Asia Pacific Stationary Battery Storage Market Size By Battery (Lithium-Ion {LFP, NMC}, Sodium Sulphur, Lead Acid, Flow Battery), By Application & Global Forecast, 2023 – 2032

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.
 

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.
 

COVID-19 Impact

The economy has faced significant disruption due to the unexpected emergence of the novel coronavirus, also known as COVID-19. The virus was initially identified in China's Hubei province in December 2019 and has since evolved into a global health crisis. According to the World Health Organization (WHO), COVID-19 has now reached 140 countries, prompting governments worldwide to implement various degrees of social distancing measures. This pandemic has taken a toll on major world economies, affecting regions like North America, Europe, and Asia Pacific.
 

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.
 

Asia Pacific Stationary Battery Storage Market Analysis

Based on battery, the Asia Pacific stationary battery storage market is segmented as lithium-ion, sodium sulphur, lead acid, flow battery, and others. The lithium-ion segment held a majority industry value of more than USD 16.8 billion in 2022. The lithium ion technology owing to effective and efficient performance along with improved life cycle in comparison to its lead acid counterpart has witnessed an extensive penetration across the industry. Currently, these batteries have witnessed a huge deployment across the grid scale sector. However, the declining cost of Li-ion batteries has further led to the growing installation of these systems for behind the meter stationary storage applications.
 

Based on application, the Asia Pacific stationary battery storage market is segmented as grid services, behind the meter, and off grid. The off grid application is set to grow at a CAGR of over 32.5% by 2032. Off-grid stationary battery storage systems play a pivotal role in rural electrification endeavors and delivering power to remote, hard-to-reach areas. These systems have the capacity to store energy generated from renewable sources and furnish electricity during periods when there is no access to the conventional power grid. They prove especially invaluable in regions where extending the power grid presents formidable challenges or is economically unviable.
 

The Asia Pacific stationary battery storage market across China held a industry share of over 63% in 2022 driven by increasing electricity demand, grid modernization efforts, and the integration of renewable energy sources. The government's support for energy storage projects was a significant driver of this expansion. China has been actively integrating renewable energy sources, such as solar and wind, into its energy mix. Stationary battery storage systems were crucial for stabilizing the grid and ensuring reliable energy supply, especially when renewable generation fluctuated.
 

Asia Pacific Stationary Battery Storage Market Share

Some of the major industry players operating across the Asia Pacific stationary battery storage market are

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

Asia Pacific Stationary Battery Storage Industry News:

• In March 2022, Tesla was awarded with a contract from CS Energy, which is publicly owned utility in the state of Queensland, Australia. The company’s 100 MW/200 MWh energy storage system is selected for the project to power the electric substation. CS Energy will deploy a grid-scale battery near Chinchilla to supply cheaper, reliable, and cleaner energy. The new storage system is set to allow the state to better use its renewable energy and stabilize the grid. The Megapacks are projected to be installed by the end of 2023.
   
• In March 2021, LG Energy Solution introduced a virtual launch of its RESU range for home ESS systems for U.S., German and Australian market. In addition, the company plans to invest for increased production capacity across U.S. for batteries applicable in electric vehicles as well as energy storage systems.
   

Asia Pacific stationary battery storage market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume & revenue in MW & USD Million from 2019 to 2032, for the following segments:

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By Battery, 2019 - 2032 (MW & USD Million)

• Lithium-ion
  • Lithium Iron Phosphate (LFP)
  • Nickel Manganese Cobalt (NMC)
  • Others
• Sodium Sulphur
• Lead Acid
• Flow Battery
• Others

By Application, 2019 – 2032 (MW & USD Million)

• 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 Operations
  • Mini Grids
• Off Grid

The above information is provided for the following countries:

• China
• Japan
• South Korea
• India
• Australia