ASEAN Energy Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The market is segmented by Type (Pumped-Hydro Storage, Battery Energy Storage Systems, and Others), Application (Residential, and Commercial and Industrial), and Geography (Indonesia, Vietnam, Philippines, Malaysia, and Rest of ASEAN)

ASEAN Energy Storage Industry Overview

ASEAN Energy Storage - Market Summary
Study Period: 2019 - 2028
CAGR: 6.78 %

Major Players


*Disclaimer: Major Players sorted in no particular order


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ASEAN Energy Storage Market Analysis

The ASEAN energy storage market was valued at USD 2.49 billion in 2020, and it is expected to reach USD 4.24 billion by 2027, registering a CAGR of 6.78% during the forecast period of 2022-2027. In 2020, due to the COVID-19 pandemic, many power projects were halted because of pandemic, namely in Cambodia, Indonesia, Myanmar, Philippines, and Vietnam, which is likely to cause the capacity additions to fall behind schedule in the coming years. The primary driver for the market includes the rising demand for uninterrupted power supply in both residential, and commercial and industrial sectors. However, the requirement of high capital to set up a large-scale energy storage facility in ASEAN region is expected to act as a major restraint for the market studied during the forecast period..

  • With the expansion of the electric vehicle market and growing demand for uninterrupted power supply, both in the residential and commercial sectors, batteries are likely to witness significant growth in the market during the forecast period.
  • In line with the Paris agreement, countries around the globe are putting effort to increase renewable energy share in its energy mix. For instance, Indonesia has set a target to increase its renewable share to 31% by 2050. An increase in renewable energy like solar PV to power isolated grids in rural villages, inaccessible to the national grid, is likely to create an opportunity for the energy storage facilities in the near future.
  • Philippines held the largest market share in 2021 and is expected to continue the same trend during the forecast period.

ASEAN Energy Storage Industry Segments

The ASEAN energy storage market report includes:

Pumped-Hydro Storage
Battery Energy Storage Systems
Commercial and Industrial
Rest of ASEAN

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ASEAN Energy Storage Market Trends

This section covers the major market trends shaping the ASEAN Energy Storage Market according to our research experts:

Battery Energy Storage Segment Expected to Witness Significant Growth

  • Battery Energy Storage Systems (BESS) is a rapidly emerging market segment in ASEAN countries. The rise in renewable energy consumption is expected to significantly boost BESS demand during the forecast period. However, despite the falling costs of lithium-ion batteries and BESS technology, artificially low tariff levels and fossil fuel subsidies are expected to reduce the competitiveness of BESS technologies in the ASEAN market.​
  • Despite targets of generating 23% of electricity generation from renewables by 2025, ASEAN countries are still expanding coal-fired generation capacities, with nearly 20GW under construction in Indonesia, Vietnam, and the Philippines. However, these plans are being reviewed due to excessive pollution, and the focus is shifting towards natural gas and renewables. 
  • Significant investments are being made in renewable energy and BESS projects across the region to aid Southeast Asia's energy transition. BESS projects are especially suitable for countries like Singapore and Brunei with limited geographical extent and high population densities. Other nations at the forefront of the BESS technology in the ASEAN region are the Philippines and Thailand. ​
  • However, despite favourable policies for renewable energy, most countries do not provide sufficient incentives or support for large-scale BESS projects. Prominent examples include Malaysia and Vietnam. Though Vietnam has witnessed record-breaking renewable capacity increase over the past few years, none of the utility-scale solar and wind plants is coupled with BESS. The missing incentives for solar-plus-storage are noted as severe shortcomings in the latest feed-in-tariff (FiT) programme in Vietnam. Similarly, the Large-Scale Solar (LSS) auction has resulted in several low-cost solar tariffs in Malaysia, but none of the solar plants include BESS.​
  • In June 2021, SMC Global Power Holdings, the first company to build a battery storage system in the Philippines in 2018, announced that it was building nearly 1 GW battery storage capacity across 31 sites at an investment of roughly USD 1 billion.​ ABB also announced that it planned to commission two 20MW and one 40 MW pre-packaged BESS systems for SMC in 2021, followed by other systems in the following year. This announcement followed Wartsila's announcement that it had commissioned two BESS projects totaling 60MW/60MWh in the Philippines as part of a 100MW contract with SMC. In June 2021, Fluence completed the commissioning of two 20MW / 20MWh BESS projects for SMC.​
  • Therefore, owing to the above points, battery energy storage segment is expected to witness a significant growth during the forecast period.
ASEAN Energy Storage Market - Market Share by Type

Philippines Expected to Dominate the Market

  • Philippines is considered as one of the regional leaders in renewable sources, owing to its abundant renewable energy sources, such as solar, wind, biomass, ocean, small hydro, and geothermal.​ According to Department of Energy, in 2020, the total renewable energy capacity  in the Philippines was approximately 7617 MW, representing an increase of 218 megawatts as compared to previous year. ​
  • The country is a signatory of the Paris Climate Agreement 2015, where the primary objective is to reduce the threat of climate change, by limiting increasing global temperatures to below 1.5 degrees above pre-industrial levels. Philippines has set ambitious plans to become a leading clean energy nation in Southeast Asia, Thus, the increasing share of renewables is expected to drive the energy storage market in the country during the forecast period. ​
  • Furthermore, the primary reason for the growth in renewable energy capacity, during the forecast period, can be attributed to the Philippines Energy Plan 2017-2040, which aims to improve the country’s electricity grid, in order to be able to cope with the additional 43 GW of energy demand, which is estimated to be required by 2040. ​​
  • Under the plan, the country aims to ensure energy security, expand energy access to achieve 100% electrification in all three major islands by 2022, and to connect the Mindanao grid with the interconnected Visaya and Luzon grids by 2020, to increase power supply reliability and resilience. ​Thus, such initiatives by the government is likely to increase demand for energy storage systems during the forecast period.​
  • Philippines’ government expects the cumulative solar installation to reach 8.7 GW by the end of 2030, with solar rooftops constituting nearly 35% of the total installations. The government of Philippines has given enough regulatory support to promote the adaption of solar PV in the form of  decreasing solar PV modules price, policies, such as net-metering system, which was introduced under the Renewable Energy Act of 2008, Thus, such initiatives to increase the demand for roof top solar PV are likely to increase the demand for residential battery storage systems in the country during the forecast period.​
  • In June 2021, Fluence commissioned its first battery energy storage system of 470-MW portfolio in the Philippines. The company has commissioned two 20-MW battery-based energy storage systems in Kabankalan. The portfolio, with projects ranging from 20 MW to 60 MW in size, are expected to be rolled out by July 2022. This, in turn, is expected to drive the market studied during the forecast period.​
  • Therefore, owing to the above points, Philippines is expected to dominate the ASEAN energy storage market, during the forecast period.
ASEAN Energy Storage Market - Renewable Energy Installed Capacity

ASEAN Energy Storage Market Competitor Analysis

The ASEAN energy storage market is moderately fragmented. Some of the key players in the market include GS Yuasa Corporation, Wartsila Oyj Abp, BYD Co. Ltd, SEC Battery Company, and NGK Insulators Ltd.

ASEAN Energy Storage Market Top Players

  1. GS Yuasa Corporation

  2. Wartsila Oyj Abp

  3. BYD Co. Ltd

  4. SEC Battery Company

  5. NGK Insulators Ltd

*Disclaimer: Major Players sorted in no particular order

Market Concentration.png

ASEAN Energy Storage Market Recent Developments

  • In September 2021, the World Bank approved a USD 380 million loan to develop Indonesia’s first pumped-storage hydropower plant.​ The financing is expected to support the construction of the Upper Cisokan pumped storage hydropower plant, located between Jakarta and Bandung, with an expected capacity of 1,040 MW.​
  • In June 2021, to help improve grid performance in the country, SMC Global Power Holdings Corp. has partnered with ABB Ltd. to install battery energy storage system (BESS) facilities as a part of its nationwide BESS Project, which is one of the largest projects in the region. The contract won in 2019 is expected to support two 20-MW sites and a further 40-MW site, to be fully commissioned in 2022. ​

ASEAN Energy Storage Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Type

      1. 5.1.1 Pumped-Hydro Storage

      2. 5.1.2 Battery Energy Storage Systems

      3. 5.1.3 Others

    2. 5.2 Application

      1. 5.2.1 Residential

      2. 5.2.2 Commercial and Industrial

    3. 5.3 Geography

      1. 5.3.1 Indonesia

      2. 5.3.2 Vietnam

      3. 5.3.3 Phillipines

      4. 5.3.4 Malaysia

      5. 5.3.5 Rest of ASEAN


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 GS Yuasa Corporation

      2. 6.3.2 Wartsila Oyj Abp

      3. 6.3.3 BYD Co. Ltd

      4. 6.3.4 SEC Battery Company

      5. 6.3.5 Contemporary Amperex Technology Co. Ltd (CATL)

      6. 6.3.6 NGK Insulators Ltd

      7. 6.3.7 LG Chem Ltd

    4. *List Not Exhaustive

**Subject to Availability
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ASEAN Energy Storage Market Research FAQs

The ASEAN Energy Storage Market is studied from 2019 - 2028.

The ASEAN Energy Storage Market is growing at a CAGR of 6.78% over the next 5 years.

The ASEAN Energy Storage Market is valued at 2 Billion USD in 2019.

The ASEAN Energy Storage Market is valued at 4 Billion USD in 2028.

GS Yuasa Corporation, Wartsila Oyj Abp, BYD Co. Ltd, SEC Battery Company, NGK Insulators Ltd are the major companies operating in ASEAN Energy Storage Market.

ASEAN Energy Storage Industry Reports

In-depth industry statistics and market share insights of the ASEAN Energy Storage sector for 2020, 2021, and 2022. The ASEAN Energy Storage research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the ASEAN Energy Storage report PDF.

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