1. New energy storage has been included in the Government Work Report for the first time
On 2024 year 3 month 5 day, at the Second Session of the 14th National People’s Congress, Premier Li Qiang mentioned “new-type energy storage” for the first time in the Government Work Report, marking the state’s high regard for the energy storage industry. This move will have the following impacts:
Policy Support: The introduction of new energy storage technologies will attract greater policy support and financial incentives, helping to accelerate technological innovation and industrial development.
Carbon Peak and Carbon Neutrality: The government will actively advance carbon peak and carbon neutrality, and energy storage, as a key technology, will play an important role in the future energy system.
2. There are already more than 2000 energy storage policies
As of 2024 year 7 month, the energy storage industry has newly issued 497 policies, bringing the cumulative total to over 2200 policies. The policy characteristics include:
Broad coverage: The policy encompasses multiple aspects, including development planning and market mechanisms, thereby promoting high-quality industrial development.
Strong momentum: The introduction of these policies has provided robust support to the energy storage industry, fostering technological innovation and industrial upgrading.
3. For the first time, the cumulative installed capacity of new energy storage has surpassed 100GWh
According to the guiding opinions of the National Development and Reform Commission and the National Energy Administration, China’s installed capacity of new energy storage has reached 103.3GW, a year-on-year increase of 47%. Several factors lie behind this achievement:
Policy Benefits: The intensive rollout of national policies has facilitated the maturation of business models for next-generation energy storage.
Market Demand: The widespread adoption of renewable energy and the growing demand in the electricity market have driven the rapid expansion of installed energy storage capacity.
4. Energy storage product prices have dropped sharply
In 2024, the prices of energy storage products continued to decline, primarily due to:
Market supply and demand changes: The rise of large-capacity cells in 314Ah has led to a buildup of inventory for 280Ah cells, prompting manufacturers to lower prices.
Technological Advancements: Ongoing progress in battery technology has increased the energy density of energy-storage cells while reducing production costs.
Raw material price fluctuations: The sharp drop in battery-grade lithium carbonate prices has created conditions for a decline in the prices of energy storage cells.
Product Type | 2023 initial price (RMB/Wh) | 2024 year-end price (CNY/Wh) | Price Change (%) |
|---|---|---|---|
Energy storage cell | 0.9-1.0 | 0.4-0.5 | -50 |
Energy storage system | 1.33 | 0.8 | -40 |
5. Domestic energy storage companies are accelerating their overseas expansion
Against the backdrop of strong overseas market demand, energy storage companies are accelerating their international expansion, primarily manifested in:
International Project Development: Chinese energy storage companies participate in international energy projects and collaborate with local enterprises to develop energy storage initiatives.
Market Expansion: Enhance brand awareness and market competitiveness by participating in international exhibitions and establishing overseas sales networks.
6. The energy storage IPOs are now experiencing a “wave of withdrawals,” shifting to the Hong Kong stock market
Due to the China Securities Regulatory Commission’s tightening of the IPO approval process, many energy storage companies have chosen to withdraw their A-share listing applications and shift to the Hong Kong stock market. The reasons include:
Financing needs: Enterprises’ demand for working capital is steadily increasing, making financing an essential necessity.
Market environment: The Hong Kong stock market has relatively lenient review processes, making an IPO more likely.
7. 300+Ah large battery cells and 5MWh energy storage systems have become mainstream
2024Year,300+AhLarge battery cells and5MWhEnergy storage systems are gradually becoming mainstream in the market, primarily due to the following reasons:
Technological innovation: High-capacity battery cells have increased the energy density of the energy storage system and reduced construction costs.
Market demand: The need for grid peak-shaving and frequency regulation is driving the adoption of large-capacity energy storage systems.
8. China’s largest user-side energy storage: Desai Battery is building the Shenghong Technology 630MWh project
The 630MWh energy storage project, jointly developed by Desai Battery and Shangchu Shuzhi, features high safety and high energy efficiency. The project’s key characteristics include:
Innovative Design: Adopts a concealed storage compartment design to save floor space.
Project Collaboration: Desai Battery is responsible for project construction, ensuring compliance and resource coordination.
9. Commercial and industrial energy storage: accelerated development, intensifying competition
In 2024, the development of the commercial and industrial energy storage market has accelerated, and competition has intensified, primarily manifested as:
Market demand is growing: commercial and industrial energy storage applications are expanding, with a significant increase in the number of projects.
Competitive strategy: Manufacturers attract investment by expanding sales channels and launching financial products.
10. Central and state-owned enterprises further strengthen their deployment of
Central state-owned enterprises are increasingly deepening their deployment in the energy storage sector, primarily reflected in:
Resource integration: Central state-owned enterprises are strengthening their market presence by establishing new companies and signing strategic cooperation agreements, among other measures.
Technological Innovation: Actively entering emerging energy storage fields such as lithium-ion batteries and hydrogen energy, thereby driving advancements in industry technology.
In 2024, the energy storage industry achieved remarkable progress, driven jointly by technological advancements, market expansion, and policy support. Looking ahead, energy storage technologies will assume an even more pivotal role in power systems, fostering green and low-carbon development.
