Zhi Tong Cai Jing·2025-11-18 00:54Core Viewpoint - The report from CITIC Securities highlights the expansion of energy storage demand driven by domestic policies and high market expectations, with significant growth opportunities in overseas markets, particularly in the U.S. and Europe, as well as emerging markets in Asia, Africa, and Latin America [1] Group 1: U.S. Energy Storage Market Dynamics - The AIDC integration amplifies the electricity gap in the U.S., accelerating the release of energy storage demand [1] - The U.S. average electricity price has increased by 13% since 2022, with year-on-year growth rates of 11% for 2022, 3% for 2023, 2% for 2024, and 5% for 2025 [1] - The limited capacity of the U.S. power grid and the rapid increase in installed power generation capacity have significantly lengthened the grid connection waiting period, making energy storage a crucial solution to alleviate power shortages [2] Group 2: AIDC and Energy Storage Integration - AIDC配储 is becoming a key solution for stabilizing power supply and ensuring continuous electricity provision, with NVIDIA emphasizing its necessity at the OCP Global Summit 2025 [3] - The projected demand for AIDC配储 in the U.S. from 2025 to 2030 is expected to grow significantly, reaching 161.4 GWh by 2030, with a CAGR of 94% [3] - If the U.S. AIDC construction accounts for 70% of the global market, the global AIDC配储 demand could reach approximately 230 GWh by 2030, representing 15%-20% of the global new energy storage installations [3] Group 3: Global Market Expansion - Since the second half of 2025, the U.S. energy storage market has seen growth driven by strong demand and high returns, with significant opportunities for Chinese energy storage manufacturers to expand overseas [4] - The projected new installations in the U.S. for 2025 and 2026 are expected to reach 45 GWh and 60 GWh, respectively, with global energy storage installations anticipated to reach 255 GWh and 407 GWh in the same years, reflecting year-on-year growth rates of 31% and 58% [4] - The diversification of project profitability and the favorable IRR of 10%-20% indicate substantial growth potential in the U.S. energy storage market [4]