1. Market Research
  2. > Energy & Environment
  3. > Energy
  4. > Electric Power
  5. > Energy Storage Market Trends
ASEAN Energy Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

ASEAN Energy Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • November 2021
  • 131 pages
  • ID: 6187430
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The ASEAN energy storage market is expected to grow at a CAGR of around 9.5% during the forecast period of 2020-2025. The primary driver for the market includes the rising demand for uninterrupted power supply in both residential, and commercial and industrial sectors. However, shortage and increasing prices of raw materials to manufacture batteries like lithium-ion are expected to hinder the market growth during the forecast period.

Key Highlights
With the expansion of the electric vehicle market and growing demand for uninterrupted power supply, both in the residential and commercial sectors, batteries are likely to witness significant growth in the market during the forecast period.
In line with the Paris agreement, countries around the globe are putting effort to increase renewable energy share in its energy mix. For instance, Indonesia has set a target to increase its renewable share to 31% by 2050. An increase in renewable energy like solar PV to power isolated grids in rural villages, inaccessible to the national grid, is likely to create an opportunity for the battery storage facilities in the near future.
With significant growth in renewable energy projects and development in data centers during the year 2018 and 2019, Indonesia is likely to dominate the region during the forecast period.

Key Market Trends

Batteries as a Significant Energy Storage Segment

Battery energy storage is considered as a critical technology in the transition to a sustainable energy system. The battery energy storage systems are used to regulate voltage and frequency, reduce peak demand charges, integrate renewable sources, and to provide the backup power supply.
Various types of batteries used in energy storage systems are lithium-ion, lead-acid, nickel-metal hydride (NiMH), nickel-cadmium (NiCD), nickel-zinc (NiZn), and flow batteries, among others.
Lithium-ion batteries are witnessing a massive demand in the battery energy storage market, owing to their declining prices. During 2018, the average price for the lithium-ion battery was nearly 176/KWh and is estimated to fall to as low as USD 73/kWh by 2030.
With a decrease in price and increasing uses of lithium-ion battery especially in electric vehicles and renewable projects, lithium-ion batteries are likely to have an increase in uses during the upcoming years.
Apart from lithium-ion (Li-ion), other battery chemistries, such as sodium, lead-acid, and flow batteries, are expected to provide additional benefits, such as increased durability or higher energy capacity for longer-term storage or other specific applications.

Indonesia to Dominate the Market

Indonesia, one of the largest economies in Southeast Asia, recorded a GDP growth of 5% in 2019. The diesel generators are mainly used as a power backup in the country. During 2018, the energy consumption of the country registered a year-on-year growth of 5%, highest in the decade.
As of 2019, Indonesia had about 66.56 GW of power generation capacity and generated 279.1 TWh of electricity. The share of renewables in the power generation mix was about 5.53%.
The country aims to achieve 23% of the power generation from renewable energy by 2023 and is expected to have a huge investment to develop the renewable sector of the country.
During 2018, the country inaugurated its first commercial wind power project in South Sulawesi. The project has a capacity of 75 MW of power generation and it includes batteries to store power.
As of 2018, there were around 55 data centers in the country. In early 2019, Alibaba Cloud launched its second data center in Indonesia, while AWS Jakarta cloud region is also in the pipeline and is expected to go live in the country during the forecast period. Installation of data centers indicates installation of battery backup power, which is essential during failure of power supply.

Competitive Landscape

The ASEAN energy storage market is moderately fragmented. Some of the key players in the market include GS Yuasa Corporation, Wartsila Oyj Abp, BYD Co. Ltd, SEC Battery Company, NGK Insulators Ltd, LG Chem Ltd, and Chakra Giri Energi Indonesia.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Energy Storage Systems, 2021 Update - Thematic Research

  • $ 1950
  • November 2021
  • 63 pages

Energy Storage Systems, 2021 Update - Thematic Research Summary Global energy storage capacity totaled 184.4 GW in 2020, an increase of 4.3% compared to the previous year. Pumped hydro energy storage ...

  • World
  • Europe
  • Energy Storage
  • Industry analysis
  • Renewable Generation
  • Greenhouse Gas Emissions

ref:plp2021

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on