Asia Pacific Lithium-Ion Stationary Battery Storage Market Size - By Chemistry (LFP, NMC), By Application, Country Insights & Forecast, 2024 - 2032

Asia Pacific Lithium-Ion Stationary Battery Storage Market Size - By Chemistry (LFP, NMC), By Application, Country Insights & Forecast, 2024 - 2032

Asia Pacific lithium-ion stationary battery storage market size is expected to record 23.1% CAGR between 2024 and 2032, led by the increasing demand for reliable power supply due to urbanization and industrialization. Currently, more than half of the global population resides in urban regions. This has led to the rise in adoption of permanent battery storage systems and investments in energy storage infrastructure. Decreasing costs of lithium-ion batteries and energy storage solutions will also drive the product adoption.

The increasing usage of electric vehicles (EVs) will also spur the use of lithium-ion battery storage. Efficient energy storage solutions are needed to manage electricity demand fluctuations and support fast charging. The demand for residential battery storage systems is further increasing to support grid integration of EV charging stations and ensure reliable power supply during peak times.

The Asia Pacific lithium-ion stationary battery storage industry is segmented into chemistry, application and country.

Based on chemistry, the market size from the LFP segment is expected to witness substantial growth rate through 2032. LFP batteries are favored for their safety, longevity, and reliability in real-time energy storage applications. The excellent thermal insulation of LFP material is also crucial for high-temperature regions in the APAC. Lower costs due to improved manufacturing processes have made LFP batteries more competitive. Growing interest in sustainability and environmental issues will also increase the product demand.

Asia Pacific lithium-ion stationary battery storage industry from the grid services application segment is slated to generate notable revenue during 2024-2032, backed by the need for enhancing grid stability, reliability, and flexibility. As the solar and wind energy usage is growing in the region, permanent battery storage systems are crucial for managing power generation fluctuations. These systems also improve grid services by optimizing performance and reducing infrastructure costs.

India lithium-ion stationary battery storage market will generate lucrative growth during 2024-2032.

The Indian government aims to install 450 GW of renewable energy by 2030, leading to investments in energy storage infrastructure. This expansion is driven by electrification in transportation and rural areas, along with efforts to enhance energy access and reliability. The decreasing cost of lithium-ion batteries, along with government policies and initiatives, is also making energy storage projects more affordable in the country, fueling the industry growth.