China Energy Storage Market to Exceed $6bn by 2024
Published Date: November 5, 2018 Authors: Ankit Gupta, Aditya Singh Bais
China Energy Storage Market size is set to surpass USD 6 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
China energy storage market size is set to witness robust growth on account of rapidly growing ancillary service industry coupled with ongoing investments toward smart-grid infrastructure development. Furthermore, rising deployment of energy storage devices aimed toward enhancing the grid stability as a countermeasure to the effects of extensive penetration of intermittent power from renewables will augment the industry size.
Declining technology costs in conjunction with development of new technologies and advancement of existing systems will positively influence China energy storage market size. Lithium ion batteries has witnessed a drop of over 50% in per unit cost in last few years and will continue to follow the trend. Reformative business scenario along with improving economies of scale across battery manufacturing industry will further stimulate the industry size.
Shifting focus toward limiting carbon emission to curb the consequence of global warming coupled with rising implementation of supportive legislative endeavors will boost China energy storage market growth. Nonetheless, ongoing reduction in government subsidy on renewables may impact the industry, but the subsidy benefits losses may be compensated by reducing technology prices.
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China flow vanadium energy storage market is projected to exceed USD 3 billion by 2024. Ability to offer virtually unlimited storage capacity, long scale duration, rapid response time, and negligible self-discharge are some of the key features which make the technology suitable for large scale renewable integration applications over its available alternatives. Furthermore, vast reserves of vanadium in the country may imply lower prices, minimal currency risks and ease of availability for the manufacturers, which will propel the industry growth.
Browse key industry insights spread across 115 pages with 26 market data tables & 28 figures & charts from the report. “China Energy Storage Market Size By Deployment (Behind The Meter, Renewable Integration, Ancillary Services ), By Technology (Lead Acid, Lithium Ion, Flow Vanadium, Others), Industry Analysis Report, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018– 2024” in detail along with the table of contents:
China lithium ion energy storage market is set to witness vigorous growth on account of continued reduction in technology costs driven by economies of scale across battery manufacturing. High energy density, low maintenance and high coulombic efficiency are the prominent features that will strengthen the product penetration.
China ancillary services energy storage market size is projected to witness exponential growth owing to rising need for grid resilience and stability primarily driven by continued substitution of thermal power with renewable power sources. Additionally, legislative reforms favoring the development of ancillary services industry across the country, particularly in the “Three North Region” will further enhance the industry landscape.
Notable industry participants across the China energy storage market include Dynavolt, CATL, Exide Technologies, Shoto, Sacred Sun, Sunwoda, CLOU Electronics, A123 Systems, LG Chem, Eastar, Hitachi Chemical, BYD, Panasonic Corporation, Hoppecke, Shenzhen BAK Technology, ZTT, GS Yuasa and Sungrow amongst others.
China energy storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2013 to 2024, for the following segments:
China Energy Storage Market, By Deployment
- Behind the meters
- Renewable integration
- Ancillary services
China Energy Storage Market, By Technology
- Lead acid
- Lithium ion
- Flow vanadium