China Energy Storage Market is anticipated to exceed USD 6 billion by 2024. Rising concerns toward effects of global warming has led to the significant addition of renewables across the electric grid, which will drive the China energy storage market. Additionally, growing adoption of energy storage systems to mitigate the volatility of renewable power generation in the energy mix will further complement the industry landscape.
China energy storage market is set to witness strong growth subject to ongoing investments toward development of smart-grid infrastructure along with upsurge across the ancillary service industry. In 2016, the Government of China announced an investment of over USD 70 billion toward smart grid infrastructure development throughout the decade. The withdrawal of renewable subsidies may hamper the industry growth; however, reducing technology costs is set to compensate for the subsidy losses.
China lithium ion energy storage market will witness growth on account of perpetual decline in technology costs driven by the growing economies of scale for the manufacturers. The key application areas for these batteries include residential solar energy storage, frequency regulation, E-V charging stations, and load shifting among others. Significant coulombic efficiency, low maintenance, and high energy density are some of the key features that will propel the product adoption over its available alternatives.
China flow vanadium energy storage market is predicted to surpass USD 3 billion by 2024. Rapid response time, long scale duration and ability to provide virtually unlimited storage capacity are some of the major characteristics of the technology which makes it suitable for renewable integration and other large-scale energy storage applications. Moreover, the enormous vanadium reserves in the country implies ease of availability, lower prices, and minimal currency risks to the manufacturers, which will fuel the business growth.
China ancillary services energy storage market is anticipated to witness robust growth in line with growing requirement for grid resilience primarily driven by incessant substitution of conventional energy with renewable energy. Furthermore, reformative legislative landscape in favor of the nationwide development of ancillary services industry, particularly through the ?Three North Region? will boost the business growth.
Rising penetration of intermittent energy especially from solar and wind into the national grid will raise the requirement for energy storage system integration to ensure grid stability, which in turn will complement China energy storage market outlook.
Major players participating actively across the China energy storage industry include CATL, Shoto, Exide Technologies, Sacred Sun, CLOU Electronics, Sunwoda, A123 Systems, Eastar, LG Chem, Hitachi Chemical, Panasonic Corporation, BYD, GS Yuasa, Shenzhen BAK Technology, ZTT, Hoppecke, and Dynavolt.