
Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 3.55 Billion |
Market Size (2030) | USD 4.92 Billion |
CAGR (2025 - 2030) | 6.78 % |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
ASEAN Energy Storage Market Analysis
The ASEAN Energy Storage Market size is estimated at USD 3.55 billion in 2025, and is expected to reach USD 4.92 billion by 2030, at a CAGR of 6.78% during the forecast period (2025-2030).
The ASEAN energy storage landscape is undergoing a significant transformation driven by the region's ambitious renewable energy goals and growing energy demands. The ASEAN Centre for Energy (ACE) projects the region's total final energy consumption to increase by 146% by 2040, highlighting the urgent need for robust energy storage systems. This surge in energy demand, coupled with the region's target to achieve a 35% share of renewable energy in installed power capacity by 2025, has catalyzed investments in advanced energy storage infrastructure. The transition towards sustainable energy systems has become particularly crucial for the region's island nations, where energy storage solutions play a vital role in maintaining grid stability and ensuring reliable power distribution.
Technological advancements in energy storage systems are reshaping the market dynamics across ASEAN countries. Battery energy storage systems (BESS) have emerged as a preferred solution, particularly in densely populated urban areas where space constraints limit traditional storage options. The declining costs of lithium-ion batteries, coupled with improvements in energy density and lifecycle performance, have made BESS increasingly viable for both utility-scale and distributed applications. Singapore's ambitious target of deploying 200 MW of energy storage capacity by 2025 exemplifies the region's commitment to embracing advanced storage technologies.
The market is witnessing a surge in large-scale energy storage projects and strategic collaborations. In November 2023, Thailand announced the development of Southeast Asia's largest battery energy storage system project, with a capacity of 49 MW/136.24 MWh, demonstrating the region's growing appetite for utility-scale energy storage solutions. The integration of floating solar installations with energy storage systems has gained particular traction, with several innovative projects being developed across Indonesia and Singapore. These developments reflect a broader trend toward hybrid energy solutions that combine multiple storage technologies to optimize grid performance and reliability.
The evolution of regulatory frameworks and support mechanisms across ASEAN countries is facilitating greater adoption of energy storage solutions. Governments are increasingly implementing policies to encourage energy storage deployment, ranging from direct incentives to market-based mechanisms. The Philippines has pioneered the adoption of BESS for grid services, while Indonesia has made significant strides in developing pumped hydro storage capabilities. The emergence of innovative business models, including energy-storage-as-a-service and virtual power plants, is creating new opportunities for market participants while addressing the traditional barriers of high upfront costs and technical complexity.
ASEAN Energy Storage Market Trends
Growing Renewable Energy Integration and Grid Modernization
The ASEAN region is witnessing a significant transformation in its energy landscape, driven by ambitious renewable energy storage targets and the need for grid modernization. The region has set a cumulative target for increasing the share of renewable energy in installed power capacity to 35% by 2025, creating a strong impetus for energy storage solutions. This transition is particularly evident in countries like the Philippines, which has established aggressive targets of 35% renewables by 2030 and 50% by 2040, requiring approximately 15 GW of wind and solar capacity. The intermittent nature of these renewable sources necessitates robust grid energy storage systems to ensure reliable power supply and grid stability.
Recent developments underscore this driver's significance, as exemplified by Total Eren SA's 2023 collaboration with PLN in Indonesia to construct the Tanah Laut project, featuring a 70 MW wind power plant integrated with a 10 MWh battery energy storage system. Similarly, the Philippines has attracted substantial investment following regulatory reforms, with Chinese companies committing USD 13.7 billion to renewable and energy sectors in 2023. These investments and projects demonstrate the growing recognition of renewable energy storage as a critical enabler for renewable energy integration and grid modernization across the ASEAN region.
Increasing Power Demand and Grid Stability Requirements
Southeast Asia's exponential growth in electricity demand, averaging over 6% annually over the past two decades, has created an urgent need for reliable and flexible energy storage solutions. This surge in demand is primarily driven by increasing ownership of household appliances and rising consumption of goods and services across the region. The challenge of maintaining grid stability while meeting this growing demand is further complicated by the region's unique geographical characteristics, particularly in archipelagic nations like Indonesia and the Philippines, where traditional grid infrastructure faces significant challenges in providing reliable power supply.
The critical nature of grid stability requirements is evidenced by recent large-scale energy storage implementations across the region. In July 2022, Singapore deployed a 2 MW/2MWh battery energy storage system at Pasir Panjang Terminal, demonstrating the role of industrial energy storage in improving energy efficiency and grid stability in industrial applications. Additionally, Sembcorp's initiative to build 200 MWh of battery storage systems on Jurong Island in June 2022 highlights the growing recognition of smart energy storage as a crucial component for maintaining grid stability. These developments showcase how distributed energy storage systems are becoming increasingly vital in addressing the dual challenges of rising power demand and grid stability requirements across the ASEAN region.
Government Support and Policy Initiatives
Government support and progressive policy initiatives across ASEAN countries have emerged as a crucial driver for the energy storage market's development. The Philippines Department of Energy's introduction of new market rules and policies for renewable energy storage in 2023, coupled with the landmark decision to permit 100% foreign ownership of renewable energy assets, demonstrates the region's commitment to creating a favorable environment for commercial energy storage investments. Similarly, Singapore's Energy Market Authority has implemented comprehensive initiatives through programs like ACCESS (Accelerating Energy Storage for Singapore) and various technical guidelines to facilitate energy storage system deployment.
The support extends beyond regulatory frameworks to include direct financial assistance and international collaboration. Indonesia's successful securing of a World Bank loan for developing pumped storage facilities exemplifies how government backing is facilitating large-scale energy storage projects. Singapore's approach through the Energy Market Authority's expression of interest (EOI) for building substantial battery storage capacity and Thailand's partnership with the United States Agency for International Development (USAID) and National Renewable Energy Laboratory (NREL) for developing energy storage practices further illustrate the comprehensive government support driving market growth. These initiatives are creating a robust foundation for the sustained development of energy storage solutions across the ASEAN region.
Segment Analysis: By Type
Pumped Hydro Storage Segment in ASEAN Energy Storage Market
Pumped Hydro Storage (PHS) continues to dominate the ASEAN energy storage market, accounting for approximately 82% of the market share in 2024. This technology's prominence is attributed to its mature development status and extensive utility-scale applications across the region. The segment's dominance is particularly evident in countries like Indonesia, where significant investments are being made in large-scale PHS projects. The technology's ability to provide long-duration energy storage, grid stability, and peak load management capabilities has made it the preferred choice for utility-scale applications. Southeast Asia's natural geography and abundance of water bodies, except for Brunei and Singapore, provide ideal conditions for pumped hydro storage deployment, with the region's pumped hydro storage potential estimated at nearly 2 million GW, approximately 100 times the energy storage capacity needed for ASEAN countries to achieve 100% renewable energy consumption.

Battery Energy Storage Systems Segment in ASEAN Energy Storage Market
The Battery Energy Storage Systems (BESS) segment is experiencing rapid growth in the ASEAN energy storage market, driven by declining battery costs and increasing renewable energy integration requirements. The segment's growth is supported by significant technological advancements and increasing investments in utility-scale battery projects across the region. Countries like Singapore, the Philippines, and Thailand are leading the adoption of battery energy storage systems technology, with numerous projects under development. The technology's versatility in applications ranging from grid services to behind-the-meter installations for commercial and residential use is driving its adoption. The segment's growth is further accelerated by supportive government policies and initiatives, particularly in countries aiming to enhance grid reliability and integrate higher shares of renewable energy.
Remaining Segments in ASEAN Energy Storage Market by Type
Other energy storage technologies in the ASEAN market, including Compressed Air Energy Storage (CAES), flywheel, and thermal energy storage systems, represent a smaller but emerging segment. These technologies are primarily in the research and development phase across various ASEAN countries, with pilot projects being implemented in research institutions and universities. While their current market impact is limited, these technologies offer unique advantages for specific applications and are expected to play complementary roles in the region's energy storage landscape. The development of these alternative technologies is particularly focused on addressing specific industrial and commercial applications where conventional storage solutions may not be optimal.
Segment Analysis: By Application
Commercial and Industrial Segment in ASEAN Energy Storage Market
The commercial energy storage and industrial energy storage segment dominates the ASEAN energy storage market, holding approximately 81% market share in 2024. This significant market presence is driven by increasing commercial energy tariffs, price volatility, and growing renewable energy adoption across the region. The segment's growth is further supported by the critical need for seamless, uninterrupted backup power during grid outages to prevent costly downtime in commercial operations. Energy storage systems in this segment help minimize operational downtime, eliminate peak demand charges that often represent 30-70% of commercial electric bills, and provide essential grid stability services. Major developments include utility-scale energy storage deployments in Singapore, Indonesia, and the Philippines, with projects focusing on solar integration and grid stability enhancement. The segment's strength is also reinforced by government initiatives promoting renewable energy integration and decarbonization goals across ASEAN nations.
Residential Segment in ASEAN Energy Storage Market
The residential energy storage segment is emerging as the fastest-growing segment in the ASEAN energy storage market, driven by rapid changes in living standards and increasing demand for small-scale energy storage systems. This growth is primarily fueled by the rising adoption of solar rooftop installations, advancements in energy storage technologies, and supportive government policies. The segment is witnessing significant expansion due to factors such as the growing need to offset power blackouts, declining costs of residential energy storage systems (RESS), and integrated solar and storage equipment solutions. Countries like Vietnam, Singapore, and Indonesia are implementing various incentive programs and subsidies to encourage residential energy storage adoption. The segment's growth is further accelerated by the increasing awareness among homeowners about energy independence, the steady decline in feed-in tariffs encouraging self-consumption, and the growing trend of smart home integration with energy management systems.
ASEAN Energy Storage Market Geography Segment Analysis
ASEAN Energy Storage Market in the Philippines
The Philippines stands as the dominant force in the ASEAN energy storage market, commanding approximately 30% of the total market share in 2024. The country's leadership position is driven by its progressive energy policies and ambitious renewable energy integration goals. The Philippines has established itself as a pioneer in battery energy storage system (BESS) deployment, with multiple large-scale projects under development across its various islands. The country's unique archipelagic geography has necessitated innovative energy storage solutions to ensure grid stability and power reliability. The government's commitment to achieving 100% electrification across all major islands has further catalyzed the adoption of energy storage systems. The market is characterized by a diverse range of applications, from utility-scale installations to smaller distributed energy storage systems, supporting both grid stability and renewable energy integration. The presence of supportive regulatory frameworks and the country's focus on modernizing its power infrastructure continue to attract significant investments in energy storage projects.
ASEAN Energy Storage Market in Vietnam
Vietnam emerges as the most dynamic market in the ASEAN energy storage sector, projected to grow at approximately 11% annually from 2024 to 2029. The country's remarkable growth trajectory is underpinned by its aggressive renewable energy targets and the pressing need to address power supply intermittency issues. Vietnam's energy storage market is experiencing rapid transformation, driven by the country's commitment to diversifying its energy sources and reducing dependence on traditional power generation. The government's supportive policies for renewable energy integration have created a favorable environment for energy storage deployment. The market is witnessing increased participation from both domestic and international players, particularly in battery energy storage system (BESS) projects. The country's focus on developing smart grid infrastructure and improving power quality has further accelerated the adoption of energy storage solutions. The industrial sector's growing demand for reliable power supply has also emerged as a key driver for energy storage implementations.
ASEAN Energy Storage Market in Indonesia
Indonesia's energy storage market demonstrates robust development, supported by the country's comprehensive energy transition strategy and ambitious decarbonization goals. The nation's unique geographical composition, comprising thousands of islands, presents both challenges and opportunities for energy storage deployment. The market is characterized by a strong focus on both utility-scale and distributed energy storage solutions, with particular emphasis on supporting renewable energy integration. Indonesia's energy storage sector benefits from significant government support through various initiatives and regulatory frameworks designed to promote clean energy adoption. The country's power sector transformation has attracted substantial international investment and technological partnerships. The market shows particular strength in pumped hydro storage solutions, while also witnessing growing interest in battery energy storage technologies. The industrial and commercial sectors are increasingly adopting energy storage solutions to ensure reliable power supply and optimize energy consumption.
ASEAN Energy Storage Market in Malaysia
Malaysia's energy storage market exhibits steady development, characterized by a strategic approach to energy storage deployment and grid modernization. The country's market is distinguished by its focus on battery energy storage systems, particularly in supporting renewable energy integration and improving grid reliability. Malaysia's energy storage sector benefits from well-structured government policies and clear regulatory frameworks that promote sustainable energy solutions. The market shows particular strength in commercial and industrial applications, where energy storage systems are increasingly deployed to optimize power consumption and reduce operational costs. The country's commitment to technological innovation in the energy sector has fostered partnerships between local and international players. The automotive industry's growth and increasing data center developments have created additional demand for energy storage solutions. Malaysia's approach to energy storage deployment is marked by careful planning and emphasis on system reliability and efficiency.
ASEAN Energy Storage Market in Other Countries
The energy storage markets in other ASEAN countries, including Singapore, Thailand, Myanmar, Cambodia, Brunei, and Laos, each present unique characteristics and development trajectories. Singapore stands out with its technology-driven approach and emphasis on urban energy storage solutions, particularly in the battery energy storage segment. Thailand's market is characterized by its focus on industrial applications and renewable energy integration. The emerging markets of Myanmar, Cambodia, and Laos are gradually developing their energy storage capabilities, primarily focused on improving grid reliability and supporting rural electrification efforts. These markets are at various stages of development, with some focusing on basic infrastructure while others pursue more advanced energy storage technologies. The regulatory frameworks and market structures vary significantly across these countries, influencing the pace and direction of energy storage adoption. Despite their different development stages, these markets share common challenges and opportunities in integrating energy storage solutions into their existing power infrastructure.
ASEAN Energy Storage Industry Overview
Top Companies in ASEAN Energy Storage Market
The ASEAN energy storage market features prominent players, including GS Yuasa Corporation, Wartsila Oyj Abp, BYD Co. Ltd, SEC Battery Company, Contemporary Amperex Technology Co. Limited (CATL), NGK Insulators Ltd, and LG Chem Ltd. These companies are actively pursuing product innovation through advanced battery technologies and smart energy storage management systems, with a particular focus on lithium-ion energy storage solutions. Strategic partnerships and collaborations, especially in solar-plus-storage projects, have become increasingly common as companies seek to strengthen their market positions. Companies are expanding their manufacturing footprint across the region, with significant investments in countries like Indonesia, Thailand, and Vietnam. The market is characterized by continuous R&D efforts to improve battery efficiency, reduce costs, and develop new energy storage systems, while companies are also focusing on establishing robust supply chains and after-sales service networks throughout the ASEAN region.
Market Dominated by Global Technology Leaders
The ASEAN energy storage market structure is characterized by a mix of global technology conglomerates and specialized energy storage providers, with international players holding significant market share due to their advanced technological capabilities and established presence in the region. These companies leverage their extensive R&D capabilities, manufacturing expertise, and global supply chain networks to maintain their competitive advantage. The market is moderately consolidated, with major players establishing local manufacturing facilities and strategic partnerships with regional utilities and power companies to strengthen their market presence.
The market has witnessed several strategic moves through joint development agreements and collaborations, particularly in large-scale integrated solar and energy storage projects. Companies are increasingly focusing on vertical integration strategies, from raw material sourcing to end-user solutions, to maintain cost competitiveness and ensure supply chain reliability. Local players are gradually emerging in the market through partnerships with global technology providers, while established players are expanding their presence through both organic growth and strategic acquisitions.
Innovation and Localization Drive Future Success
Success in the ASEAN energy storage market increasingly depends on companies' ability to develop cost-effective solutions while maintaining technological leadership. Market players need to focus on developing customized solutions that address specific regional requirements, including grid stability challenges and renewable energy integration needs. The ability to establish strong relationships with government entities and utilities, while navigating complex regulatory environments across different ASEAN countries, has become crucial for market success. Companies must also invest in local manufacturing capabilities and develop robust distribution networks to reduce costs and improve market responsiveness.
Future market leadership will require companies to balance technology innovation with price competitiveness, particularly as the market becomes more price-sensitive. The development of comprehensive battery energy storage solutions, including software and grid integration capabilities, will be crucial for maintaining competitive advantage. Companies must also focus on building strong after-sales service networks and developing financing solutions to address the high initial capital requirements of advanced energy storage systems. Success will increasingly depend on the ability to provide integrated solutions that combine storage technologies with renewable energy systems, while maintaining flexibility to adapt to evolving regulatory frameworks and grid requirements across different ASEAN markets.
ASEAN Energy Storage Market Leaders
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GS Yuasa Corporation
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Wartsila Oyj Abp
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BYD Co. Ltd
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SEC Battery Company
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NGK Insulators Ltd
- *Disclaimer: Major Players sorted in no particular order

ASEAN Energy Storage Market News
- In March 2022, the Indonesian government launched a 5MW battery energy storage system (BESS) pilot project as it aims to move away from diesel-generated power. Perusahaan Listrik Negara (PLN) 'de-dieselization' program will involve 5,200 units of new renewable energy generation with a total power of 2GW by 2024 and is a potential application for battery storage.
- In May 2022, Vietnam's government published plans to double its stationed power generation capacity to 146 gigawatts (GW) by 2030, and for the same, Vietnam calls for up to USD 14 billion annual power investment.
ASEAN Energy Storage Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.1.1 Growth in Power Demand from Residential, Commercial and Industrial Consumers
- 4.5.1.2 Unscheduled Power Outages and Grid Instability would Demand Energy Storage Solutions
- 4.5.2 Restraints
- 4.5.2.1 Lack of Investments could Hamper the Growth of Energy Storage Market
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Pumped-Hydro Storage
- 5.1.2 Battery Energy Storage Systems
- 5.1.3 Other Types
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5.2 Application
- 5.2.1 Residential
- 5.2.2 Commercial and Industrial
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5.3 Geography
- 5.3.1 Indonesia
- 5.3.2 Vietnam
- 5.3.3 Phillipines
- 5.3.4 Malaysia
- 5.3.5 Rest of ASEAN
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 GS Yuasa Corporation
- 6.3.2 Wartsila Oyj Abp
- 6.3.3 BYD Co. Ltd.
- 6.3.4 SEC Battery Company
- 6.3.5 Contemporary Amperex Technology Co. Ltd. (CATL)
- 6.3.6 NGK Insulators Ltd.
- 6.3.7 LG Chem Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Long-term Government Policies to Add Renewable Energy Capacity
ASEAN Energy Storage Industry Segmentation
Energy storage is the capture of energy produced at one time and used at a later time to keep a balance between energy demand and energy production. With the world's renewable energy capacity reaching record levels, storage technologies are fundamental to smoothing out peaks and dips in energy demand without resorting to fossil fuels.
The ASEAN energy storage market is segmented by type, application, and geography. By type, the market is segmented as pumped-hydro storage, battery energy storage systems, and others. By application, the market is segmented into residential, commercial, and industrial. The report covers the size and forecasts of the energy storage market across the major countries in the region. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
Type | Pumped-Hydro Storage |
Battery Energy Storage Systems | |
Other Types | |
Application | Residential |
Commercial and Industrial | |
Geography | Indonesia |
Vietnam | |
Phillipines | |
Malaysia | |
Rest of ASEAN |
ASEAN Energy Storage Market Research FAQs
How big is the ASEAN Energy Storage Market?
The ASEAN Energy Storage Market size is expected to reach USD 3.55 billion in 2025 and grow at a CAGR of 6.78% to reach USD 4.92 billion by 2030.
What is the current ASEAN Energy Storage Market size?
In 2025, the ASEAN Energy Storage Market size is expected to reach USD 3.55 billion.
Who are the key players in ASEAN Energy Storage Market?
GS Yuasa Corporation, Wartsila Oyj Abp, BYD Co. Ltd, SEC Battery Company and NGK Insulators Ltd are the major companies operating in the ASEAN Energy Storage Market.
What years does this ASEAN Energy Storage Market cover, and what was the market size in 2024?
In 2024, the ASEAN Energy Storage Market size was estimated at USD 3.31 billion. The report covers the ASEAN Energy Storage Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the ASEAN Energy Storage Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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ASEAN Energy Storage Market Research
Mordor Intelligence provides a comprehensive analysis of the energy storage industry. We leverage extensive expertise in Energy Storage Systems (ESS) and Battery Energy Storage Systems (BESS) research. Our detailed report covers a variety of technologies, including pumped hydro storage, flywheel energy storage, thermal energy storage, and compressed air energy storage. The analysis addresses residential energy storage, commercial energy storage, and industrial energy storage applications. It also examines emerging solutions like hydrogen energy storage and renewable energy storage systems.
Stakeholders gain valuable insights into grid energy storage developments. This includes behind the meter storage solutions and distributed energy storage implementations. The report PDF, available for download, provides an in-depth analysis of mechanical energy storage, electrochemical energy storage, and chemical energy storage technologies. Our research covers utility scale energy storage, smart energy storage, and microgrid energy storage developments. We focus particularly on lithium ion energy storage and flow battery storage innovations. The comprehensive coverage extends to stationary energy storage, mobile energy storage, and advanced energy storage solutions. This offers stakeholders actionable intelligence for strategic decision-making.