Asia Pacific Energy Storage Systems Market Size - By Technology (Pumped Hydro, Electro-Chemical, Electro-Mechanical, Thermal), By Application, Country Insights & Forecast, 2024 – 2032

Asia Pacific Energy Storage Systems Market Size

Asia Pacific Energy Storage Systems Market size was valued at USD 211.2 billion in 2023 and is projected to grow at a CAGR of 18.6% between 2024 and 2032. In recent years, there has been a notable increase in the demand for energy storage systems (ESS), propelled by the shifting trends towards the adoption of renewable energy technologies and the growing requirement for effective and economical storage solutions. The prevalence of frequent power outages and inadequate grid infrastructure in developing nations has underscored the necessity for the installation of cost-effective storage systems.
 

The reducing costs and government mandates promoting renewable based generation have led to the gradual elimination of traditional coal-fired power stations. For instance, in September 2021, the Chinese government announced its decision to halt the construction of coal-fired power projects. This move aims to assist countries like Indonesia and Vietnam in transitioning towards green and low-carbon energy sources.
 

Asia Pacific Energy Storage Systems Market Trends

The Asia Pacific region is experiencing a remarkable increase in energy demand to accommodate its expanding manufacturing and industrial sectors. Furthermore, the implementation of rigorous emission standards has prompted the widespread adoption of renewable energy technologies, accompanied by the integration of local energy storage systems within utility and manufacturing facilities. Increased consumer awareness and the rapid reduction in technology costs have also contributed to the proliferation of energy storage system installations in commercial and residential settings.
 

Asia Pacific Energy Storage Systems Market Analysis

Based on technology, the market is segmented into pumped hydro storage, electro-chemical, electro-mechanical, and thermal energy storage. The electro-chemical technology is anticipated to reach over USD 440 billion by 2032, led by its reliable and constant power supply. The adoption of renewable energy integration initiatives by governments worldwide, coupled with the rising demand for off-grid electricity, is expected to bolster the expansion of battery energy storage systems. Moreover, the growing need for grid stability and reliable electricity, combined with supportive government policies aimed at ensuring uninterrupted power supply, is expected to drive the adoption of electrochemical storage systems.
 

Asia Pacific energy storage systems market is categorized into electric supply capacity, electric energy time shift, black start, and others. The electric energy time shift segment is poised to expand at a CAGR of more than 13.2% through 2032. EETS, also known as demand response, refers to the practice of decreasing or shifting energy/electricity consumption during peak hours in response to financial initiatives including Time of Use (TOU) tariffs. The power industry views EETS as a valuable resource option, as it leads to reduced energy consumption, cost savings, and the capacity to postpone investments in new power plants and delivery systems.
 

China energy storage systems market is set to surpass over USD 565 billion by 2032. With a significant focus on renewable energy sources like solar and wind, there is a growing need for energy storage solutions to address intermittency issues and enhance grid stability. The energy storage market in China is experiencing rapid growth, driven by increasing energy demand, technological advancements, and declining costs of storage systems. Energy storage systems are being deployed across various applications, including grid-scale energy storage, distributed energy storage systems (DESS) for residential and commercial use, and electric vehicle (EV) batteries.
 

Asia Pacific Energy Storage Systems Market Share

ABB holds a significant position in the energy storage systems industry, renowned for its extensive expertise in designing and manufacturing a wide range of energy storage technologies. These include electrochemical and electromechanical systems, among others. With a rich history in the industry, the company has successfully provided numerous solutions tailored to a diverse range of applications.
 

Asia Pacific Energy Storage Systems Market Companies

Some of the major industry leaders operating across the Asia Pacific energy storage systems industry are:

• ABB
• Abengoa S.A.
• Burns & McDonnell
• BYD Company Ltd.
• CALMAC
• Durapower Group
• Exide Technologies
• General Electric
• Hitachi Energy Ltd.
• Johnson Controls
• LG Energy Solution
• McDermott
• Narada Power Source Co. Ltd
• Panasonic Corporation
• Samsung SDI Co., Ltd
• SCHMID Group
• Siemens
• Sinohydro Corporation
• Toshiba Corporation
• Voith GmbH & Co. KGaA
   

Asia Pacific Energy Storage Systems Industry News

• In March 2022, Tesla has secured a contract from CS Energy, a publicly owned utility based in Queensland, Australia, to provide a 100 MW/200 MWh energy storage system. This system will be utilized to power the electric substation. CS Energy has opted to deploy a grid-scale battery near Chinchilla, aiming to deliver more affordable, dependable, and environmentally friendly energy solutions.
   
• In January 2021, Toshiba Corporation has introduced the G9400 Series of uninterruptible power systems designed specifically for large data centers worldwide. These systems are equipped with state-of-the-art insulated-gate bipolar transistor (IGBT) technology and are offered in a diverse range of models. This product release is expected to facilitate the company's expansion of its customer base.
   

The Asia Pacific energy storage systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:

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Market, By Technology

• Pumped Hydro
• Electro-Chemical
  • Lithium-Ion
  • Sodium Sulphur
  • Lead Acid
  • Flow Battery
  • Others 
• Electro-Mechanical
  • Flywheel
  • CAES
• Thermal Energy Storage
  • Water
  • Molten Salt
  • PCM
  • Others

Market, By Application

• Electric Time Energy Shift
• Electric Supply Capacity
• Black Start
• Renewable Capacity Firming
• Frequency Regulation
• Others

The above information has been provided for the following countries:

• China
• Japan
• India
• South Korea
• Australia