Market Size of Asia-Pacific Battery Energy Storage System Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 15.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Battery Energy Storage System Market Analysis
The Asia-Pacific battery energy storage system market is expected to grow at a CAGR of more than 15% over the forecast period (2022-2027).
The market was Moderately impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the long term, factors such as the increasing levels of renewable energy penetration and demand for reliable and uninterrupted power supply across the region are expected to drive the market during the forecast period.
- On the flip side, the high initial investment required for installing the battery energy storage system and the availability of alternative storage systems such as pumped hydro is expected to hinder the growth of the market studied.
- Nevertheless, the development of new battery chemistries, which can further reduce costs, is expected to provide a significant opportunity for the market during the forecast period.
- India is to witness significant growth in the Asia-Pacific battery energy storage system market due to a substantial rise in investment in data centers and the renewable energy sector, which depends on battery energy storage systems.
