In recent years, the global energy storage market has continued to expand. It is estimated that by 2025, the new installed capacity of global industrial and commercial energy storage is expected to reach 11.5GW, and the cumulative market size will reach 190~24 billion yuan. China, United States, and Europe are the world's top three energy storage markets, with United States and China expected to account for more than 50% of the world's installed capacity. On search engines, global searches for PV and energy storage products also continue to grow, with searches for PV peaking in Q4 and energy storage product searches peaking between March and April and August and October, according to Google Internal Data. Regionally, United States ranks among the top two in the world in terms of search volume in both areas, while India and developing countries have seen significant growth in demand and relatively low competition.
By region, eight of the top 10 markets for PV-related searches are in Europe, with most of them growing in the double digits. The demand for energy storage in the United States is mainly driven by electricity price differentials and subsidy policies. Photovoltaic storage projects in some areas have a certain degree of economy. However, supply chain challenges and a lack of relevant policies in various states can have an impact on industrial and commercial storage installations. It is predicted that the new installed capacity of United States C&I energy storage will be about 0.2GW in 2023 and will reach about 0.98GW in 2025. The European energy storage market is mainly dominated by household storage and large storage, and industrial and commercial energy storage accounts for a relatively small proportion. The high proportion of distributed resources, subsidy policies and the high degree of electricity marketization are the main factors driving the development of the European energy storage market.
Chart: Global searches for PV and energy storage products continue to rise
It is predicted that the new installed capacity of C&I energy storage in Europe will be 0.62GWh in 2023, of which Germany and United Kingdom are the main markets for C&I energy storage. China's energy storage market is in a stage of rapid development, especially in the industrial and commercial energy storage market. Driven by the "dual carbon" goal, the new energy industry is developing rapidly, and the demand for energy storage continues to grow. In addition, the continuous widening of the peak-to-valley electricity price gap and the downward price of energy storage systems have also improved the economics of industrial and commercial energy storage. According to Google's search results, most buyers are still product-oriented and have not formed a strong brand.
In recent years, new energy storage technologies such as flow batteries, gravity energy storage, and hydrogen energy storage have been gradually applied and promoted. These new technologies have significant advantages in terms of energy density, cycle life and safety performance, providing new impetus for the development of the energy storage industry. In addition, the energy storage system integration technology is also constantly innovating and improving. China Aviation Lithium Battery, Aerospace Lithium Battery and other enterprises have formed a certain scale of production capacity, and initially have the ability to integrate lithium battery energy storage battery systems. The rapid development of the energy storage industry has also brought about another problem, many battery manufacturing enterprises, new energy enterprises and all kinds of cross-border rookie enterprises have poured into the energy storage industry, and the market competition is becoming increasingly fierce. The frequent price wars have led to losses for the whole industry, but at the same time, they have also promoted the rapid progress of technology and the decline of costs. The upstream and downstream of China's energy storage industry chain have been basically connected, and the industrial advantages are obvious. The upstream is mainly focused on the supply of raw materials and core equipment; The midstream involves the integration, installation and operation and maintenance of energy storage systems.
The national government attaches great importance to the development of the energy storage industry and has issued a series of policies to support the research and development and market application of energy storage technology. These policies include subsidy policies, tax incentives, grid access policies, etc., which provide a strong guarantee for the development of the energy storage industry. The global market of the energy storage industry is in a stage of rapid development, the market scale continues to expand, and technological innovation and the improvement of the industrial chain have become the key factors to promote the development of the industry.
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