An ongoing research by Future Market Insights offers key analysis on the market for energy storages devices in ASEAN (Association of Southeast Asian Nations) countries. Key focus area of the study is analysis of factors influencing the dynamics of ASEAN energy storages device market. It is observed that rising energy demands, and concurrent decline in availability of fossil fuels will collectively drive the demand for energy storages devices in the ASEAN region. By 2035, the energy demands in ASEAN countries are expected to witness a considerable increase, putting more pressure on non-conventional energy resources. Existing sources of energy in countries like Malaysia are primarily dependent on offshore excavation activities. Only a few parts of the ASEAN region have showcased an increasing adoption of windmills and other renewable modes of procuring energy.
Flywheel Technology to Gain Traction in ASEAN Energy Markets
In the face of such critical scarcity in energy sourcing, governments of ASEAN countries are likely to focus on adoption of ESDs. These devices can be broadly categorised on the basis of their application, end-use and the type of technology employed in storing energy. With respect to storage technologies, flywheels, solid state batteries, compressed air energy storage, pumped hydropower and pumped solar power are actively adopted in production of energy storages devices in ASEAN countries. The energy storages device market in this region also mentions flow batteries as a key technology for development of ESDs. In the near future, flywheel and battery storage technologies are expected to gain traction in production of energy storages devices across energy markets in Asia-Pacific and ASEAN regions.
With respect to their end-use, energy storages devices are a key utility in thermal, solar and wind energy sectors. Their application in grid storage and transportation is pegged to be promising in the future, according to the study. The ASEAN energy storages device market will be incurring considerable revenues from these applications through 2020. The study observes that companies namely, NEC Corporation, NRG Energy, and General Electric may remain active in expansion of energy storages device market in ASEAN countries.
Regional Analysis: ASEAN Energy Storage Device Market: While underdeveloped energy infrastructure characterizes the energy storages devices market in ASEAN region, some countries are likely to showcase higher traction with respect to adoption. ASEAN countries such as China and India, are observed to be major economic hubs in the entire Asia-Pacific region, and across the globe. The energy storages device market in these countries may exhibit significant growth, compared to relatively underdeveloped ASEAN countries such as Vietnam, Indonesia, and the Philippines. Booming tourism industry in Singapore and Malaysia may fuel the adoption of energy storages devices in the approaching years. Overall, the energy storages device market in ASEAN region is likely to showcase moderate growth, albeit, more R&D and higher investments can offer growth in momentum of market expansion within a few years down the line.
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