The popularity of battery energy storage systems in grid stabilization, frequency and voltage regulation, and load shifting has lent momentum to the Asia-Pacific energy storage systems market. The need to store renewable energy for use during peak demand hours has further prompted power utilities to turn to energy storage systems, thereby sustaining market revenues.
New analysis from Frost & Sullivan (powersupplies.frost.com), Asia-Pacific Energy Storage Systems Market, finds that the market earned revenues of more than US$854.9 million in 2012 and estimates this to reach US$1,615.4 million in 2017.
Escalating electricity prices, frequent power outages caused by demand-supply imbalances, and the unsteady production of renewable solar and wind energy has heightened demand for energy storage systems in Asia-Pacific.
"The implementation of energy storage systems in smart grid projects in Japan, South Korea, Singapore, and in renewable projects in Australia will accelerate the adoption of battery storage systems," said Frost & Sullivan Energy and Environmental Research Analyst Avanthika Satheesh P. "The market will continue to grow as governments, especially in Japan and South Korea, provide incentives and subsidies to manufacturers for battery development and commercialization."
However, storage systems' high cost-per-kilowatt of advanced battery storage systems, and end-users' lack of awareness on the advantages of emerging flywheel and super capacitor technologies have slowed down market growth in the region. Fire accidents with li-ion and sodium sulfur batteries have also curbed investments from potential industrial customers to a certain degree.
To win back customer confidence, original equipment manufacturers are building solutions with improved safety and operability features. As li-ion and sodium sulfur batteries are an inevitable component in advanced and reliable power grids, utilities and customers are likely to install these batteries after the technical glitches are rectified.
"Research and development, along with government support to reduce the prices of li-ion batteries in particular, will spearhead their installation in renewable energy, transmission and distribution projects," noted Satheesh. "A structured business model will enhance effectiveness and reliability, and lead to market expansion."
Flywheel energy storage and super capacitors, which are in the development stage, will soon become widely used in the Asia-Pacific wind energy sector because of its effectiveness in pitch control, peak power support etc.
If you are interested in more information on this research, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
Asia-Pacific Energy Storage Systems Market is part of the Power Supplies & Batteries Growth Partnership Service program. Frost & Sullivan's related research services include: European Large-scale Energy Storage Market and Opportunities for Growth in Renewable Energy. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion | Join Us: Join our community | Subscribe: Newsletter on "the next big thing" | Register: Gain access to visionary innovation
Asia-Pacific Energy Storage Systems Market / P6D1-27