The Asia Pacific Battery Energy Storage System Market would witness market growth of 25.6% CAGR during the forecast period (2021-2027).
The battery energy storage system market is expected to be driven by factors such as rising demand for continuous power supply during peak hours of the day, where battery energy storage systems can be used as a backup. Conversely, the market is projected to be restrained by a mismatch in demand and availability of raw materials used in battery manufacturing.
Factors such as rising renewable energy penetration, rising demand for grid flexibility, and falling lithium-ion battery prices are likely to boost the growth of the market during the forecasting period. However, the market is projected to be hampered by the greater fluctuation and insecurity of renewable energy sources in many countries and large initial expenditure required for the installation of a battery energy storage system.
Some of the major trends of the regional market are rapidly expanding renewable energy generation capacity, a steady rate of urbanisation and industrialization, new electrification targets, and the presence of numerous industry players. ABB, a Swedish global conglomerate, is constantly working to improve its BESS product and solution range for various plants throughout the world. For example, Hitachi ABB Power Grids, the company's joint venture organization, established a smart industrial park in Thailand in May 2021 using its unique BESS units and controls technology. In addition, Battery storage and other distributed generating technologies like rooftop and floating solar PV, as well as co-generation gas turbines, are expected to be combined to provide a total of 214 MW of capacity.
By 2022, the India Energy Storage Alliance (IESA) estimates that India would have about 70 GW and 200 GWh of energy storage capacity, making it one of the world's largest. Over 35 GW of demand is projected from emerging applications like solar integration and electric cars, out of a total of 70 GW.
The China market dominated the Asia Pacific Battery Energy Storage System Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,696.9 million by 2027. The Japan market is poised to grow at a CAGR of 24.8% during (2021 - 2027). Additionally, The India market would experience a CAGR of 26.4% during (2021 - 2027).
Based on Ownership, the market is segmented into Utility-Owned, Third-Party Owned, and Customer-Owned. Based on Battery Type, the market is segmented into Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, and Others. Based on Energy Capacity, the market is segmented into Above 500 MWh, Between 100 to 500 MWh, and Below 100 MWh. Based on Connection type, the market is segmented into On-grid, and Off-grid. Based on Application, the market is segmented into Utility, Commercial, and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Battery Energy Storage System Market is Projected to reach USD 14.5 Billion by 2027, at a CAGR of 25.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., Honeywell International, Inc., Panasonic Corporation, Hitachi, Ltd., Siemens AG, Johnson Controls International PLC, Toshiba Corporation, LG Energy Solutions Ltd., and Samsung SDI Co., Ltd.
Scope of the Study
Market Segments Covered in the Report:
By Ownership
- Utility-Owned
- Third-Party Owned
- Customer-Owned
By Battery Type
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
By Energy Capacity
- Above 500 MWh
- Between 100 to 500 MWh
- Below 100 MWh
By Connection type
By Application
- Utility
- Commercial
- Residential
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- General Electric (GE) Co.
- Honeywell International, Inc.
- Panasonic Corporation
- Hitachi, Ltd.
- Siemens AG
- Johnson Controls International PLC
- Toshiba Corporation
- LG Energy Solutions Ltd.
- Samsung SDI Co., Ltd.
TABLE 1 Asia Pacific Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 2 Asia Pacific Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Battery Energy Storage System Market
TABLE 4 Product Launches And Product Expansions– Battery Energy Storage System Market
TABLE 5 Acquisition and Mergers– Battery Energy Storage System Market
TABLE 6 Asia Pacific Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 7 Asia Pacific Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 8 Asia Pacific Utility-Owned Market by Country, 2017 - 2020, USD Million
TABLE 9 Asia Pacific Utility-Owned Market by Country, 2021 - 2027, USD Million
TABLE 10 Asia Pacific Third-Party Owned Market by Country, 2017 - 2020, USD Million
TABLE 11 Asia Pacific Third-Party Owned Market by Country, 2021 - 2027, USD Million
TABLE 12 Asia Pacific Customer-Owned Market by Country, 2017 - 2020, USD Million
TABLE 13 Asia Pacific Customer-Owned Market by Country, 2021 - 2027, USD Million
TABLE 14 Asia Pacific Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 15 Asia Pacific Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 16 Asia Pacific Lithium-Ion Batteries Market by Country, 2017 - 2020, USD Million
TABLE 17 Asia Pacific Lithium-Ion Batteries Market by Country, 2021 - 2027, USD Million
TABLE 18 Asia Pacific Advanced Lead-Acid Batteries Market by Country, 2017 - 2020, USD Million
TABLE 19 Asia Pacific Advanced Lead-Acid Batteries Market by Country, 2021 - 2027, USD Million
TABLE 20 Asia Pacific Flow Batteries Market by Country, 2017 - 2020, USD Million
TABLE 21 Asia Pacific Flow Batteries Market by Country, 2021 - 2027, USD Million
TABLE 22 Asia Pacific Others Market by Country, 2017 - 2020, USD Million
TABLE 23 Asia Pacific Others Market by Country, 2021 - 2027, USD Million
TABLE 24 Asia Pacific Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 25 Asia Pacific Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 26 Asia Pacific Above 500 MWh Market by Country, 2017 - 2020, USD Million
TABLE 27 Asia Pacific Above 500 MWh Market by Country, 2021 - 2027, USD Million
TABLE 28 Asia Pacific Between 100 to 500 MWh Market by Country, 2017 - 2020, USD Million
TABLE 29 Asia Pacific Between 100 to 500 MWh Market by Country, 2021 - 2027, USD Million
TABLE 30 Asia Pacific Below 100 MWh Market by Country, 2017 - 2020, USD Million
TABLE 31 Asia Pacific Below 100 MWh Market by Country, 2021 - 2027, USD Million
TABLE 32 Asia Pacific Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 33 Asia Pacific Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 34 Asia Pacific On-grid Market by Country, 2017 - 2020, USD Million
TABLE 35 Asia Pacific On-grid Market by Country, 2021 - 2027, USD Million
TABLE 36 Asia Pacific Off-grid Market by Country, 2017 - 2020, USD Million
TABLE 37 Asia Pacific Off-grid Market by Country, 2021 - 2027, USD Million
TABLE 38 Asia Pacific Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 39 Asia Pacific Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 40 Asia Pacific Utility Market by Country, 2017 - 2020, USD Million
TABLE 41 Asia Pacific Utility Market by Country, 2021 - 2027, USD Million
TABLE 42 Asia Pacific Commercial Market by Country, 2017 - 2020, USD Million
TABLE 43 Asia Pacific Commercial Market by Country, 2021 - 2027, USD Million
TABLE 44 Asia Pacific Residential Market by Country, 2017 - 2020, USD Million
TABLE 45 Asia Pacific Residential Market by Country, 2021 - 2027, USD Million
TABLE 46 Asia Pacific Battery Energy Storage System Market by Country, 2017 - 2020, USD Million
TABLE 47 Asia Pacific Battery Energy Storage System Market by Country, 2021 - 2027, USD Million
TABLE 48 China Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 49 China Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 50 China Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 51 China Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 52 China Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 53 China Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 54 China Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 55 China Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 56 China Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 57 China Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 58 China Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 59 China Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 60 Japan Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 61 Japan Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 62 Japan Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 63 Japan Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 64 Japan Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 65 Japan Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 66 Japan Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 67 Japan Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 68 Japan Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 69 Japan Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 70 Japan Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 71 Japan Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 72 India Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 73 India Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 74 India Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 75 India Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 76 India Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 77 India Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 78 India Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 79 India Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 80 India Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 81 India Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 82 India Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 83 India Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 84 South Korea Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 85 South Korea Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 86 South Korea Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 87 South Korea Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 88 South Korea Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 89 South Korea Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 90 South Korea Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 91 South Korea Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 92 South Korea Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 93 South Korea Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 94 South Korea Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 95 South Korea Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 96 Singapore Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 97 Singapore Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 98 Singapore Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 99 Singapore Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 100 Singapore Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 101 Singapore Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 102 Singapore Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 103 Singapore Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 104 Singapore Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 105 Singapore Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 106 Singapore Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 107 Singapore Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 108 Malaysia Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 109 Malaysia Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 110 Malaysia Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 111 Malaysia Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 112 Malaysia Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 113 Malaysia Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 114 Malaysia Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 115 Malaysia Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 116 Malaysia Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 117 Malaysia Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 118 Malaysia Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 119 Malaysia Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 120 Rest of Asia Pacific Battery Energy Storage System Market, 2017 - 2020, USD Million
TABLE 121 Rest of Asia Pacific Battery Energy Storage System Market, 2021 - 2027, USD Million
TABLE 122 Rest of Asia Pacific Battery Energy Storage System Market by Ownership, 2017 - 2020, USD Million
TABLE 123 Rest of Asia Pacific Battery Energy Storage System Market by Ownership, 2021 - 2027, USD Million
TABLE 124 Rest of Asia Pacific Battery Energy Storage System Market by Battery Type, 2017 - 2020, USD Million
TABLE 125 Rest of Asia Pacific Battery Energy Storage System Market by Battery Type, 2021 - 2027, USD Million
TABLE 126 Rest of Asia Pacific Battery Energy Storage System Market by Energy Capacity, 2017 - 2020, USD Million
TABLE 127 Rest of Asia Pacific Battery Energy Storage System Market by Energy Capacity, 2021 - 2027, USD Million
TABLE 128 Rest of Asia Pacific Battery Energy Storage System Market by Connection Type, 2017 - 2020, USD Million
TABLE 129 Rest of Asia Pacific Battery Energy Storage System Market by Connection Type, 2021 - 2027, USD Million
TABLE 130 Rest of Asia Pacific Battery Energy Storage System Market by Application, 2017 - 2020, USD Million
TABLE 131 Rest of Asia Pacific Battery Energy Storage System Market by Application, 2021 - 2027, USD Million
TABLE 132 KEY INFORMATION – GENERAL ELECTRIC (GE) CO.
TABLE 133 Key information – Honeywell International, Inc.
TABLE 134 Key Information – Panasonic Corporation
TABLE 135 Key Information – Hitachi, Ltd.
TABLE 136 Key Information – Siemens AG
TABLE 137 Key Information – Johnson Controls International PLC
TABLE 138 Key Information – Toshiba Corporation
TABLE 139 key information – LG Energy Solution Ltd.
TABLE 140 key information – Samsung SDI Co., Ltd.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2017-2021)
FIG 4 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2019, Sep – 2022, Jan) Leading Players
FIG 5 Recent Strategies and Developments: Honeywell International, Inc.
FIG 6 Swot analysis: Honeywell international, inc.
FIG 7 Recent Strategies and Developments: PANASONIC CORPORATION
FIG 8 SWOT Analysis: Panasonic Corporation
FIG 9 Recent Strategies and Developments: Hitachi, Ltd.
FIG 10 Recent Strategies and Developments: Siemens AG
FIG 11 Recent Strategies and Developments: LG Energy Solutions Co., Ltd.