Asia Pacific Battery Energy Storage System Market Size, Share & Industry Trends Analysis Report By Ownership, By Battery Type, By Energy Capacity, By Connection, By Application, By Country and Growth Forecast, 2021-2027

The Asia Pacific Battery Energy Storage System Market is expected to 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 is expected to 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 is expected to 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 is expected to 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.

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.

Scope of the Study

Market Segments Covered in the Report:

By Ownership

• Utility-Owned
• Third-Party Owned
• Customer-Owned

By Battery Type

• Lithium-Ion Batteries
• Advanced Lead-Acid Batteries
• Flow Batteries
• Others

By Energy Capacity

• Above 500 MWh
• Between 100 to 500 MWh
• Below 100 MWh

By Connection type

• On-grid
• Off-grid

By Application

• Utility
• Commercial
• Residential

By Country

• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific

Key Market Players

List of Companies Profiled in the Report:

• General Electric (GE) Co.
• Honeywell International, Inc.
• Panasonic Corporation
• Hitachi, Ltd.
• Siemens AG
• Johnson Controls International PLC
• Toshiba Corporation
• LG Energy Solutions Ltd.
• Samsung SDI Co., Ltd.

Unique Offerings from the publisher

• Exhaustive coverage
• The highest number of market tables and figures
• Subscription-based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free