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Asia Pacific Energy Storage Systems Market Trends

Report ID: GMI8776
Published Date: Apr 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size for energy storage systems in Asia Pacific reached USD 211.2 billion in 2023 and is set to witness 18.6% CAGR up to 2032, led by the shifting trends towards the adoption of renewable energy technologies and the growing requirement for effective and economical storage solutions.

The electro-chemical technology segment in the Asia Pacific energy storage systems industry is anticipated to reach over USD 440 billion by 2032, backed by the reliable and constant power supply.

China market is poised to exceed USD 565 billion by 2032, attributed to increasing energy demand, technological advancements, and declining costs of storage systems.

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 and SCHMID Group.