New energy storage project cumulative installed capacity exceeds 100GWh
According to the statistics, as of the end of June 2024, China has put into operation 103.3GW of cumulative installed power scale of power storage projects such as pumped storage, molten salt heat storage and new energy storage, up 47% year-on-year, and up 20% from the end of last year. Among them, the cumulative installed capacity of new-type energy storage exceeded 100 GWh for the first time, reaching 48.18GW/107.86GWh, with a year-on-year growth of 129% in power scale and 142% in energy scale.
In the first half of 2024, China’s new energy storage continued to develop at a high speed. 13.67GW/33.41GWh of new energy storage was put into operation in the first half of 2024, with the power scale and energy scale both increasing by 71% year-on-year. The number of new energy storage projects with planning, under construction and in operation exceeded 1,000, an increase of 67% over the same period last year. The second half of the year will continue to maintain the rapid growth trend, and it is expected that the annual new installation of 30-41GW in 2024.
User side energy storage installations up over 650% year-on-year
In terms of scale, the number of 100MW projects has increased significantly, with more than 50 100MW projects coming into operation, an increase of 30% year-on-year. The number of 100 MW projects under planning and construction has already exceeded the level of last year, with the largest number of 100-500 MW projects. Among the new projects, the number of 2-4 hour projects is the largest, accounting for 78%.
Technology distribution, lithium iron phosphate is still the mainstream, non-lithium energy storage technology applications gradually increased. As a LiFePO4 battery manufacturer, we can provide you with a variety of energy storage batteries to ensure your business operation. Application distribution, still dominated by source network side applications, accounting for 92% in total. The user side accounted for 6 percentage points more than the same period last year, and the installed capacity increased by more than 650% year-on-year. Supporting renewable energy grid connection, high-capacity energy services and user energy management services are the most important services in each application area.
Thanks to the continuous widening of the peak-valley price difference and the optimization of the time period, the market heat of user-side energy storage continues to rise.2024 In the first half of the year, 5,231 new projects were filed, and the number of filed projects on the user side accounted for the largest share of the total, close to 70%.
Stabilization of prices and capacity investments in energy storage system tenders
Bidding scale continues to grow at a high rate, with the bidding volume of battery system, energy storage system and EPC exceeding the level of the same period last year, with year-on-year growth of 86%, 29% and 124%. The total monthly bidding volume is higher than the same period last year, and the average monthly bidding volume is 10GWh+. The winning bid, the winning scale is also higher than the same period last year, the battery system, energy storage system and EPC bidding volume increased by 50%, 19%, 173% year-on-year. Energy storage system in the first half of the overall average price stabilized. In the first half of the average price relative to energy storage system fluctuations.
In terms of capacity scale, China’s new energy storage battery capacity scale in the first half of the year including proposed, started and commissioned projects amounted to 74GWh, and the capacity scale of commissioned projects amounted to 9GWh. From the perspective of production, from January to June 2024, Chinese companies in the global market for energy storage lithium battery production of more than 110GWh, an increase of 47% year-on-year. On the corporate side, energy storage companies continued to step up their efforts in global business expansion in the first half of the year.
In the first half of 2024, Chinese energy storage enterprises signed orders of more than 80GWh globally, and international orders of more than 50GWh, with major markets coming from America, Europe, Australia, Africa, Southeast Asia and the Middle East. The iteration speed of energy storage products has accelerated. During this year’s International Energy Storage Summit, more than 100 new products were released. The capacity of the electric core is getting bigger and bigger, from 280 to 314 and even to 500 and 600Ah production lines are already under construction and will be mass produced soon. And powerwall battery and other energy storage system capacity from more than 3 MWh to 5MWh. There are also other core supporting units of the energy storage system, PCS, BMS, EMS, thermal management methods, electrical equipment, and various integration technologies, all of which are being iteratively upgraded as the system capacity gets larger.
Cumulative installed capacity of new energy storage is expected to reach 313.9GW in 2030
In order, China’s new energy storage installations continue to show rapid growth. Under the conservative scenario, it is expected that the cumulative installed size of new energy storage will reach 168.7GW in 2028, and the cumulative installed size of new energy storage will reach 221.2GW in 2030. Under the ideal scenario, the cumulative installed size of new energy storage is expected to reach 220.9GW in 2028, with a compound annual growth rate (CAGR) of 45.0% from 2024 to 2028. The cumulative installed size of new energy storage is expected to reach 313.9GW in 2030, with a compound average annual growth rate (CAGR) of 37.1% from 2024-2030, and an average annual installed size of 39.9GW of new energy storage.
