Asia Pacific Stationary Battery Storage Market Size

Asia Pacific Stationary Battery Storage Market Size

Asia Pacific Stationary Battery Storage Market Size was valued at USD 19.7 billion in 2022 and is projected to grow at a CAGR of 16.9% by 2032 on account of rising concerns toward security of supply along with soaring demand for power backup. Developing countries across Asia Pacific are subjected to recurrent power failures owing to the lack of grid infrastructure, which in turn will fuel the demand for a reliable and efficient source of energy. Fluctuations in energy consumption pattern owing to extreme peak load demand coupled with increasing rural electrification measures.

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Stationary battery storage, often referred to simply as "battery storage," is a technology used to store electrical energy for later use in fixed locations, such as homes, businesses, and utility-scale power systems. BESS is essential for providing a reliable and constant power supply and thus, becoming one of the most crucial options for integrating wind and solar into power grids across the region. Furthermore, increasing demand for grid stability and electricity coupled with favorable government measures to provide uninterrupted power supply is anticipated to bolster the deployment of stationary battery storage systems. In addition, renewable energy integration measures implemented by various governments across the region along with the increasing demand for off grid electricity.

Lead-acid batteries have an excess of lead and sulfuric acid that cause safety concerns. The acid is highly corrosive and is a carrier for soluble lead & lead particulates. Several countries consider lead acid as hazardous material as it can be a health hazard if not properly handled. Exposure to excessive lead can cause damage to the kidney and brain, hearing impairment, and numerous other associated problems. A single incorrectly disposed lead-acid battery could contaminate 25 tons of municipal solid waste. These harmful environmental impacts of lead-acid battery are likely to restrict the demand for stationary battery storage across the region.