By 2024, China's energy storage capacity is expected to reach 12.5 GW.
International market research firm Wood Mackenzie said in a new report that China's energy storage market is expected to become the largest energy storage market in the Asia-Pacific region by 2024, with a capacity of 12.5 GW.
China's cumulative energy storage deployment is expected to jump from 489 MW / 843 MWh in 2017 to 12.5 GW / 32.1 GWh in 2024. Last year alone, it increased its capacity by 580 MW / 1.14 GWh, making it the second largest energy storage country after Korea (by year).
Wood Mackenzie senior analyst said, “Although China's energy storage market is still in its infancy, we expect lower battery costs, policy incentives and power market reforms to drive continued strong growth.”
It is estimated that by 2024, the cumulative capital expenditure of the global energy storage industry will reach 71 billion US dollars (63.3 billion euros), China will bear more than 10 billion US dollars of capital expenditure, accounting for about 14%.
In 2018, the main growth driver of China's energy storage industry was policy incentives. China State Grid Corporation is the market leader with an 83% share and 452 MWh of installation. At the same time, in the commercial and industrial (C&I) sector, the capacity was increased by 513 MWh, an increase of 2.8 times over 2017.
According to the report, approximately 60% of the storage capacity installed to provide ancillary services in 2018 is independently deployed, while 14% is associated with coal-fired power plants and 19% is associated with renewable energy facilities.
Source: Cable Network