Advanced Batteries for Utility-Scale Applications in Asia Pacific Will Surpass $12 Billion in Market
Advanced Batteries for Utility-Scale Applications in Asia Pacific Will Surpass $12 Billion in Market Value by 2022, Forecasts Pike Research
BOULDER, Colo.--(BUSINESS WIRE)-- Governments and industries in the Asia Pacific region find themselves struggling to keep pace with the new trends in global clean energy development. One group of technologies of increasing interest is energy storage systems (ESSs), which enable operators to balance the fluctuations between electricity generation and electrical load and manage the variability in the grid's frequency output. Due to the diverse applications and benefits of ESSs - in particular, systems based on advanced batteries, such as lithium ion batteries and sodium sulfur batteries - most of the nations in Asia Pacific are beginning to support deployments of these systems. According to a new report from Pike Research, a part of Navigant's Energy Practice, the market for advanced batteries for utility-scale applications in Asia Pacific will reach $12.6 billion by 2022.
"Nations benefit from energy storage because these systems offer opportunities to wisely manage fuel resources by potentially reducing the need for additional generation sources and better integrating renewable generation sources into the grid's operations," says senior research analyst Andy Bae. "Although demand for ESSs varies on a market-by-market basis and each nation is at a different level of resource development, as renewable energy capacity and electricity consumption rise, the number of ESS projects deployed in Asia Pacific will rise as well."
The ESS market in the region is currently waiting for operational data from pilot projects and commercial installations that should reveal trends in financing models, business models, and technology preferences, according to the report. As efficiency on the grid becomes increasingly important in countries such as Japan, Australia, and South Korea, direct attention is being paid to the overall system efficiency of the grid, the management of existing assets, and the maintenance of more efficient balance between load and generation on the grid - all issues that advanced battery technologies can help address. Meanwhile, the government and market stakeholders in China are entering the stage of sophisticated R&D analysis for bulk storage-level system designs for ESSs.
The report, "Energy Storage in Asia Pacific", explores the market opportunity and current market issues for ESS, focusing on advanced batteries in Asia Pacific. The study includes an assessment of the technical characteristics of advanced battery technologies such as lithium ion, sodium sulfur, advanced lead-acid, sodium metal halide, and advanced flow batteries. Key industry players are profiled and global market forecasts for installed capacity and revenue for utility scale applications in Asia Pacific, segmented by country, are provided through 2022. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant's global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Energy Storage in Asia Pacific," is a summary and reflects Pike Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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