Image: ACEN. There has been an uptick in energy storage investment in Southeast Asia, a region still largely powered by coal and experiencing high growth in population and energy demand. Andy Colthorpe speaks with companies working to establish a framework of opportunities in the region.
For inverters, China''s exports to Southeast Asia have grown slowly, with an average annual rate of around 16.6% between 2019 and 2023, though the share of the country’s total inverter exports has declined from 8.7% to 4.4%. What should be noted is that China''s overall photovoltaic product exports are increasing in quantity but declining in price.
New energy construction in Southeast Asia will attract considerable investment from both home and abroad. According to the ASEAN Centre for Energy, the average annual energy investment in the region may exceed USD100 billion by 2030, with as much as 79% of investments being allocated to clean energy (see Figure 2).
Thailand, Vietnam and Malaysia have been the top three importers in the region, and have also topped the global importer list for two consecutive years. For solar cells and components, China''s exports to Southeast Asia grew at an annual rate of around 12.5% between 2019 and 2023 and reached RMB24.675 billion in 2023.
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