Market Size of China Energy Storage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 18.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Energy Storage Market Analysis
The China energy storage market is expected to register a CAGR of more than 18.8 % during the forecast period. Covid-19 was first detected in China between late 2019 and early 2020; since then, the country has been under strict lockdown, drastically impacting the energy storage market. The industry had negative impacts due to the production delays and the risk of delayed commissioning for established energy storage projects. Moreover, companies faced difficulties developing new projects due to a lack of funding. Factors such as the significant rise in investment and development of renewable energy projects and supportive government policies and schemes to promote energy storage systems are expected drivers for the China energy storage market in the forecast period.
- The electrochemical storage segment is expected to dominate the market in the coming years. The segment includes battery storage systems such as lithium-ion, lead-acid, flow batteries, etc. The demand for the electrochemical storage system has significantly increased in the last couple of years, and companies are also developing more efficient and long-life batteries. Both factors are anticipated to boost the segment in the forecast period.
- The government of China is planning to increase the country's energy storage capacity by 2030 to achieve the government plan for net-zero emissions by 2060. According to the China Energy Storage Alliance, the government plans to increase the battery storage system by more than 100 GW and pumped hydro by 100 GW. Thie provide a great opportunity in the energy storage market in china market.
- The increased investment in renewable energy projects due to supportive government policies such as subsidies, tax-related incentives, reduced customs duties, and pricing incentives are likely to boost the investment in the energy storage system market in the forecast period.
China Energy Storage Industry Segmentation
The Scope of the China Energy Storage Market includes:-
| Type | |
| Pumped Hydro | |
| Electrochemical | |
| Molten Salt | |
| Compressed Air | |
| Flywheel |
| Application | |
| Residential | |
| Commercial | |
| Industrial |
China Energy Storage Market Size Summary
The China energy storage market is poised for significant growth, driven by substantial investments in renewable energy projects and supportive government policies. The market is expected to experience a robust expansion, with the electrochemical storage segment, including lithium-ion and other battery systems, anticipated to lead the charge. This growth is underpinned by China's strategic initiatives to enhance its energy storage capacity as part of its broader goal to achieve net-zero emissions by 2060. The government's plans to increase battery and pumped hydro storage capacities by substantial margins present lucrative opportunities for market players. Despite the challenges posed by the COVID-19 pandemic, such as production delays and funding issues, the market is set to benefit from the rising demand for efficient and long-life battery systems.
China's position as a global leader in battery production further bolsters the energy storage market's prospects. The country's ambitious plans to expand its electrochemical energy storage capacity significantly by 2030, alongside its ongoing investments in renewable energy projects, are expected to drive market growth. The government's commitment to carbon neutrality and the development of large-scale renewable energy projects, such as those in the Gobi Desert, underscore the increasing demand for energy storage systems. Key industry players, including Contemporary Amperex Technology Co., Limited, and BYD, are actively contributing to this growth trajectory. The market's fragmentation, with numerous companies vying for a share, indicates a competitive landscape poised for innovation and expansion.
China Energy Storage Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Annual Energy Storage Deployments Forecasts in MW, till 2027
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1.3 Energy Storage Price Trends and Forecast, by Technology, in USD/kW, till 2027
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Pumped Hydro
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2.1.2 Electrochemical
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2.1.3 Molten Salt
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2.1.4 Compressed Air
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2.1.5 Flywheel
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2.2 Application
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2.2.1 Residential
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2.2.2 Commercial
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2.2.3 Industrial
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China Energy Storage Market Size FAQs
What is the current China Energy Storage Market size?
The China Energy Storage Market is projected to register a CAGR of greater than 18.80% during the forecast period (2024-2029)
Who are the key players in China Energy Storage Market?
Contemporary Amperex Technology Co., Limited., Tianjin Lishen Battery Joint-Stock Co., Ltd., EVE Energy Co., Ltd. , BYD and Shanghai Electric Gotion New Energy Technology Co.ltd are the major companies operating in the China Energy Storage Market.
