Aug 10,2022

Energy storage refers to the storage of electrical energy and is related to technologies and measures that utilize chemical or physical methods to store electrical energy and release it when needed. According to the energy storage methods, energy storage can be mainly divided into mechanical energy storage, electromagnetic energy storage, electrochemical energy storage, thermal energy storage and chemical energy storage. According to relevant data, new electrochemical energy storage will account for more than 50.0% of the total new installations in the global energy storage market in 2021, and will be the main category of newly installed capacity.

Market Size

Due to the support of relevant policies, the layout of clean energy power generation has continued to expand, and the energy storage industry in many countries and regions has grown significantly in recent years. In 2021, the global energy storage market will reach 25.2 GWh according to newly installed capacity, and it is expected that the global energy storage market will reach 71.7 GWh in 2022.

2022 global energy storage market size and forecast trend

Development prospects

1. The growing share of sustainable energy in power generation

Sustainable energy sources, including solar and wind, are gaining share in the electricity generation market. However, this energy source is intermittent and there are intraday and seasonal fluctuations in power generation. Sustainable energy as a percentage of global electricity generation is expected to increase substantially from 6.5% in 2021 to 22.0% in 2050, which will simultaneously increase grid volatility. The energy storage system can ensure the stability of sustainable energy supply through the real-time storage and release of energy, and provide services such as peak regulation, frequency regulation, and power distribution for the power grid. Driven by increased sustainable energy capacity, the demand for energy storage systems will grow significantly in the future.

2. Energy demand shifts to clean electricity under electrification trend

Under the trend of electrification, energy demand is steadily shifting from traditional energy sources such as fossil fuels to clean electric energy sources. This shift is reflected in the shift from fossil fuel vehicles to electric vehicles, many of which are powered by distributed renewable energy. As clean electricity becomes an increasingly important energy source, demand for energy storage will continue to rise to address intermittency issues and balance supply and demand for electricity.

3.The cost of energy storage is falling

The global average LCOE of energy storage dropped from RMB2.0-3.5/kWh in 2017 to RMB0.5-0.8/kWh in 2021, and is expected to further decrease to [RMB0.3-0.5/kWh] in 2026. The decline in energy storage costs is primarily driven by advances in battery technology, including increased energy density, reduced manufacturing costs, and increased battery life cycles. Continued declines in energy storage costs will spur growth in the energy storage industry.

4. Favorable policies

Governments in major economies have adopted policies to encourage the development of energy storage. For example, in the United States, the Federal Investment Tax Credit provides tax credits for the installation of energy storage equipment by households and industrial and commercial end users. In the EU, the 2030 Battery Innovation Roadmap highlights various measures to stimulate the localization and scale-up of energy storage technologies. In China, the "14th Five-Year New Energy Storage Development Implementation Plan" issued in 2022 proposes comprehensive policy measures to promote the energy storage industry to enter a stage of large-scale development.

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