Asia Pacific Energy Storage Market Summary
As per Market Research Future Analysis, the Asia Pacific Energy Storage Market was valued at USD 1.78 Billion in 2022 and is projected to reach USD 11.7 Billion by 2032, growing at a CAGR of 18% from 2023 to 2032. The market is driven by substantial investments in renewable energy, the need for grid stability, and the rising demand for electric vehicles (EVs). Pumped-storage Hydroelectricity (PSH) is the leading segment, while the Commercial and Industrial sector dominates applications. Key players are focusing on R&D and strategic partnerships to enhance their market presence.
Key Market Trends & Highlights
The Asia Pacific Energy Storage Market is experiencing significant growth driven by various factors.
- Market Size in 2022: USD 1.78 Billion; Projected Market Size by 2032: USD 11.7 Billion.
- CAGR during 2023-2032: 18%; driven by renewable energy investments and grid stability needs.
- Pumped-storage Hydroelectricity (PSH) leads the market due to its reliability and capacity.
- Commercial and Industrial applications are crucial for energy cost reduction and reliability.
Market Size & Forecast
2022 Market Size | USD 1.78 Billion |
2032 Market Size Forecast | USD 11.7 Billion |
Major Players
Key players include Tesla, LG Chem, BYD, Panasonic, AES Energy Storage, Fluence, Siemens, ABB, Saft, ESS Inc., NEC Energy Solutions, Samsung SDI, Sunrun, Green Charge, Enel X.