HOME > News

The new energy storage market has great development, moving towards large-scale development

published: 2024-04-29 15:29

Under the background of global energy transformation, new energy storage has developed beyond expectations in recent years. Especially in the Chinese market, it has shown strong growth momentum and initially realised scale. In 2024, it is the first time for‘new energy storage’ to appears in the government's work report, and the development of the industry will usher in a historic moment. The cumulative installed capacity of new energy storage is likely to overtake pumped storage as the largest form of energy storage and will become the largest form of energy storage.

At present, as the main technology route, the lithium-ion battery new energy storage is accounting for more than 90%. National Energy Administration’s data show that as of the end of 2023, the national new energy storage cumulative installed capacity of 31.39GW/66.87GWh. There are two years ahead of schedule to complete the installation target of‘14th Five-Year Plan’. Among them, the installation in 2023 was 22.6GW/48.7GWh, a year-on-year growth of more than 260%. From the scale of investment, since the ‘14th Five-Year Plan’, the new energy storage installed capacity directly promotes the development of economic investment with more than 100 billion yuan. The industry leads to the further expansion of the upstream and downstream industry chain, and become the new power for China's economic development.

Looking ahead to 2024, it is very likely that China’s new energy storage installed capacity will break through 30GW and achieve double-digit growth rate.CNESA expects that the new energy storage installed capacity in China will be about 30-41GW in 2024, the average size of the new energy storage installed capacity will be about 26.6GW-40GW in 2024-2030, and the cumulative installed capacity of the domestic new energy storage in 2030 will be about 221GW-314GW. EESA expects that in 2024, the installed capacity of domestic source-grid-side energy storage will reach 35GW/84GWh, and the installed capacity of industrial and commercial energy storage will reach 4.8GW, totalling 35.8GW.

With the rapid growth of new energy in the future, new energy storage has great prospects for development. By the end of 2023, the installed capacity of electrochemical energy storage has been put into operation, equivalent to 0.86% of the total installed capacity of national power supply and equivalent to 2.24% of the total installation of new energy. Among them, the new installed capacity of electrochemical energy storage in operation in 2023 is equivalent to 4.91% of the new installed capacity of national power supply, and 6.08% of the new installed capacity of new energy.

Due to the positive expectation of energy storage, the production capacity continues to expand. According to the data from the ministry of industry and information technology, in 2023, the national production of lithium battery for energy storage was 185GWh. During the same period, the total annual installed capacity of global power energy storage is about 100-120GWh, while the new lithium-ion battery core production capacity (including plan, start-up and reach production) is more than 1TWh. The average capacity utilisation rate of about 50%.

announcements add announcements     mail print