Asia Pacific Stationary Battery Storage Market Analysis

Asia Pacific Stationary Battery Storage Market Analysis

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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.