The global energy storage industry is currently experiencing a period of rapid development, driven by the active promotion of energy transition and carbon neutrality goals by governments around the world. According to the 2024 global energy storage market analysis, the global energy storage shipment volume is expected to reach 273GWh this year, with significant growth in China, the United States, Europe, Australia, Japan, and other regions.
In terms of policy support, different countries and regions have adopted different strategies. For instance, the United States enhances the economic benefits of energy storage projects through direct financial subsidies and market-oriented electricity transactions, while Italy promotes the use of energy storage systems through financial subsidies and preferential plans. Australia’s policies tend to encourage household energy storage projects, stimulating investment in the photovoltaic industry through renewable energy targets.
On the technological front, the energy storage industry is undergoing rapid technological iteration. The application of large-capacity cells brings higher integration efficiency, and the application of grid-forming PCS (Power Conversion System) is expected to gradually penetrate as the installation of new energy continues to increase.
However, the development of the energy storage industry also faces some challenges, including overcapacity, price wars, and international trade frictions. For example, the intensification of domestic competition and price wars in China’s energy storage industry may affect the profitability of companies. In addition, policies introduced by the United States, such as the Inflation Reduction Act (IRA), and the new EU Battery Regulation may impact the overseas plans of Chinese companies, as these policies aim to accelerate the construction of domestic industrial chains.
Despite the challenges, Chinese energy storage companies remain competitive in the global market. In 2023, Chinese companies’ shipments of energy storage lithium batteries in the global market reached 206GWh, accounting for 91.5% of the total global shipments. Moreover, China has become one of the most active countries in the world in terms of energy storage technology integration, demonstration, and industrialization.
Overall, the global energy storage market is in a period of rapid development, with different countries and regions adopting a variety of policy support measures according to their own conditions and needs. As a key country in the development of energy storage technology, China plays a crucial role in the global market and is expected to achieve larger-scale applications and promotions in the future.
