The global market for the battery energy storage is estimated to grow to $10.84 billion in 2026.
The size of battery energy storage market in Asia Pacific will be $7.33 billion, accounting for 68 percent of the global market value in 2026.
China, Japan, India, South Korea and Australia will propel the battery energy storage market in Asia Pacific, forecasts GlobalData.
“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 Pullagura, Senior Power Analyst at GlobalData, said.
China is expected to lead the global battery energy storage market with $4.04 billion in 2026. Target of 1,200 GW of wind and solar capacity will provide growth opportunities to the energy storage market over the forecast period.
China, South Korea, the US, Germany, and the UK will be the major markets on the back of supportive regulations and incentives.