SCS(SH:601555) Sou Hu Cai Jing·2025-12-22 18:09Global Market Overview - The global energy storage industry is expected to enter a two-year high-growth cycle starting in 2026, driven by strong demand in both domestic and international markets, optimizing the industry chain structure, and highlighting the advantages of leading companies [1] - Global energy storage demand is projected to explode, with installed capacity reaching 236 GWh in 2025 (+69%), 428 GWh in 2026 (+82%), and 617 GWh in 2027 (+44%) [1][10] - China and the United States are the main markets driving this growth, with Europe and emerging markets also experiencing rapid penetration [1][11] Domestic Market Dynamics - In China, the energy storage market is benefiting from capacity price subsidies and innovative business models, with a tendering volume of 190 GWh from January to November 2025 (+138%) and a record filing volume exceeding 1 TWh [1][6] - The installed capacity in China is expected to reach 163 GWh in 2025 (+47%) and 265 GWh in 2026 (+60%) [1][6] - Independent energy storage is becoming mainstream, replacing mandatory storage requirements, with diversified revenue sources and an internal rate of return (IRR) generally between 6-12% [1][6] Segment Analysis - Large-scale energy storage (big storage) is the core growth driver, with global demand expected to continue high growth from 2025 to 2027 [3] - The demand for energy storage batteries is projected to reach 628 GWh in 2025 (+91%) and 663 GWh in 2026 (+61%), with prices rebounding from the bottom [3][6] - The user-side storage market is also growing steadily, with global installations expected to maintain a growth rate of 10-20% from 2025 to 2026, particularly in Australia and Europe [3][6] International Market Trends - In the United States, the surge in electricity demand from AI data centers and grid shortcomings is driving the adoption of solar-plus-storage systems, with expected installations of 53 GWh in 2025 and 80 GWh in 2026 (+51%) [2][6] - Europe is seeing significant policy support, with large-scale storage installations projected to reach 20 GWh in 2025 (+131%) and 42 GWh in 2026 (+109%) [2][6] - Emerging markets, including the Middle East, Australia, and Southeast Asia, are expected to contribute significantly, with large-scale storage installations projected to reach 34 GWh in 2025 (+220%) and 80 GWh in 2026 (+134%) [2][6] Investment Recommendations - The energy storage market in China and the U.S. is entering a new growth cycle, supported by multiple points of growth in Europe and emerging markets, indicating a sustained high growth potential for 2026-2027 [6] - Companies such as Sungrow Power Supply, CATL, Haibo Technology, and Yiwei Lithium Energy are recommended for investment in the large-scale storage sector, while companies like Deye Technology, Airo Energy, and Jinlang Technology are favored in the user-side storage segment [6]