The Asia-Pacific (APAC) region will likely lead the battery storage market across the globe through 2026 as it is projected to account for 68% of the global market value, GlobalData reported.
Citing its recent report on the battery energy storage market, Global Data forecast the global market to grow to $10.84b in 2026.
Of this, APAC will account for $7.33b, which will be led largely by China, Japan, India, South Korea, and Australia.
“Fall in battery technology prices, increasing need for grid stability and resilience of the integration of renewable power in the power market are some major factors that contribute to the growth,” Bhavana Sri Pullagara, Senior Power Analyst at GlobalData, said.
Having one of the fastest-growing economies, China is expected to lead the growth as it is seen to account for $4.04b of the global market value in 2026.
This will be driven by its 1,200-gigawatt target for wind and solar capacity which would open more opportunities for the energy storage market.
“The rapid growth in demand for electricity and the wider use of renewable integration will keep the demand for battery energy storage market buoyant in other countries, leading to a significant growth in the market over the forecast period,” Pullagara said.
“Grid transformations, improving electrification rates, and electricity provisions for the rapidly growing population will create market opportunities.”