Asia Pacific Stationary Battery Storage Market Trends

Asia Pacific Stationary Battery Storage Market Trends

Accelerating adoption of renewable energy technologies including solar, wind, among others has significantly provided a business opportunity to the battery manufacturers. Ongoing government efforts to reduce carbon emissions have substantially raised the funding toward the deployment of these technologies. Furthermore, the reduced costs and national mandates of renewable energy generation have resulted into phasing out of traditional coal-fired power station.
 

For instance, in September 2021, the government of China stated that it will stop building coal-fired power projects to support countries including Indonesia and Vietnam to develop green and low carbon energy. The global commitment toward climate change mitigation in line with the Paris Agreement has helped in reducing the short-term impacts of oil prices through the acknowledgment of the long-term benefits associated with renewables. The agreement has further obtained the instruments of acceptance, ratification, accession, or approval from over 55 countries, who cumulatively account for around 55% of the global GHG emissions.