Market Size of Asia-Pacific Energy Storage Systems Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Energy Storage Systems Market Analysis
The Asia-Pacific energy storage systems market is expected to register a CAGR of over 20% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, increasing the renewable energy sector, and policies related to support and development of energy storage technology are expected to drive the growth of the market studied.
- On the other hand, high capital investments, along with huge complexity and additional space requirements are expected to hamper the growth of Asia-Pacific energy storage systems market during the forecast period.
- Nevertheless, product innovation and adaptation of the latest technologies in solar PV inverters are likely to create lucrative growth opportunities for the Asia-Pacific energy storage systems market in the forecast period.
- India to witness significant growth and also likely to witness the remarkable CAGR during the forecast period. This growth is attributed to the increasing investments in renewable energy, coupled with supportive government policies.
