Asia Pacific Batteries for Solar Energy Storage Market

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

Analysis – by Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, and Industrial), and Connectivity (Off-Grid and On-Grid)


No. of Pages: 130    |    Report Code: BMIRE00027309    |    Category: Energy and Power

Asia Pacific Batteries for Solar Energy Storage Market
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The batteries for solar energy storage market in Asia Pacific is expected to grow from US$  1,597.44 million in 2022 to US$ 5,058.12 million by 2028; it is estimated to grow at a CAGR of 21.2% from 2022 to 2028.

 

 The expansion of grid infrastructure projects is leading to a rise in demand for grid energy storage systems, further driving the batteries for solar energy storage market. For instance, in March 2022, Power Grid Corporation of India announced that it had approved investments on five projects worth US$ 103.42 million (INR 821.29 crore) across India. Similarly, in June 2022, the State Grid Corporation of China planned to invest an all-time high of about US$ 74.5 billion in power grid projects. Thus, such upcoming investment in grid expansion projects is propelling the demand for grid energy storage systems. The growing investment in the grid-scale battery storage system is fueling the market’s growth. For instance, in July 2022, Solar Energy Corp. and NTPC successfully executed the tenders for standalone energy storage systems. This initiative would accelerate investment, support domestic manufacturing, and facilitate the development of new business models.  In March 2021, Tata Power—in collaboration with Nexcharge, a lithium-ion battery and storage company—installed a 150 KW (kilowatt)/528 kWh (kilowatt hour) battery storage system offering six-hour storage to enhances the supply reliability at the distribution side and reduces the peak load on the distribution transformers. These factors mentioned above are propelling the market growth.

 

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific batteries for solar energy storage market at a substantial CAGR during the forecast period.

 

 Asia Pacific Batteries for solar energy storage market Revenue and Forecast to 2028 (US$ Million) 

 Asia Pacific Batteries for solar energy storage market Revenue and Forecast to 2028 (US$ Million) 
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Asia Pacific Batteries for Solar Energy Storage Strategic Insights

Strategic insights for the Asia Pacific Batteries for Solar Energy Storage provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

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Asia Pacific Batteries for Solar Energy Storage Report Scope

Report Attribute Details
Market size in 2022 US$ 1,597.44 Million
Market Size by 2028 US$ 5,058.12 Million
Global CAGR (2022 - 2028) 21.2%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Battery Type
  • Lead acid
  • Lithium-Ion
  • Nickel Cadmium
By Application
  • Residential
  • Commercial
  • Industrial
By Connectivity
  • Off-Grid
  • On-Grid
Regions and Countries Covered Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
Market leaders and key company profiles
  • EnerSys
  • LECLANCHE
  • LG Electronics
  • Samsung SDI Co., Ltd.
  • Kokam
  • Sonnen Group
  • Alpha ESS Co., Ltd.
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    Asia Pacific Batteries for Solar Energy Storage Regional Insights

    The geographic scope of the Asia Pacific Batteries for Solar Energy Storage refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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    Asia Pacific Batteries for solar energy storage market Segmentation

     

    The Asia Pacific batteries for solar energy storage market is segmented on the basis of battery type, application, connectivity, and country. 

    Based on battery type, the market is segmented into lead acid, lithium-ion, nickel cadmium, and others. In 2022, the lithium-ion segment held a larger share of the market. And others segment is expected to register a higher CAGR during the forecast period. Based on application, the Asia Pacific batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held the largest market share in 2022 and commercial is expected to register the highest CAGR in the market during the forecast period. Based on connectivity, the Asia Pacific batteries for solar energy storage market is segmented into on-grid and off-grid. The on-grid segment held the largest market share in 2022 and the off-grid segment is expected to register the highest CAGR in the market during the forecast period. Based on country, the Asia Pacific batteries for solar energy storage market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. In 2022, China held a larger market share. On the other side, and the same segment is expected to register a higher CAGR during the forecast period.

     

    EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; Kokam; and Alpha ESS Co., Ltd. are among the leading companies in  the Asia Pacific batteries for solar energy storage market.

    The List of Companies - Asia Pacific Batteries for Solar Energy Storage Market

    1. EnerSys
    2. LECLANCHE
    3. LG Electronics
    4. Samsung SDI Co., Ltd.
    5. Kokam                            
    6. Sonnen Group                       
    7. Alpha ESS Co., Ltd.        
    Frequently Asked Questions
    How big is the Asia Pacific Batteries for Solar Energy Storage Market?

    The Asia Pacific Batteries for Solar Energy Storage Market is valued at US$ 1,597.44 Million in 2022, it is projected to reach US$ 5,058.12 Million by 2028.

    What is the CAGR for Asia Pacific Batteries for Solar Energy Storage Market by (2022 - 2028)?

    As per our report Asia Pacific Batteries for Solar Energy Storage Market, the market size is valued at US$ 1,597.44 Million in 2022, projecting it to reach US$ 5,058.12 Million by 2028. This translates to a CAGR of approximately 21.2% during the forecast period.

    What segments are covered in this report?

    The Asia Pacific Batteries for Solar Energy Storage Market report typically cover these key segments-

    • Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium)
    • Application (Residential, Commercial, Industrial)
    • Connectivity (Off-Grid, On-Grid)

    What is the historic period, base year, and forecast period taken for Asia Pacific Batteries for Solar Energy Storage Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Batteries for Solar Energy Storage Market report:

  • Historic Period : 2020-2021
  • Base Year : 2022
  • Forecast Period : 2023-2028
  • Who are the major players in Asia Pacific Batteries for Solar Energy Storage Market?

    The Asia Pacific Batteries for Solar Energy Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • EnerSys
  • LECLANCHE
  • LG Electronics
  • Samsung SDI Co., Ltd.
  • Kokam
  • Sonnen Group
  • Alpha ESS Co., Ltd.
  • Who should buy this report?

    The Asia Pacific Batteries for Solar Energy Storage Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the Asia Pacific Batteries for Solar Energy Storage Market value chain can benefit from the information contained in a comprehensive market report.

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