Market Size of China Energy Storage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 18.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Energy Storage Market Analysis
The China energy storage market is expected to register a CAGR of more than 18.8 % during the forecast period. Covid-19 was first detected in China between late 2019 and early 2020; since then, the country has been under strict lockdown, drastically impacting the energy storage market. The industry had negative impacts due to the production delays and the risk of delayed commissioning for established energy storage projects. Moreover, companies faced difficulties developing new projects due to a lack of funding. Factors such as the significant rise in investment and development of renewable energy projects and supportive government policies and schemes to promote energy storage systems are expected drivers for the China energy storage market in the forecast period.
- The electrochemical storage segment is expected to dominate the market in the coming years. The segment includes battery storage systems such as lithium-ion, lead-acid, flow batteries, etc. The demand for the electrochemical storage system has significantly increased in the last couple of years, and companies are also developing more efficient and long-life batteries. Both factors are anticipated to boost the segment in the forecast period.
- The government of China is planning to increase the country's energy storage capacity by 2030 to achieve the government plan for net-zero emissions by 2060. According to the China Energy Storage Alliance, the government plans to increase the battery storage system by more than 100 GW and pumped hydro by 100 GW. Thie provide a great opportunity in the energy storage market in china market.
- The increased investment in renewable energy projects due to supportive government policies such as subsidies, tax-related incentives, reduced customs duties, and pricing incentives are likely to boost the investment in the energy storage system market in the forecast period.
