Data shows: Asia Pacific will lead the global battery energy storage market with a 68% share by 2026

On April 18th, according to foreign media reports, a latest report released by data analysis company Global Data shows that by 2026, the global battery energy storage market will reach 10.84 billion US dollars, of which the Asia-Pacific region will reach 7.33 billion US dollars, accounting for about 7.33 billion US dollars. 68% of demand.

The data shows that the battery energy storage market in the Asia-Pacific region is mainly dominated by China, Japan, India, South Korea and Australia. Among them, as one of the fastest growing economies, China is expected to lead the global battery energy storage market with a market share of US$4.04 billion in 2026, which will be driven by its 1200GW wind and solar (000591) generation target to provide energy storage The market opens up more opportunities. In addition, South Korea, the United States, Germany and the United Kingdom will gradually become dominant markets due to incentive policies and regulations.

Bhavana Sri Pullagara, senior power analyst at Global Data, said: "Declining battery technology prices, increased demand for grid stability, and the resilience of renewables to integrate in the electricity market are some of the major factors driving the growth."

Over the past decade, countries have been aggressively modernizing their grids and increasing their capacity to meet current and future demands. According to Pullagara, rapid growth in electricity demand and widespread integration of renewable energy sources will keep demand for the battery energy storage market strong in other countries, leading to significant market growth over the forecast period. And, as the power industry continues to evolve to adapt to new technologies and different market trends, energy storage will play a key role in the transformation and transformation of the power industry.