Asia Pacific Lithium-Ion Stationary Battery Storage Market Size - By Chemistry (LFP, NMC), By Application, Country Insights & Forecast, 2024 – 2032

Asia Pacific Lithium-Ion Stationary Battery Storage Market Size

Asia Pacific Lithium-Ion Stationary Battery Storage Market was valued at USD 18.6 billion in 2023 and is projected to grow at a CAGR of 23.1% from 2024 to 2032. Governments throughout the region have exerted significant efforts to reach their energy transition objectives and peak CO2 emissions. China is poised to emerge as the fastest-growing energy storage market, surpassing both the U.S. and Europe.
 

For instance, in March 2022, the National Energy Administration (NEA) and the National Development and Reform Commission (NDRC) jointly unveiled an implementation plan for the enhancement of new energy storage technologies during the 14th Five-Year Plan period. These initiatives will foster a broader ecosystem, encouraging both private and government entities to invest in storage projects.
 

Asia Pacific Lithium-Ion Stationary Battery Storage Market Trends

The Asia Pacific region is witnessing a notable surge in energy demand to support its growing manufacturing and industrial sectors. Additionally, the enforcement of stringent emission standards has spurred the widespread uptake of renewable energy technologies, accompanied by the integration of locally sourced lithium-ion stationary battery storage systems within utility and manufacturing facilities. Rising consumer awareness and the swift decline in technology costs have further fueled the proliferation of energy storage system installations in both commercial and residential environments.
 

Asia Pacific Lithium-Ion Stationary Battery Storage Market Analysis

Based on chemistry, the market is segmented into LFP, NMC, and others. The NMC segment is set to reach over USD 45 billion by 2032, driven by its constant and reliable power supply. The nickel manganese cobalt battery storage systems are vital for grid stabilization and management, offering functionalities such as frequency regulation, voltage control, and peak shaving. These capabilities aid in balancing supply and demand, ensuring grid stability. With Asia Pacific’s ongoing modernization of its grid infrastructure and integration of renewable energy sources, the demand for NMC battery storage systems for grid flexibility is anticipated to rise. The continuous evolution of NMC battery technology is leading to enhancements in energy density, cycle life, and overall performance.
 

Based on application, the off grid segment is expected to grow at a CAGR of more than 24.2% through 2032. Off-grid lithium-ion stationary battery storage systems are essential for rural electrification projects and supplying power to remote areas. These systems store energy from renewable sources and provide electricity when there's no access to the power grid. They are especially beneficial in regions where extending the grid is difficult or not cost-effective. Continuous improvements in battery technology are enhancing efficiency, energy density, and lifespan, thereby improving the efficiency and cost-effectiveness of off-grid lithium-ion stationary battery storage systems.
 

China lithium-ion stationary battery storage market is set to reach over USD 75 billion by 2032. China has implemented various policies and initiatives to promote the adoption of lithium-ion stationary battery storage systems. This includes subsidies, incentives, and regulations aimed at accelerating the deployment of energy storage technologies. Declining costs and government directives favoring renewable energy generation have resulted in the gradual phasing out of conventional coal-fired power plants.
 

Asia Pacific Lithium-Ion Stationary Battery Storage Market Share

Exide Technologies is a prominent player in the lithium-ion stationary battery storage market, recognized for its comprehensive knowledge in designing and manufacturing a diverse range of stationary battery storage systems. These encompass lithium-ion battery storage, lead-acid battery storage, and other variants. With a notable presence in the industry, the company has effectively delivered numerous customized solutions to address various application needs.
 

Asia Pacific Lithium-Ion Stationary Battery Storage Market Companies

Some of the major leaders operating across the Asia Pacific lithium-ion stationary battery storage industry are:

• BYD Company Ltd.
• Contemporary Amperex Technology Co Ltd.
• Exide Technologies
• GS Yuasa International Ltd
• Hitachi Energy Ltd.
• HOPPECKE Batterien GmbH & Co. KG
• Johnson Controls
• LG Energy Solution
• Panasonic Corporation
• SAMSUNG SDI CO., LTD.
• Siemens Energy
• SK Innovation Co Ltd
• Tesla
• Toshiba Corporation
   

Asia Pacific Lithium-Ion Stationary Battery Storage Industry News

• In May 2022, LG Energy Solution introduced the modularized RESU Flex home battery system, marking a transition to lithium iron phosphate chemistry from nickel-manganese-cobalt, which will be integrated into all upcoming products by the company. Available in multiple capacities ranging from 8.6kWh to 17.2kWh, this system offers versatile installation options, suitable for both outdoor and indoor settings, optimizing space utilization.
   
• In February 2021, Johnson Controls introduced a lithium-ion risk mitigation solution designed to safeguard lithium-ion energy storage systems deployed in wind and solar farms. This solution facilitates swift off-gas detection, early alerts for hazardous vapors, and rapid battery stack disconnections. Furthermore, the innovative technology aids in monitoring and addressing battery failures preemptively to prevent fire hazards, providing significant safety benefits throughout the energy storage sector.
   

This Asia Pacific lithium-ion stationary battery storage 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:

Click here to Buy Section of this Report

Market, By Chemistry

• LFP
• NMC
• Others

Market, By Application

• Grid Services
  • Frequency Regulation
  • Flexible Ramping
  • Black Start Services
  • Energy Shifting & Capacity Deferral
  • T & D Congestion Relief
  • Capacity Firming
  • Reduced RE Curtailment
  • Reduced Reliance on Diesel Gensets
• Behind the Meter
  • Electricity Consumers
  • System Operation
  • Mini Grids
• Off Grid

The above information has been provided for the following countries:

• China
• Japan
• South Korea
• India
• Australia