Market Size of Asia-Pacific Energy Storage Systems Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Energy Storage Systems Market Analysis
The Asia-Pacific energy storage systems market is expected to register a CAGR of over 20% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, increasing the renewable energy sector, and policies related to support and development of energy storage technology are expected to drive the growth of the market studied.
- On the other hand, high capital investments, along with huge complexity and additional space requirements are expected to hamper the growth of Asia-Pacific energy storage systems market during the forecast period.
- Nevertheless, product innovation and adaptation of the latest technologies in solar PV inverters are likely to create lucrative growth opportunities for the Asia-Pacific energy storage systems market in the forecast period.
- India to witness significant growth and also likely to witness the remarkable CAGR during the forecast period. This growth is attributed to the increasing investments in renewable energy, coupled with supportive government policies.
APAC Energy Storage Systems Industry Segmentation
Energy Storage System (ESS) is a device or group of devices assembled to convert the electrical energy from power systems and store energy to supply electrical energy at a later time when needed. An ESS helps to effectively use and manage electrical energy and also expects the benefit of a stable electricity supply and cost reduction. The Asia-Pacific energy storage systems market is segmented by type, application, and geography. By type, the market is segmented into Batteries, Pumped-storage Hydroelectricity (PSH), Thermal Energy Storage (TES), Flywheel Energy Storage (FES), and Other Types. By application, the market is segmented into residential, commercial and industrial. The report also covers the market size and forecasts for the Asia-Pacific energy storage systems market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| Type | |
| Batteries | |
| Pumped-storage Hydroelectricity (PSH) | |
| Thermal Energy Storage (TES) | |
| Flywheel Energy Storage (FES) | |
| Other Types |
| Application | |
| Residential | |
| Commercial and Industrial |
| Geography | |
| China | |
| Australia | |
| India | |
| South Korea | |
| Rest of Asia-Pacific |
Asia-Pacific Energy Storage Systems Market Size Summary
The Asia-Pacific energy storage systems market is poised for substantial growth, driven by the expanding renewable energy sector and supportive policies for energy storage technology development. Despite the initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. However, challenges such as high capital investments and the complexity of implementation may hinder growth. Nonetheless, advancements in product innovation and the adoption of cutting-edge technologies, particularly in solar PV inverters, are expected to offer significant opportunities. India is anticipated to experience notable growth, fueled by increased investments in renewable energy and favorable government policies.
Pumped-storage hydroelectricity is expected to dominate the market, given its efficiency and long lifespan compared to other storage methods. China and Japan lead in pumped storage capacity, with significant projects underway to expand this infrastructure. India is also making strides with plans to enhance its hydropower projects, including pumped-storage initiatives. The demand for energy storage systems is expected to rise, addressing the intermittency challenges in renewable power generation. The market is characterized by fragmentation, with key players like Tesla Inc., Contemporary Amperex Technology Co. Ltd, and Siemens Gamesa Renewable Energy SA actively participating. Collaborative ventures, such as the one between ReNew Power and Fluence, highlight the growing focus on energy storage solutions in the region.
Asia-Pacific Energy Storage Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Batteries
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2.1.2 Pumped-storage Hydroelectricity (PSH)
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2.1.3 Thermal Energy Storage (TES)
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2.1.4 Flywheel Energy Storage (FES)
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2.1.5 Other Types
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2.2 Application
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2.2.1 Residential
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2.2.2 Commercial and Industrial
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2.3 Geography
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2.3.1 China
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2.3.2 Australia
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2.3.3 India
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2.3.4 South Korea
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2.3.5 Rest of Asia-Pacific
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Asia-Pacific Energy Storage Systems Market Size FAQs
What is the current Asia-Pacific Energy Storage Systems Market size?
The Asia-Pacific Energy Storage Systems Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Energy Storage Systems Market?
Tesla Inc , Contemporary Amperex Technology Co Ltd , Voith GmbH & Co. KGaA, Siemens Gamesa Renewable Energy SA and General Electric Company are the major companies operating in the Asia-Pacific Energy Storage Systems Market.
