Ge Long Hui A P P·2025-10-08 23:43Core Insights - The Chinese energy storage industry is experiencing unprecedented growth, driven by the introduction of the "New Energy Storage Scale Construction Special Action Plan" with a target of 180 million kilowatts and an anticipated direct investment of 250 billion yuan [1][3] - The cumulative installed capacity of new energy storage surpassed 100 GW by June 2025, marking a 32-fold increase compared to the end of the 13th Five-Year Plan, with a year-on-year growth of 68% in newly installed capacity in the first half of 2025 [1][3] - The industry is transitioning from a "mandatory storage" model to independent storage, with independent storage now accounting for over half of the installed capacity, transforming from an "accessory" to a "key player" in the electricity market [1][3] Policy Breakthrough - The "136 Document" released in February 2025 fundamentally altered the growth rules for energy storage, ending the administrative mandatory storage model and allowing for market-driven pricing [3][4] - The document promotes a phased approach, ensuring revenue for existing projects while pushing new projects towards competitive pricing, thereby enhancing companies' self-sustainability [3] - The policy has triggered a surge in installations, with domestic energy storage bidding volumes reaching 19.2 GWh from March to May 2025, a 210% increase year-on-year [3] Demand Explosion - Global energy storage installations reached 86 GW in the first nine months of 2025, a 92% increase year-on-year, with domestic installations contributing 41 GW and international installations 45 GW [5] - The user-side energy storage market is thriving, with significant profit opportunities due to price differences exceeding 1.2 yuan per kWh in provinces like Guangdong and Jiangsu, leading to a 230% increase in newly installed user-side storage [5][6] - Data centers emerged as a new demand driver, with a 280% year-on-year increase in newly installed storage capacity, accounting for 38.5% of total new installations [6] Technological Breakthroughs - The cost of domestic energy storage systems decreased from 1.8 yuan/Wh to approximately 0.8 yuan/Wh between 2020 and 2025, a 55% reduction, while efficiency improved from 85% to 92% [8][9] - Lithium batteries remain the dominant technology, comprising 82% of global energy storage installations, with significant advancements in cost and efficiency [8] - Alternative technologies are emerging to address the limitations of lithium batteries, including vanadium flow batteries and sodium-ion batteries, which are being tested in various applications [9] Market Dynamics - The "Matthew Effect" is becoming more pronounced in the energy storage industry, with leading companies experiencing revenue growth exceeding 100%, while smaller firms lag behind [10][11] - The upstream segment shows stable costs and scale advantages, while the midstream sector is becoming the value center of the industry [10] - Major companies like Sungrow and CATL are solidifying their market positions, with significant revenue growth in their energy storage businesses [11] Conclusion - The rise of the energy storage sector is not merely a short-term trend but a result of policy restructuring and improvements in the industry fundamentals [12] - The shift from policy dependency to value creation indicates a long-term growth potential for the sector, with a focus on quality enhancement rather than just scale expansion [12][13] - The energy storage market is expected to grow significantly, driven by technological advancements and increasing demand from data centers, positioning it as a critical component of the global energy transition [13][14]