Construction Underpins Battery Storage Market: New Growth Opportunity Beyond Installation

研报英文原文证据摘录

Construction Underpins Battery Storage Market: New Growth Opportunity Beyond Installation

Foundation

July 8, 2026 08:00 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MConstruction | Japan Ryo Yagi

Equity Analyst

Construction Underpins Battery Ryo.Yagi@morganstanleymufg.comReiji Ogino +81 3 6836-8938

Reiji.Ogino@morganstanleymufg.com +81 3 6836-8930

Storage Market: New Growth Takuya Osaka

Takuya.Osaka@morganstanleymufg.com +81 3 6836-5438

Opportunity Beyond Installation Yu Shirakawa

Yu.Shirakawa@morganstanleymufg.com +81 3 6836-5432

Amid rising power demand driven by AI data center expansion Shan Jiang

and rising renewable energy share, grid-scale batteries (incl. ResearchShan.Jiang@morganstanleymufg.comAssociate +81 3 6836-5430

renewable energy co-located storage projects) are entering full-

scale adoption. We examine the new business opportunities this

creates across a range of industries, particularly construction.

Key Takeaways Construction

Japan

We expect construction capex demand for energy storage (incl. renewable energy Industry View Attractive

co-located projects) to expand longer term with full grid-scale battery adoption.

Beyond batteries, projects create construction roles across the value chain: land

acquisition, grid connection, design construction, electric work, op/maintenance.

Construction demand comes with earnings opportunities for construction firms in

energy storage system (ESS) operation, project development, and project sales.

In construction, we focus on Kandenko for ESS-related construction demand,

Infroneer for ESS-related business opportunities (project operation, asset sales).

Why focus on energy storage systems? Japan has

pushed for renewables from energy security &

decarbonization angles, but with generation affected