电新｜海外大储：多元市场，蓬勃发展

Core View - The rapid development of overseas front-of-the-meter (FOM) energy storage is driven by multiple factors, including the increasing penetration of renewable energy, strong grid support demand, and favorable policies [1] - The global energy storage market is experiencing high growth, with significant opportunities in both developed and emerging markets [13] US Market - The US grid is relatively decentralized with limited inter-regional power transmission capacity, leading to strong demand for energy storage due to the increasing share of renewable energy and aging grid infrastructure [2] - Policies such as FERC 841 in 2018 and the IRA Act in 2022 have facilitated the entry of energy storage into ancillary service markets and provided subsidies for independent energy storage, ensuring high returns with internal rates of return (IRR) exceeding 10% in Texas [2] - The US has a large pipeline of energy storage projects, with 1028GW currently in queue, and is expected to release at least 61GW/183GWh of new installations from 2024 to 2028 [2] - Wood Mackenzie predicts that the US energy storage market will grow at a CAGR of 59% from 2024 to 2028, with FOM storage accounting for approximately 90% of the total 276GWh installations [2] European Market - The REPowerEU plan and the energy independence drive following the Russia-Ukraine conflict are accelerating the replacement of natural gas with energy storage in Europe [6] - Energy storage is a cost-effective solution for grid expansion in Europe, where grid investment approvals are complex and capital-intensive [6] - The UK, Belgium, and Germany offer strong returns for energy storage, with annual revenues of €150,000/MW, significantly above the breakeven point of €80,000/MW [15] - Europe is expected to add 27GW/68GW of new energy storage capacity by 2025/2028, with a CAGR of 51%/33% from 2024 to 2025/2028, and over 65% of this will be FOM storage [15] Emerging Markets - Emerging markets with weak power infrastructure are experiencing frequent power outages, creating a strong demand for energy storage to support grid expansion and off-grid scenarios [7] - Brazil, Southeast Asia, and Africa are seeing significant growth in energy storage demand due to policy support, weak traditional energy growth, and increasing renewable energy penetration [7] Industry Chain - Chinese companies have a strong competitive advantage in the global energy storage market, with mature technology and a complete supply chain [8] - Leading Chinese companies like CATL and Sungrow have secured significant FOM storage orders in Europe, with 17.5GWh and 3.5GWh respectively from 2018 to June 2024 [8] - Chinese companies are expected to leverage their cost control capabilities and power electronics manufacturing expertise to expand in overseas markets [8] Investment Opportunities - The high growth of the energy storage industry presents opportunities in three key areas: 1) domestic and international energy storage systems and EPC, 2) energy storage inverters, and 3) energy storage temperature control and fire protection [18]