Chan Ye Xin Xi Wang·2025-06-06 01:33Industry Overview - The Long-Duration Energy Storage (LDES) industry in China is experiencing unprecedented development opportunities driven by carbon neutrality goals, with a projected market size of approximately 85.2 billion yuan in 2024 [1][10] - The three main LDES technologies are flow batteries, compressed air energy storage, and molten salt storage, with flow battery installations expected to grow by about 10 times year-on-year in 2024, and compressed air energy storage installations expected to increase by approximately 70 times [1][10] - The price of all-vanadium flow battery systems has dropped below 2 yuan/Wh, significantly improving economic viability [1][10] Industry Development History - The LDES industry in China has gone through four stages: the initial stage from the mid-20th century to the 1990s, the early development stage from 2000 to 2015, the commercial phase from 2015 to 2020, and the current scale development phase from 2020 to present [4][5] - The early policies focused on technology verification and demonstration, while post-2015 policies began to emphasize the role of energy storage in supporting the power grid [8][9] Current Industry Status - The LDES industry is set to benefit from the dual carbon goals, with a market size of approximately 85.2 billion yuan in 2024 [10] - The industry is witnessing significant growth in new installations, with flow batteries and compressed air storage technologies leading the way [10] Key Companies - Leading companies in the LDES sector include CATL, BYD, and Sungrow, with CATL maintaining the largest global market share in energy storage batteries [14][15] - Companies like Sungrow and Haibo Innovation focus on energy storage system integration and PCS (Power Conversion System) development, with Sungrow achieving the highest global PCS shipment volume [14][15] Industry Trends - The LDES industry is expected to see significant trends in technology integration and diversification, with a push towards hybrid storage technologies combining different energy storage methods [19] - The market size is anticipated to continue expanding, driven by increasing policy support and market demand, leading to a peak in investment and construction of LDES projects [21] - Policy-driven initiatives and improved market mechanisms will be crucial for the future development of the LDES industry, with government support expected to include financial subsidies and tax incentives [22]