China, Australia drive Asia’s energy storage market: report
The markets to account for 31% and 26% of the total electricity generation.
Mainland China and Australia are the key drivers for Asia’s energy storage market. Fitch Solutions reported.
The two markets are projected to see significant growth in their non-hydropower renewables capacity in the next decade with China accounting for 31% of the total electricity generation and Australia accounting for 26%.
“A large proportion of this will come from intermittent wind and solar power,” the report read in part.
“Furthermore, we highlight that markets, particularly those with a high energy import dependence, are struggling with energy supply issues, which will support the more rapid development of energy storage systems.”
Fitch noted that the figures concerning China may be underrepresented due to underreporting.