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woodmac.comTrusted intelligence woodmac.comTrusted intelligence
Booming energy storage to
support power demand growth
2
Asia-Pacific energy storage trends and
opportunities
woodmac.comTrusted intelligence
Source: Wood Mackenzie
Asia Pacific will contribute 77% of global demand
growth to 2030
By 2030, solar and wind will make up 37% of Asia Pacific power growth
8%
77%
16%
Americas
Asia Pacific
Rest of world
EMEARC 0%
Global power demand growth share, 2020-2030 Asia Pacific power growth by fuel type, 2020-2030
33%
9%
10%
8%
21%
16% Coal
Other solid fuels
-1%
Solar
1%
Gas
Oil
NuclearHydro
Wind
1%
Geothermal
0%
Other renewables
5582 TWh 4297 TWh
woodmac.comTrusted intelligence
Source: Wood Mackenzie
China will contribute 63% of Asia-Pacific power
demand by 2030, followed by rest of APAC and
India
0
5000
10000
15000
20000
20302020-20252019 2026-2030
11327
2668
1629 15624
+3%
Australia
South Korea
China
India
Japan
The rest of APAC
Asia Pacific power demand in TWh, 2019 - 2030
woodmac.comTrusted intelligence
Source: Wood Mackenzie
Asia-Pacific FTM annual deployments will grow 16x
from the current 3 GWh to 48 GWh by 2025
China and Australia will contribute 67% and 12%, respectively, of Asia Pacific FTM
growth to 2025
0
50
100
150
200
0
10
20
30
40
50
Cumulativecapacity
GWh
AsiaPacificFTM
annualcapacityGWh
China South Korea Japan India Australia Rest of Apac Cumulative GWh
woodmac.comTrusted intelligence
Attractive
Limited now
Not attractive
Country Ancillary
Services
Energy
Arbitrage
PPA
contracts
Renewables’
Feed-in-tariff
Australia FTM
Non-res
FTM
Non-res
All NA
China FTM N.A. N.A. FTM
India FTM N.A. N.A. N.A.
Japan FTM FTM FTM Non-res
South Korea FTM N.A. FTM
Non-res
N.A.
Philippines FTM N.A. N.A. N.A.
Source: Wood Mackenzie
Current status of energy storage participation in
regulated and liberalised power markets
woodmac.comTrusted intelligence
Source: Wood Mackenzie
0
5
10
15
20
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32
2013
2019
2019
2013
2019
2025
Solar and wind generation share in %
2020
2025
2030
2019
2019
2025
2020 2025
2030
2019
2020
2030
2020
2030
2013
2013
Storage power capacity relative to peak demand in %
2020
2025
2030
2025
2020
2030
2013
2013
South Korea
Australia
China
India
Japan
The rest of Asia Pacific
Regulated
power market
Liberalised
power market
Asia Pacific storage has potential to ramp up when
power markets are liberalised
• Increasing solar and
wind penetration
requires storage to
back up the
intermittency, while
the power market
reform will determine
the pace of storage
deployments.
• Australia’s liberalized
power market will
speed up the storage
deployments by 2030.
• Southeast countries
will still rely on
conventional power
plants and hydro to
peak the demand.
woodmac.comTrusted intelligence
Thank You!
Name: Le Xu
Title: Senior Analyst, Energy Storage
Email: Le.Xu@woodmac.com

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Day 3 Woodmac Spotlight Part 2

  • 1. woodmac.comTrusted intelligence woodmac.comTrusted intelligence Booming energy storage to support power demand growth 2 Asia-Pacific energy storage trends and opportunities
  • 2. woodmac.comTrusted intelligence Source: Wood Mackenzie Asia Pacific will contribute 77% of global demand growth to 2030 By 2030, solar and wind will make up 37% of Asia Pacific power growth 8% 77% 16% Americas Asia Pacific Rest of world EMEARC 0% Global power demand growth share, 2020-2030 Asia Pacific power growth by fuel type, 2020-2030 33% 9% 10% 8% 21% 16% Coal Other solid fuels -1% Solar 1% Gas Oil NuclearHydro Wind 1% Geothermal 0% Other renewables 5582 TWh 4297 TWh
  • 3. woodmac.comTrusted intelligence Source: Wood Mackenzie China will contribute 63% of Asia-Pacific power demand by 2030, followed by rest of APAC and India 0 5000 10000 15000 20000 20302020-20252019 2026-2030 11327 2668 1629 15624 +3% Australia South Korea China India Japan The rest of APAC Asia Pacific power demand in TWh, 2019 - 2030
  • 4. woodmac.comTrusted intelligence Source: Wood Mackenzie Asia-Pacific FTM annual deployments will grow 16x from the current 3 GWh to 48 GWh by 2025 China and Australia will contribute 67% and 12%, respectively, of Asia Pacific FTM growth to 2025 0 50 100 150 200 0 10 20 30 40 50 Cumulativecapacity GWh AsiaPacificFTM annualcapacityGWh China South Korea Japan India Australia Rest of Apac Cumulative GWh
  • 5. woodmac.comTrusted intelligence Attractive Limited now Not attractive Country Ancillary Services Energy Arbitrage PPA contracts Renewables’ Feed-in-tariff Australia FTM Non-res FTM Non-res All NA China FTM N.A. N.A. FTM India FTM N.A. N.A. N.A. Japan FTM FTM FTM Non-res South Korea FTM N.A. FTM Non-res N.A. Philippines FTM N.A. N.A. N.A. Source: Wood Mackenzie Current status of energy storage participation in regulated and liberalised power markets
  • 6. woodmac.comTrusted intelligence Source: Wood Mackenzie 0 5 10 15 20 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 2013 2019 2019 2013 2019 2025 Solar and wind generation share in % 2020 2025 2030 2019 2019 2025 2020 2025 2030 2019 2020 2030 2020 2030 2013 2013 Storage power capacity relative to peak demand in % 2020 2025 2030 2025 2020 2030 2013 2013 South Korea Australia China India Japan The rest of Asia Pacific Regulated power market Liberalised power market Asia Pacific storage has potential to ramp up when power markets are liberalised • Increasing solar and wind penetration requires storage to back up the intermittency, while the power market reform will determine the pace of storage deployments. • Australia’s liberalized power market will speed up the storage deployments by 2030. • Southeast countries will still rely on conventional power plants and hydro to peak the demand.
  • 7. woodmac.comTrusted intelligence Thank You! Name: Le Xu Title: Senior Analyst, Energy Storage Email: Le.Xu@woodmac.com