Asia-Pacific Energy Storage Systems Market : Dynamics, Segments, Size and Demand Analysis Forecast 2022-2031

The market studied is expected to grow at a CAGR of 23.5% approximately during the forecast period. Factors, such as improving energy storage economics, increasing the renewable energy sector, and policies related to support and development of energy storage technology are expected to drive the market over the forecast period in the Asia-Pacific region. On the other hand, high capital investments, along with huge complexity and additional space requirements, are likely to hinder the market growth.

– Pumped-storage hydroelectricity is expected to dominate the market as they provide load at times of high electricity output and low electricity demand, enabling additional system peak capacity.
– The commercial and industrial (C&I) sector is increasingly adopting renewable power generation sources, such as solar and wind energy, for self-consumption. But renewable energy is an intermittent power source and the C&I sector is failing to utilize these resources to its fullest potential. Therefore, to increase the utilization rate of renewable power sources, the C&I sector is expected to increasingly adopt the energy storage systems, which, in turn, creates significant opportunities for the ESS providers in the future.
– India is expected to witness significant demand over the forecast period, due to its rapid developments in the past few years.

Get a PDF Sample for more detailed market insights:

Key Market Trends

Pumped-Storage Hydroelectricity (PSH) to Dominate the Market

– The first primary modern application of energy storage was pumped-storage hydroelectricity. In this process, excess energy that is available during off-peak hours is used to pump water back up the hill to an upper reservoir, where it can be added to the regular flow during periods of peak demand.
– Pump storage is one of the more efficient methods of energy storage (around 75%) though it has the drawback of not being instantaneously available. Pumped hydro-storage plants are used for medium- or long-term storage, with discharge time ranging from several hours to few days.
– Typical round-trip efficiencies of PSH range between 70% and 84%. It has an average lifespan above 50 years, as compared to batteries, that lasts for 8-15 years, although significant refurbishments are required from time to time.
– As of 2018, Asia-Pacific accounts for more than 50% of the global installed capacity for pumped hydro storage and around 45% of global generated power from PHS, with China constituting about 30 GW of installed capacity.
– According to the China Energy Storage Alliance’s (CNESA), by the end of 2017, China’s total operational energy storage capacity totaled 28.9 GW, an increase of 19% from the previous year. Pumped hydro energy storage made up most of this capacity, at nearly 99%. With more projects coming into operation in the next five years, China is expected to retain its leading position in the market.
– • In India, PHS technology is expected to play a significant role in the proliferation of renewable energy generation. In March 2019, the Ministry of Power proposed changes in the electricity rule, to incentivize electricity supply at the times of peak demand, which is a big boost for growth in pumped PHS installation.

Asia-Pacific Energy Storage Systems Market
Brazil Waste to Energy Market
Latin America Offshore Support Vessels Market
Norway Oil and Gas Market
Sudan Power Market
Solar PV Inverters Market
Small-scale LNG Market
North America Shale Market
Squalene Market
Nutraceutical Excipients Market

Related posts

Leave a Comment