Asia Pacific Energy Storage Market Size was valued at USD 1.78 Billion in 2022. The energy storage market industry is projected to grow USD 11.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18% during the forecast period (2023 - 2032). Substantial investments in renewable energy initiatives necessitate energy storage solutions to handle intermittent sources effectively, which is one of the major market drivers driving the energy storage market in Asia Pacific. The increasing need for the dependability and robustness of the power grid, particularly in response to rising energy requirements and the occurrence of severe climate events, serves as a significant driving force.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The energy storage market is witnessing a substantial growth in APAC surge propelled by the pressing need for grid stability and resilience. In an era marked by increasing complexity and vulnerabilities in the grid, energy storage emerges as a crucial solution. Modern grids confront a multitude of challenges, such as unpredictable renewable energy supplies, rising energy demands, and the unpredictability of extreme weather conditions. Energy storage systems play a paramount role by efficiently storing excess energy during periods of low demand and releasing it during peak times, effectively mitigating power interruptions and reducing the uncertainties associated with grid irregularities. Additionally, the motivation for enhanced grid resilience is a compelling factor. Energy storage establishes itself as an alternative power source during grid disruptions, whether caused by malicious cyber intrusions, natural disasters, or equipment malfunctions.
Furthermore, the growth of the surging demand for EVs catalyzes extensive research and development in the Asia Pacific that are crucial in promoting the development and deployment of innovative energy storage technologies. The rapidly growing electric vehicle (EV) market serves as a pivotal point for significant opportunities within the energy storage sector. EVs, reliant on high-capacity batteries for propulsion, not only drive demand but also act as a catalyst for technological innovation and economies of scale in energy storage. The increasing popularity of EVs stimulates widespread research and development efforts, leading to the development of more efficient and cost-effective battery technologies. These advancements, initially designed for the EV industry, extend their impact to various applications across the broader energy storage realm.
The Asia Pacific energy storage market segmentation, based on type, includes Batteries, Pumped-storage Hydroelectricity (PSH), Thermal Energy Storage (TES), Flywheel Energy Storage (FES), and others. The. Pumped Storage Hydro (PSH) segment dominated the market. The Pumped Storage Hydro (PSH category generated the most income. Pumped Storage Hydro (PSH) systems utilize excess electricity to elevate water, storing potential energy that can be swiftly converted back into electricity during periods of high demand. The rapid responsiveness and substantial energy capacity of PSH make it well-suited for enhancing grid stability, particularly in addressing fluctuations stemming from intermittent renewable sources. PSH's established track record, reliability, and facilitation of renewable integration have firmly established it as a key player in the energy storage domain.
Figure 1: Asia Pacific Energy Storage Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Asia Pacific energy storage market segmentation, based on application, includes Residential, Commercial and Industrial, Distribution, Transmission and Other. The Commercial and Industrial category led the market. Industries want to control demand and include renewable sources, while commercial organizations want to lower energy costs and improve energy reliability. Energy storage systems support C&I goals by providing backup power during blackouts, peak shaving, and grid stability. Incentives such as energy arbitrage and demand charge management also encourage adoption in this market. Energy storage is essential to achieving self-generation and sustainability, which C&I users are adopting more and more, and it is securing a significant portion of the market.
The Asia-Pacific region has established a significant presence in the energy storage market, driven by a combination of unique factors. Key among these is the rapid economic growth and urbanization, particularly in nations like China, Japan, and South Korea, leading to an increased demand for energy and the widespread adoption of energy storage solutions. Simultaneously, proactive government initiatives, including financial incentives and ambitious goals for integrating renewable energy, have accelerated the swift progress of energy storage projects.
Figure 2: Asia Pacific Energy Storage Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Asia Pacific energy storage market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Energy Storage industry must offer cost-effective items.
Major players in the Asia Pacific energy storage market are attempting to increase market demand by investing in research and development operations includes Tesla, LG Chem, BYD, Panasonic, AES Energy Storage, Fluence, Siemens, ABB, Saft, ESS Inc., NEC Energy Solutions, Samsung SDI, Sunrun, Green Charge, Enel X and Others.
February 2022 -FIMER and Vega Solar teamed up February 2022 to supply Albania with 14 PVS-100 inverters, a three-phase string solution. FIMER's PVS-100/120-TL is a three-phase string inverter that connects to the cloud and is intended for affordable decentralized solar systems that are installed on rooftops or in the ground.
In June 2024, NTPC has issued bidding invites for a tender seeking 250MW/500MWh of battery storage in Madhya Pradesh and Maharashtra, India. Last week, NTPC, a government-owned independent power producer (IPP) with a portfolio of over 76GW of thermal power and renewable energy generation, released an invitation for bids (IFB) for grid-connected standalone battery energy storage system (BESS) projects. The information came to light when engineering business Gensol reported their success in securing a contract of comparable magnitude in the state of Gujarat.
The latest NTPC tender is seeking bids for 150MW/300MWh of battery storage at the location of an NTPC solar PV facility in Gadarwara, Madhya Pradesh, and 100MW/200MWh at one of the IPP's thermal power facilities at Solarpur, Maharashtra. The bidding developers are responsible for supplying and transporting BESS equipment, which includes inverters, power conversion system (PCS), and energy management systems (EMS), to the site. They are also responsible for design and engineering, grid integration, and commissioning. Additionally, they must provide warranties, operations and maintenance (O&M), and insurance for the entire 12-year lifetime of the projects.
In April 2024, Total Energies revealed plans for a forthcoming battery storage initiative in Belgium, with activities scheduled to commence by the conclusion of 2025. The project will be situated in TotalEnergies' depot in Feluy, Belgium. It will have a power rating of 25MW and a capacity of 75MWh. Saft, a subsidiary of TotalEnergies, a business specializing in battery technology solutions, will supply the system with 40 Intensium Max High Energy lithium-ion (Li-ion) containers.
Last year in May, TotalEnergies initiated its inaugural battery energy storage endeavor in Belgium. The battery project, situated near the refinery in Antwerp, will possess a capacity of 75MWh, sufficient to supply electricity to around 10,000 households. Saft is also supplying 40 identical high-energy Li-ion modules for this project, scheduled to be operational by the end of 2024.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.78 Billion |
| Market Size 2032 | USD 11.7 Billion |
| Compound Annual Growth Rate (CAGR) | 18% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Region Covered | Asia Pacific |
| Countries Covered | The US, Canada, Mexico, and Rest of Asia Pacific |
| Key Companies Profiled | LG Chem, BYD, Panasonic, AES Energy Storage, Fluence, Siemens, ABB, Saft, ESS Inc., NEC Energy Solutions, Samsung SDI, Sunrun, Green Charge, Enel X and Others. |
| Key Market Opportunities | The use of battery energy storage is essential for the switch to a sustainable energy system. |
| Key Market Dynamics | The growth of the renewable energy sector and enhanced economic viability of energy storage are anticipated to influence the energy storage market. The commercial and industrial (C&I) sector is expected to increasingly adopt energy storage systems to augment its utilization of renewable energy. |
Asia Pacific Energy Storage Market Highlights:
Frequently Asked Questions (FAQ) :
The Asia Pacific energy storage market size was valued at USD 1.78 Billion in 2022.
The market is projected to grow at a CAGR of 18% during the forecast period, 2023-2032.
The key players in the market are lASE, Amkor, Intel, Samsung, AT&S, Toshiba, JCET, Qualcomm, IBM, SK Hynix, UTAC, TSMC, China Wafer Level CSP, Interconnect Systems.
The Pumped-storage Hydroelectricity (PSH) category dominated the market in 2022.
The commercial and industrial category had the largest share in the market.
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