3Q 2023

Analyst Insight: Energy Storage in Emerging Markets

Energy Storage Tracker Insights

Energy storage systems (ESS) are fundamental to creating a smarter, more flexible energy system and will be a crucial enabler in the energy transition. Globally, countries are recognizing the benefits provided by these technologies, including grid-balancing services and frequency regulation. However, ESS deployment to date has focused on select markets. The US, China, and several European countries, among others, are home to significant storage capacity, installed in preparation for the continued proliferation of renewables as these nations look to diversify power generation.

Emerging markets in Asia Pacific, Latin America, and the Middle East & Africa are looking to follow suit. As renewable energy deployments expand and energy demand rises, ESS will become essential in these regions. Driven by the need to modernize grid infrastructure in the face of rapid population growth and increasingly frequent extreme weather events, developing countries are pursuing energy storage projects at scale to move away from centralized grid architecture and develop modern, reliable power solutions.

This Analyst Insight documents energy storage technologies in emerging markets. Using data from Guidehouse Insights’ Energy Storage Systems Tracker 2Q23, the report provides information on currently tracked projects by region and storage type, assesses market drivers and barriers, analyzes two regions with specific case studies, and provides key recommendations for industry stakeholders.

Pages 14
Tables | Charts | Figures 7
  • What does ESS capacity look like on a regional level?
  • Which ESS technologies dominate emerging markets?
  • What are the key drivers for ESS deployments in emerging markets?
  • What are the key barriers for ESS deployments in emerging markets?
  • What key ESS trends should be monitored in emerging markets over the coming years?
  • Governments
  • Utilities
  • Grid operators
  • Energy storage and smart grid technology companies
  • Battery manufacturers
  • EV developers
  • Large industrial power users



Executive Summary

Market Drivers and Barriers

ESS Project Tracker: Emerging Markets

ESS in Africa

Zoom In: South Africa

ESS in Asia Pacific

Zoom In: India

Key Recommendations

Acronyms and Abbreviations

Additional Resources and Contact

  • ESS Projects by Region, World Markets: 2Q 2023
  • Top ESS Types by Total Capacity, Emerging Markets: 2Q 2023
  • Total Annual Wind & Solar Capacity Additions, Africa: 2023-2031
  • Total ESS Capacity by Application, South Africa: 2023
  • Total Annual Wind & Solar Capacity Additions, Asia Pacific: 2023-2031
  • Top 5 Countries by Total ESS Capacity, World Markets: 2Q 2023
  • ESS Segments by Total Capacity,India: 2Q 2023
  • Market Drivers and Barriers
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