Global Data: Asia Pacific to lead battery energy storage market in 2026

According to the latest data released by Global Data, by 2026, the Asia-Pacific region is likely to lead the global battery energy storage market, accounting for 68% of the global market value .

GlobalData cites a recent battery energy storage market report predicting the global market will grow to $10.84 billion by 2026.

Of this, the Asia-Pacific region will account for US$7.33 billion, led by China, Japan, India, South Korea and Australia.

Bhavana Sri Pullagara, senior power analyst at GlobalData, said: “The falling prices of battery technology, increasing demand for grid stability, and the resilience of renewable energy integration in the power market are some of the major factors driving the growth.”

As one of the fastest growing economies in the world, China is expected to lead global economic growth, and China's global battery energy storage market is expected to be worth $4.04 billion by 2026 .

This will be driven by its 1,200GW wind and solar generation target, which will open up further opportunities in the energy storage market.

“Rapid growth in electricity demand and widespread adoption of renewable energy integration will keep the demand for battery energy storage market strong in other countries, leading to significant market growth during the forecast period,” Pullagara said.

“Grid transformation, increasing electrification rates, and providing electricity to a rapidly growing population will create market opportunities.”

(Original source: Global Energy Global Energy Storage Network, New Energy Network Comprehensive)