ASEAN Energy Storage Market Size (2024 - 2029)

ASEAN Energy Storage Market Analysis

The ASEAN Energy Storage Market size is estimated at USD 3.32 billion in 2024, and is expected to reach USD 4.61 billion by 2029, growing at a CAGR of 6.78% during the forecast period (2024-2029).

In 2020, due to the COVID-19 pandemic, many power projects were halted because of pandemic, namely in Cambodia, Indonesia, Myanmar, Philippines, and Vietnam, which is likely to cause the capacity additions to fall behind schedule in the coming years. The primary driver for the market includes the rising demand for uninterrupted power supply in both residential, and commercial and industrial sectors. However, the requirement of high capital to set up a large-scale energy storage facility in ASEAN region is expected to act as a major restraint for the market studied during the forecast period..

• 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 energy storage facilities in the near future.
• Philippines held the largest market share in 2021 and is expected to continue the same trend during the forecast period.

ASEAN Energy Storage Industry Segmentation

Energy storage is the capture of energy produced at one time and used at a later time to keep a balance between energy demand and energy production. With the world's renewable energy capacity reaching record levels, storage technologies are fundamental to smoothing out peaks and dips in energy demand without resorting to fossil fuels.

The ASEAN energy storage market is segmented by type, application, and geography. By type, the market is segmented as pumped-hydro storage, battery energy storage systems, and others. By application, the market is segmented into residential, commercial, and industrial. The report covers the size and forecasts of the energy storage market across the major countries in the region. For each segment, market sizing and forecasts have been done based on revenue (USD billion).