
Published On: Nov 2022
Published On: Nov 2022
At 21.2% CAGR, the Asia Pacific Batteries for Solar Energy Storage Market is projected to be worth US$ 5,058.12 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific batteries for solar energy storage market was valued at US$ 1,597.44 million in 2022 and is expected to reach US$ 5,058.12 million by 2028, registering an annual growth rate of 21.2% from 2022 to 2028. Elevating grid infrastructure projects and regulatory policies and burgeoning number of renewable and solar energy projects.
The increase in the number of renewable and solar energy projects is the key factor fueling the demand for batteries for solar energy storage. As per the data released by the National Energy Administration (NEA), China installed 25.56 GW of new solar capacity in the first nine months of 2021, which is an increase of 36.68% Y-o-Y growth compared to 18.7 GW installed during the same period the previous year. In addition, in September 2021, the rooftop solar installation in China stood at 2.14 GW, an increase of 64.61% compared to 1.3 GW in the same period last year. Furthermore, China targeted renewable power generation to account for more than 50% of additional electricity consumption from 2021 to 2025. Thus, such upcoming investment prospects, along with an increasing number of solar energy projects, are augmenting the demand for battery storage for solar energy.
On the contrary, rise in initial investment in battery manufacturing.
Key players dominating the Asia Pacific batteries for solar energy storage market are EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; Kokam; and Alpha ESS Co., Ltd. among others.
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