SKU: 110602
Author: Wood Mackenzie

Insight 22 May 2019

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Report summary

Energy storage drivers are various in APAC region as incentives and market dynamics are main reasons pushing forward the storage market growth. South Korea ranked first globally in 2018 with the highest storage capacity coming online, largely spurred by its strong government policies and subsidies to make solar-plus-storage economics already attractive. Solar-plus-storage will be competitive against gas peakers by 2023 in Australia and provides 76% savings on annual electric bills in NSW. Battery is the key to energy storage and could be applied into various industry. Electric vehicles offer great potential on storage and battery demand and will definitely push forward the market growth in the near future. We expect battery demand will still be dominated by the EV sector, 95% of market share in 2040 and the global battery cell manufacturing will grow beyond 650 GWh by 2026.