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KUALA LUMPUR, Malaysia,
Aug. 19, 2013 /PRNewswire/ -- The popularity of battery energy storage systems in grid stabilization, frequency and voltage regulation, and load shifting has lent momentum to the
Asia-Pacific energy storage systems market. The need to store renewable energy for use during peak demand hours has further prompted power utilities to turn to energy storage systems, thereby sustaining market revenues.
New analysis from Frost & Sullivan (
Asia-Pacific Energy Storage Systems Market, finds that the market earned revenues of more than
US$854.9 million in 2012 and estimates this to reach
US$1,615.4 million in 2017.
Escalating electricity prices, frequent power outages caused by demand-supply imbalances, and the unsteady production of renewable solar and wind energy has heightened demand for energy storage systems in
"The implementation of energy storage systems in smart grid projects in
Singapore, and in renewable projects in
Australia will accelerate the adoption of battery storage systems," said
Frost & Sullivan Energy and Environmental Research Analyst Avanthika Satheesh P. "The market will continue to grow as governments, especially in
South Korea, provide incentives and subsidies to manufacturers for battery development and commercialization."
However, storage systems' high cost-per-kilowatt of advanced battery storage systems, and end-users' lack of awareness on the advantages of emerging flywheel and super capacitor technologies have slowed down market growth in the region. Fire accidents with li-ion and sodium sulfur batteries have also curbed investments from potential industrial customers to a certain degree.
To win back customer confidence, original equipment manufacturers are building solutions with improved safety and operability features. As li-ion and sodium sulfur batteries are an inevitable component in advanced and reliable power grids, utilities and customers are likely to install these batteries after the technical glitches are rectified.