The expansion of grid infrastructure projects is leading to a rise in demand for grid energy storage systems, further driving the batteries for solar energy storage market. For instance, in March 2022, Power Grid Corporation of India announced that it had approved investments on five projects worth US$ 103.42 million (INR 821.29 crore) across India. Similarly, in June 2022, the State Grid Corporation of China planned to invest an all-time high of about US$ 74.5 billion in power grid projects. Thus, such upcoming investment in grid expansion projects is propelling the demand for grid energy storage systems. The growing investment in the grid-scale battery storage system is fueling the market’s growth. For instance, in July 2022, Solar Energy Corp. and NTPC successfully executed the tenders for standalone energy storage systems. This initiative would accelerate investment, support domestic manufacturing, and facilitate the development of new business models. In March 2021, Tata Power—in collaboration with Nexcharge, a lithium-ion battery and storage company—installed a 150 KW (kilowatt)/528 kWh (kilowatt hour) battery storage system offering six-hour storage to enhances the supply reliability at the distribution side and reduces the peak load on the distribution transformers. These factors mentioned above are propelling the market growth.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific batteries for solar energy storage market at a substantial CAGR during the forecast period.
The Asia Pacific batteries for solar energy storage market is segmented on the basis of battery type, application, connectivity, and country.
Based on battery type, the market is segmented into lead acid, lithium-ion, nickel cadmium, and others. In 2022, the lithium-ion segment held a larger share of the market. And others segment is expected to register a higher CAGR during the forecast period. Based on application, the Asia Pacific batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held the largest market share in 2022 and commercial is expected to register the highest CAGR in the market during the forecast period. Based on connectivity, the Asia Pacific batteries for solar energy storage market is segmented into on-grid and off-grid. The on-grid segment held the largest market share in 2022 and the off-grid segment is expected to register the highest CAGR in the market during the forecast period. Based on country, the Asia Pacific batteries for solar energy storage market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. In 2022, China held a larger market share. On the other side, and the same segment is expected to register a higher CAGR during the forecast period.
EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; Kokam; and Alpha ESS Co., Ltd. are among the leading companies in the Asia Pacific batteries for solar energy storage market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,597.44 Million |
| Market Size by 2028 | US$ 5,058.12 Million |
| CAGR (2022 - 2028) | 21.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Battery Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Batteries for Solar Energy Storage Market is valued at US$ 1,597.44 Million in 2022, it is projected to reach US$ 5,058.12 Million by 2028.
As per our report Asia Pacific Batteries for Solar Energy Storage Market, the market size is valued at US$ 1,597.44 Million in 2022, projecting it to reach US$ 5,058.12 Million by 2028. This translates to a CAGR of approximately 21.2% during the forecast period.
The Asia Pacific Batteries for Solar Energy Storage Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Batteries for Solar Energy Storage Market report:
The Asia Pacific Batteries for Solar Energy Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Batteries for Solar Energy Storage Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Batteries for Solar Energy Storage Market value chain can benefit from the information contained in a comprehensive market report.
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