy storage system market to grow steadily during the forecast period and estimate the market to post a CAGR of almost 7% by 2020. It states that collective efforts taken by developing countries to use renewable sources over fossil fuel will drive the global off-grid energy storage system market and Market share of lithium-ion (Li-ion) batteries will witness significant growth during the forecast period.

According to the report, high market growth rate of the off-grid storage system market will attract many vendors worldwide. Additionally, many global vendors are also 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,” said Thanikachalam Chandrasekaran, a lead energy storage analyst at Technavio.