ASEAN Energy Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The ASEAN energy storage market is expected to grow at a CAGR of around 9.5% during the forecast period of 2020-2025. The primary driver for the market includes the rising demand for uninterrupted power supply in both residential, and commercial and industrial sectors. However, shortage and increasing prices of raw materials to manufacture batteries like lithium-ion are expected to hinder the market growth during the forecast period.
Key HighlightsThe ASEAN energy storage market is moderately fragmented. Some of the key players in the market include GS Yuasa Corporation, Wartsila Oyj Abp, BYD Co. Ltd, SEC Battery Company, NGK Insulators Ltd, LG Chem Ltd, and Chakra Giri Energi Indonesia.
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