Asia Pacific Stationary Battery Storage Market size is estimated to witness a substantial growth between 2021 and 2027 driven by burgeoning investments toward the deployment of sustainable energy backup sources. Growing energy demand coupled with rising concerns for power supply security are few of the prominent factors fueling the product penetration. Moreover, frequent power outages along with lack of reliable grid infrastructure across developing nations in the region will further thrust the industry landscape.
Asia Pacific Market, By Battery
Sodium Sulphur battery-based storage systems will see a noteworthy growth till 2027 on account of the enhanced temperature stability coupled with the operational stability offered by the batteries. Long battery lifetime, high energy density and improved safety prospects are few of the key features offered by the Sodium Sulphur batteries which will complement the technology adoption. In addition, rising infrastructural investment, increasing demand for energy storage systems and ongoing urbanization across the developing nations will boost the market growth.
Asia Pacific Market, By Application
The grid services segment is set to expand at significant CAGR through 2027 led by growing deployment of renewable energy sources including wind and solar energy along with increasing investments for stabilization of peak power demand. Moreover, escalating consumer awareness towards an energy efficient infrastructure along with refurbishment of microgrid networks will propel the local energy storage demand positively. Furthermore, adoption of clean energy along with innovation and advancements in battery technologies will enhance the market share.
Increasing requirement of power system flexibility on account of growing power outages and power system failures will propel the Asia Pacific stationary battery storage market demand from black start applications. Ability to reduce the reliance on external transmission lines and restore the power functions to a secondary power source will augment the service adoption. Additionally, increasing load on the transmission & distribution network on account of increasing energy demand will fuel a requirement of an external power storage device.
Asia Pacific Market, By Country
India is anticipated to dominate the market revenue share by 2027 due to increasing population coupled with soaring electricity demand in the country. For instance, according to Ministry of Statistics and Programme Implementation (MoSPI), the total electricity consumed during 2017-18 equaled 1,130,244 GWh, which is 6.51% greater than the previous year. Also, growing incomes and improving standards of living across the country will further enhance the electricity demand, propelling the stationary battery storage unit deployment across the nation.
COVID-19 hindered the operations and development for various industries since 2019 and has impacted in delays across the timelines of several projects. The policy makers are implementing lockdown protocols which has further reduced the availability of raw material and labor. However, ongoing efforts to develop a vaccine for the virus coupled with governmental efforts to ease the lockdown protocols may have a positive impact on the industry. Moreover, lockdown protocols will surge the electricity demand from the residential sector, boosting the market growth.
Competitive Industry Landscape
Key manufacturers and developers in the Asia Pacific market include Siemens AG, Narada Power Source Co. Ltd., Furukawa Battery Co., Ltd, Hitachi Chemical Co., Ltd, Panasonic Corporation, Toshiba Corporation, Duracell, Inc., and Exide Technologies, among others. These players are engaged in extensive R&D activities to develop improved technologies and gain a competitive edge over the other players.