On April 10, 2024, the "12th Energy Storage International Summit and Exhibition"(ESIE2024), hosted by the China Energy Research Society, the Zhongguancun Energy Storage Industry Technology Alliance and the Institute of Engineering Thermophysics, Chinese Academy of Sciences, was held in Beijing Shougang Convention and Exhibition Center was grandly held.

At the opening ceremony, Mr. Chen Haisheng, Director of the Institute of Engineering Thermophysics, Chinese Academy of Sciences and Chairman of the Zhongguancun Energy Storage Industry Technology Alliance, delivered a keynote speech and released the "Energy Storage Industry Research White Paper 2024".

As the gold medal research result of the alliance, the "Energy Storage Industry Research White Paper" has been released for 14 consecutive years. Its content and professionalism have received widespread attention and praise in the industry, and has been frequently cited as a reference. The "White Paper" witnesses the entire process of the development of China's energy storage industry from its inception to the initial stage of commercialization, and carries the alliance's original intention to spare no effort to promote the development of the energy storage industry. The "Energy Storage Industry Research White Paper 2024" released this time updates and analyzes and summarizes the energy storage market size, typical projects, vendor rankings, policies, power market rules, standards, investment and financing, etc. of mainstream countries and regions in 2023, and predicts future market development opportunities and scale.

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The cumulative installed capacity of global power storage is 289.2GW, and the cumulative installed capacity of pumped storage energy is less than 70% for the first time.

According to incomplete statistics from the Zhongguancun Energy Storage Industry Technology Alliance (CNESA) Global Energy Storage Database (www.esresearch.com.cn), as of the end of 2023, the cumulative installed capacity of power energy storage projects in operation around the world is 289.2 GW, with an annual growth rate of 21.9%. The proportion of the cumulative installed capacity of pumped storage energy has dropped significantly, below 70% for the first time, and a decrease of 12.3 percentage points compared with the same period in 2022. The cumulative installed capacity of new energy storage reaches 91.3GW, nearly twice that of the same period in 2022. Among them, lithium-ion batteries continue to grow rapidly, with an annual growth rate exceeding 100%.

Fig. 1:Cumulative installed capacity in the global power storage market (as of the end of 2023), in units:MW%

Fig. 2:Cumulative installed capacity in the global new energy storage market (as of the end of 2023)

In 2023, the global new energy storage installed capacity will reach a record high, with China accounting for nearly 50%

In 2023, the global energy storage market will continue to develop rapidly. The installed capacity of newly commissioned power energy storage projects will exceed 50GW, reaching 52.0 GW, a year-on-year increase of 69.5%. Among them, the new commissioning scale of new energy storage reached a record high, reaching 45.6GW, almost the same as the cumulative installed capacity in the same period in 2022. China, Europe and the United States continue to lead the development of the global energy storage market. The new installed capacity of the three together accounts for 88% of the global market, and China accounts for nearly 50%.

Fig. 3:Regional distribution of new energy storage projects newly put into operation in 2023 (MW%)

China's cumulative installed capacity of power energy storage is 86.5GW, and the cumulative installed capacity of pumped storage energy is less than 60% for the first time.

In 2023, according to incomplete statistics from the CNESA Global Energy Storage Database, as of the end of 2023, the cumulative installed capacity of power energy storage projects in China has been put into operation is 86.5GW, accounting for 30% of the total global market size, a year-on-year increase of 45%. The cumulative installed capacity of pumped storage energy was also lower than 60% for the first time, down 17.7 percentage points compared with the same period in 2022; the cumulative installed capacity of new energy storage reached 34.5GW/74.5GWh, and the power scale and energy scale both increased year-on-year by more than 150%.

Fig. 4:Cumulative installed capacity of China's power energy storage market (as of the end of 2023), in units:MW%

Fig. 5:Cumulative installed capacity of China's new energy storage market (as of the end of 2023)

In 2023, China's new installed capacity of new energy storage exceeded 20GW for the first time, triple the level in the same period in 2022

In 2023, China will add 21.5GW/46.6GWh of new energy storage installed capacity, and both power and energy scale will increase by more than 150% year-on-year, three times the level of newly commissioned scale in 2022, and for the first time, exceeding the newly commissioned scale of pumped storage power. Nearly four times more than 100 100 projects have been put into operation, and the number of projects of this magnitude has increased by 370% year-on-year. The proportion of lithium batteries has further increased, from 94% in 2022 to 97% in 2023; non-lithium energy storage technologies such as compressed air energy storage, sodium-ion batteries, flow batteries, flywheels, and super capacitors have gradually achieved application breakthroughs, providing more technical options for the construction of new power systems and multi-user scenarios.

It is estimated that in 2030, the cumulative installed capacity of China's new energy storage market will exceed 200GW, and the compound growth rate from 2024 to 2030 will exceed 30%

CNESA has been predicting the size of China's energy storage market since 2014. In this white paper, CNESA continues to base itself on conservative scenarios (defined as scenarios in which policy implementation, cost reduction, technological improvement and other factors fail to meet expectations) and ideal scenarios (defined as scenarios in the future). In addition to predicting the installed capacity and development trend of China's new energy storage market from 2024 to 2028, it also adds a forecast for the installed capacity in 2030.

It is expected that in the last two years of the "14th Five-Year Plan", new energy storage installed capacity will continue to show rapid growth, exceeding the current planning targets of various provinces; the "15th Five-Year Plan" will show a steady growth trend.

Under a conservative scenario, it is expected that the cumulative installed capacity of new energy storage will reach 168.7GW in 2028, and the compound average annual growth rate (CAGR) from 2024 to 2028 will be 37.4%; it is expected that the cumulative installed capacity of new energy storage will reach 221.2GW in 2030. The compound average annual growth rate (CAGR) from 2024 to 2030 will be 30.4%, and the annual average installed capacity of new energy storage will be 26.6GW.

Under an ideal scenario, it is expected that the cumulative installed capacity of new energy storage will reach 220.9GW in 2028, and the compound average annual growth rate (CAGR) from 2024 to 2028 will be 45.0%. It is estimated that the cumulative installed capacity of new energy storage will reach 313.9GW in 2030, the compound average annual growth rate (CAGR) from 2024 to 2030 will be 37.1%, and the average annual installed capacity of new energy storage will be 39.9GW.

Fig. 6:Forecast of cumulative installed capacity of new energy storage in China (2024-2030), in units: The analysis of the situation should be comprehensive, excavating the deep-seated causes and proposing targeted measures.

responsible editor: Qingyun

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