Under the dual-carbon background, the global energy storage market ushered in explosive growth, with China, North America and Europe becoming the major global markets for new energy storage, occupying over 80% of the market share. Among them, China’s new energy storage market will fully explode in 2022, surpassing the United States to become the world’s first in terms of power, accounting for more than 1/3 of the global market.
Into 2023, with the domestic energy storage market into a “serious involution”, as well as the cooling of the European household storage market, more focused on the domestic market or a single overseas market of Chinese energy storage companies, began to focus on the larger global market, and actively explore the U.S. and Europe outside of Australia, Japan, Southeast Asia, the Middle East, and Africa market. In the global energy storage market, Chinese companies, U.S.-based companies, Japanese and Korean companies, European companies, and local companies from various other regions are competing. China, North America and Europe have become the major global markets for new energy storage, with a cumulative share of more than 80% in the global energy storage market.
China and the U.S. markets are dominated by pre-meter energy storage, while the European market is dominated by user-side energy storage, with the main demand coming from solving the problem of household electricity consumption. According to the European Energy Storage Association (EASE) statistics, Europe realized 4.5GW of installed energy storage in 2022, an increase of 80.9% year-on-year, of which large storage and industrial and commercial energy storage is about 2GW, and household storage is about 2.5GW. The overall installed size of energy storage in the Japanese market is second only to China and the United States among countries. Japan’s per capita electricity consumption is twice the Asia-Pacific average. Japan is also expected to be one of the most promising markets for grid-scale energy storage in the Asia-Pacific region.
The Australian market shows the development trend of household battery storage and large-scale energy storage going hand in hand, with Australia realizing 1.07GWh of installed energy storage in 2022, with household storage accounting for nearly half of the total. Australia also has sizable energy storage reserve projects, and has deployed energy storage projects with a total installed capacity of more than 40GW, ranking at the forefront of the global battery energy storage market. In addition, the Middle East, Central Asia, Africa, Southeast Asia, South America and other emerging markets, combined with the demand for diesel power generation substitution, energy storage is becoming a kind of “new infrastructure”, the market demand is increasing.
In North Africa and the Middle East, the renewable energy power generation market has taken shape. As of the end of 2022, Jordan in the operation of photovoltaic and wind power generation of about 2.4GW (accounting for 34%), Morocco photovoltaic wind power generation accounted for 33%, Egypt renewable energy power generation installed + projects under construction for 10GW, Saudi Arabia Red Sea region renewable energy planning in the energy storage installed capacity plans to reach 1.3GWh. Many of the power grids in ASEAN countries are scattered on islands with a low degree of grid integration, and energy storage can play a huge role in maintaining grid stability while consuming solar and wind energy. Therefore, in Vietnam, Thailand, the Philippines, Singapore, Malaysia and Indonesia and other countries and regions, the energy storage market growth is also very rapid.
South Africa, as the second largest economy in Africa, has been facing a power crisis for many years, and its battery storage market is expected to grow rapidly over the next decade. The World Bank report shows that the South African battery storage market is expected to grow from 270MWh in 2020 to 9,700MWh in 2030, and in the best case scenario it will be expected to grow to 15,000MWh. However, this year, South Africa’s energy storage market will usher in a warm winter, and high inventories are affecting shipments, and the profitability of related companies is under pressure in stages.
In South America, Brazil is expected to dominate, characterized by increased energy demand from residential as well as industrial and commercial sectors. Argentina, which is dominated by pumped storage, is also considering battery-based utility-scale storage systems.
Post time: Dec-06-2023
