Asia Pacific energy storage market worth $12 billion in 10 years24. October 2012 | Markets & Trends, Storage & smart grids | By: Max Hall
A Pike Research report released today predicts that the Asia Pacific energy storage market will be worth $12 billion by 2022, with a capacity of 25 GW.
The 10 year Energy Storage Asia Pacific report predicts an annual compound growth rate for utility-scale battery storage of 135% a year until 2017, and a further 33% a year from 2017 to 2022.
The report's authors expect lithium-ion, sodium sulfur and flow batteries to dominate the storage sector, and considers China and Japan the 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 across 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 amounts of energy, the country could be forced to adopt policies to encourage the adoption of new energy storage technology," write the authors.
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, say the authors, who interviewed executives, engineers and marketing professionals from organizations including technology companies, utilities, other service providers and government departments.
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.
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