The report, now available on ASDReports, recognizes the following companies as the key players in the global off-grid energy storage system market: Aquion Energy, Green Charge, LG Chem, NEC Energy Solutions, and NRG Energy.
Other Prominent Vendors in the market are: 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.
Commenting on the report, an analyst said: “Emergence of new energy technologies will be a key trend for market growth. Companies are focused on the advances of battery storage technology. They are investing heavily in R&D departments so that with new technologies they can reduce the battery costs, which is a major issue for the battery energy storage system market. Battery energy storage systems have encountered many breakthroughs and technological advances that result in reduction of cost and increase the efficiency of batteries.”
According to the report, the use of off-grid energy storage technologies reduces losses and improves the efficiency of power plants. In addition, the use of off-grid storage technologies makes transmission and distribution more flexible and can help to meet the peak demand and increase the system efficiency. Therefore, growing power consumption is one of the major drivers for global off-grid energy storage system market.
Further, the report states that decline in diesel prices will be a challenge for the market. One of the main reasons for opting off-grid battery systems is to reduce the cost and dependency on diesel; however, since 2012, there has been a year-over-year decline in diesel prices, which is negatively impacting the growth of global off-grid energy storage system market. As the diesel cost per liter decreases, the value proposition for switching to the off-grid hybrid system also decreases, increasing the payback period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Oct 12, 2016