- Asia-Pacific (APAC) region is in early stages of transformational energy transition which requires widespread, progressive switching from fossil fuels to renewable energy. The growth in installed and planned renewable energy generation has also driven the owners and developers to review and evaluate the potential of energy storage solutions for stability and provide attractive opportunities for projects being developed.
- Asia-Pacific (APAC) region is expected to dominate the global energy storage market, accounting for 49% of upcoming energy storage projects by 2030. Australia, China and India are among the countries in Asia-Pacific (APAC) region, which have announced major energy storage projects.
- In 2021, India announced a major project ‘Leh Ultra Mega Solar PV Project-Battery Energy Storage System’ with a rated capacity of 5,000 MW, which is owned and developed by Solar Energy Corporation of India Limited. It is planned in Ladakh, India. It will be developed in single phase.
- Australia is coming up with ‘CEP Energy-Kurri Kurri Battery Energy Storage System’ project with a rated capacity of 1,200 MW, owned and developed by CEP Energy Pty Ltd.
- China is also coming up with a project ‘CGD Group Golmud City Solar Thermal Plant-Molten Salt Thermal Storage System’ with a rated capacity of 600 MW, owned and developed by China Green Development Group Co Ltd. Post completion of the construction, the project is expected to get commissioned in 2025.
The below chart provides details of top 10 global upcoming energy storage projects
The APAC region will continue to lead the energy storage market, with Australia, China, India, Kazakhstan, Japan and South Korea leading the way. These countries are willing to make investments to increase the penetration of renewable energy, improve system flexibility and resilience, and provide auxiliary services in their respective national grids. Market potential for energy storage would be created by grid transformations, improved electrification rates, and electricity provision for the rapidly growing population.