Market dynamics, technical developments and regulatory policies that could be decisive for energy storage deployment in Australia, Mainland China, Malaysia, Singapore, South Korea, Taiwan, Thailand and Vietnam. Energy storage systems in the Asia Pacific region This white paper explores the opportunities, challenges and business cases.
The South Asia Energy Storage Study offers a comprehensive analysis of the potential role of energy storage technologies in the South Asia region through the year 2050.
Asia is the fastest-growing region for electricity consumption over a ten-year forecast and yet 70% of its energy stems from fossil fuels. To change this, investment is required across all nodes of energy transition from generation, to supply chains, materials and manufacturing, repurposing assets, storage and technology.
The Asian energy mix is greatly reliant on fossil fuels with 70% of Asia’s energy currently produced from coal. In addition to climate and affordability considerations, jobs and economic growth in energy transition are strong imperatives for countries to double down on their clean energy commitments.
China is leading in this area, with its gross energy storage capacity addition reaching 22GW in 2023. This makes up 36% of the world’s total additions, according to BloombergNEF (BNEF). India has also launched ambitious targets for the development of battery storage, aiming for 34GW by 2030 to power the electric vehicle sector in particular.
Local companies Toshiba, Itochu and Hitachi are among those betting on energy storage systems for growth. There is much potential in this relatively overlooked sector: the global battery energy storage market will reach as much as $150bn by 2030, estimates McKinsey. Falling prices of battery cells should help wider adoption of home batteries.