The Asia Pacific Battery Energy Storage System Market would witness market growth of 25.6% CAGR during the forecast period (2021-2027).
The battery energy storage system market is expected to be driven by factors such as rising demand for continuous power supply during peak hours of the day, where battery energy storage systems can be used as a backup. Conversely, the market is projected to be restrained by a mismatch in demand and availability of raw materials used in battery manufacturing.
Factors such as rising renewable energy penetration, rising demand for grid flexibility, and falling lithium-ion battery prices are likely to boost the growth of the market during the forecasting period. However, the market is projected to be hampered by the greater fluctuation and insecurity of renewable energy sources in many countries and large initial expenditure required for the installation of a battery energy storage system.
Some of the major trends of the regional market are rapidly expanding renewable energy generation capacity, a steady rate of urbanisation and industrialization, new electrification targets, and the presence of numerous industry players. ABB, a Swedish global conglomerate, is constantly working to improve its BESS product and solution range for various plants throughout the world. For example, Hitachi ABB Power Grids, the company's joint venture organization, established a smart industrial park in Thailand in May 2021 using its unique BESS units and controls technology. In addition, Battery storage and other distributed generating technologies like rooftop and floating solar PV, as well as co-generation gas turbines, are expected to be combined to provide a total of 214 MW of capacity.
By 2022, the India Energy Storage Alliance (IESA) estimates that India would have about 70 GW and 200 GWh of energy storage capacity, making it one of the world's largest. Over 35 GW of demand is projected from emerging applications like solar integration and electric cars, out of a total of 70 GW.
The China market dominated the Asia Pacific Battery Energy Storage System Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,696.9 million by 2027. The Japan market is poised to grow at a CAGR of 24.8% during (2021 - 2027). Additionally, The India market would experience a CAGR of 26.4% during (2021 - 2027).
Based on Ownership, the market is segmented into Utility-Owned, Third-Party Owned, and Customer-Owned. Based on Battery Type, the market is segmented into Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, and Others. Based on Energy Capacity, the market is segmented into Above 500 MWh, Between 100 to 500 MWh, and Below 100 MWh. Based on Connection type, the market is segmented into On-grid, and Off-grid. Based on Application, the market is segmented into Utility, Commercial, and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Battery Energy Storage System Market is Projected to reach USD 14.5 Billion by 2027, at a CAGR of 25.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., Honeywell International, Inc., Panasonic Corporation, Hitachi, Ltd., Siemens AG, Johnson Controls International PLC, Toshiba Corporation, LG Energy Solutions Ltd., and Samsung SDI Co., Ltd.
By Ownership
By Battery Type
By Energy Capacity
By Connection type
By Application
By Country
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