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. 

• Based on battery type, the Asia Pacific batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment held 91.4% market share in 2022, amassing US$ 1,460.53 million. It is projected to garner US$ 4,622.66 million by 2028 to expand at 21.2% CAGR during 2022–2028.
• Based on application, the Asia Pacific batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held 57.5% market share in 2022, amassing US$ 918.00 million. It is projected to garner US$ 2,882.56 million by 2028 to expand at 21.0% CAGR during 2022–2028.
• Based on connectivity, the Asia Pacific batteries for solar energy storage market is segmented into on-grid and off-grid. The off-grid segment held 71.0% market share in 2022, amassing US$ 1,134.11 million. It is projected to garner US$ 3,498.92 million by 2028 to expand at 20.7% CAGR during 2022–2028
• Based on country, the Asia Pacific batteries for solar energy storage market has been segmented into China, Japan, India, South Korea, Australia, and Rest of APAC.  Our regional analysis states that China captured 48.9% market share in 2022. It was assessed at US$ 780.79 million in 2022 and is likely to hit US$ 2,605.18 million by 2028, exhibiting a CAGR of 22.2% during the forecast period.  

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.

• In 2021, Nexcharge, joint venture of Leclanche and Exide Industries Ltd. inaugurated India’s first Grid Connected Li-ion battery-based Community Energy Storage System at Rani Bagh, Delhi in collaboration with Tata Power Delhi Distribution Ltd (TPDDL).

• In 2022, LG is extending its battery research partnership via teaming up with University of Münster and Forschungszentrum Julich, Germany following the cooperation UCSD in U.S. and KAIST in Korea.

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