The lithium battery energy storage market has broad prospects, rapid growth, and diversified application scenarios.
Market status and future trends
Market size and growth rate: In 2023, the global new energy storage capacity reach 22.6 million kilowatts/48.7 million kilowatt-hours, an increase of more than 260% over 2022. China’s new energy storage market has completed the 2025 installation target ahead of schedule.
Policy support: Many governments have introduced policies to support the development of energy storage, providing support in terms of subsidies, project approval, and grid access, encouraging companies to increase investment and research and development in the field of energy storage, and promoting the rapid development of the energy storage lithium battery market.
Technological progress: The performance of energy storage lithium batteries continues to improve, including increased energy density, extended cycle life, faster charging and discharging speed, etc., while the cost is gradually decreasing, which makes the competitiveness of energy storage lithium batteries in various application scenarios continue to increase, further promoting the development of the market.
Main application scenarios
Power system: As the proportion of renewable energy in the power system continues to increase, energy storage lithium batteries can store electricity when there is excess electricity and release electricity when there is a shortage of electricity, thereby improving the stability and reliability of the power system.
Industrial and commercial fields: Industrial and commercial users can use energy storage lithium batteries to charge at low electricity prices and discharge at peak electricity prices to reduce electricity costs. At the same time, energy storage lithium batteries can also be used as emergency power supplies to ensure power supply.
Household fields: In some areas where power supply is unstable or electricity prices are high, household energy storage lithium batteries can provide independent power supply for families, reduce dependence on the power grid, and reduce electricity costs.
Portable energy storage: The portable energy storage market continues to grow, especially in areas with frequent outdoor activities and natural disasters, where demand for portable energy storage products has surged. It is estimated that by 2026, the global portable energy storage market will reach nearly 100 billion yuan.
In summary, the lithium battery energy storage market has broad prospects. Thanks to policy support and technological progress, the market size will continue to expand and the application scenarios will become more diversified.
Post time: Nov-11-2024