Asia Pacific energy storage market worth 12 billion dollars in 10 years

The report predicts that Asia Pacific energy storage market will be worth 12 million dollars by 2022 with a capacity of 25 GW. Lithium -ion, sodium sulfur and flow batteries are expected to dominate the storage sector, and China and Japan are considered major players, with South Korea and Australia topping the “rest of the Asia pacific” segment.

With a consistent picture of rising electricity demand, increasing penetration of renewable energy generation and a need for greater grid flexibility accross the region, the report notes the R&D investment being made by the Chinese government and utility suppliers into energy storage.

“Combined with a rise in the proportion of power coming from the residential and commercial sectors, which require less consistent amount of energy, the country could be forced to adoptpolicies toencourage the adoption of new energy storage technology”, says the report.

Japan, Korea and Australia all need to accommodate rising numbers of commercial and residential renewable energy generators, and find a better balance between load and generation in their national grids.

The report notes that India and other developing Asia Pacific nations need investment in their transmission and distribution networks, and that business models in these nations need to be tailored to the inadequate rewards on offer for stored energy at present.

It further predicts that both falling costs and increased storage technology efficiencies will open up the storage market in such countries.

Source: PV Magazine
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  • 25 Oct, 2012
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