4Q 2022

Analyst Insight: Asia Pacific Energy Storage Update

Energy Storage Tracker Insights

Energy storage systems (ESSs) provide critical services to the grid, including generation capacity, frequency regulation, and other ancillary services, making them essential enablers of the energy transition. As renewable sources are further integrated into the energy mix, new and innovative storage technologies will be required to manage the supply and demand imbalances associated with a renewables-powered grid. As a result, the storage market has witnessed significant advances in recent years as new opportunities emerge across a multitude of industry sectors and applications.

Many technologies covered in this Analyst Insight have existed for decades and achieved significant market penetration. Lithium-ion (Li-ion), for example, has become the default technology for new storage projects globally. Other technologies, such as flow batteries, pumped hydro storage, and advanced lead-acid batteries are providing competition. The wide range of available technologies allows different systems to compete and combine to provide increasingly important grid flexibility services. As the market matures and diversifies, and the demand for storage services grows, technological innovations will proliferate to expand this suite of services.

This Guidehouse Insights Energy Storage Tracker Analyst Insight provides an overview of the trends and opportunities in the Asia Pacific region, including market inflection trends, market drivers and barriers, a market overview of the Asia Pacific region, notable ESS projects in the Asia Pacific region, China’s 14th Five-Year Plan (FYP), Energy Storage Tracker highlights over the past two years, and conclusions and key recommendations for stakeholders in the energy storage industry. The report covers data from the Energy Storage Tracker released in 4Q22.

Pages 14
Tables | Charts | Figures 6
  • What energy storage technology accounted for the greatest share of tracked project capacity?
  • Which countries have the most developed ESSs in the Asia Pacific region?
  • What is the leading primary storage application in the Asia Pacific region?
  • Which storage OEM dominates the ESS market?
  • How will China’s recently announced 14th FYP impact the ESS market?
  • How can collaboration between countries improve ESSs?
  • Energy storage and smart grid technology companies
  • Energy storage project developers
  • Smart grid hardware and software providers
  • Large industrial power users
  • Government agencies
  • Military agencies
  • Non-governmental organizations
  • Investor community
  • Utilities
  • Solar financing companies

Introduction

Scope

Executive Summary

Market Inflection Trends

Market Drivers and Barriers

Asia Pacific Market Overview

Notable ESS Projects in the Asia Pacific Region

China’s 14th Five-Year Plan

A Review of the Last Four Quarters and Conclusions

Acronyms and Abbreviations, Additional Resources, and Contacts
  • Asian Pacific ESS Capacities (GW) by Project Status
  • Asian Pacific ESS Capacities (GW) by Storage Type
  • Asian Pacific ESS Capacities (GW) by Primary Application
  • Number of Projects in the Energy Storage Systems Tracker between 2Q21 and 4Q22
  • ESSs: Industry Growth Potential, World Markets: 4Q22
  • Market Drivers and Barriers