Quan Jing Wang·2025-12-23 11:58Core Insights - The energy storage industry is experiencing a robust growth phase driven by strong demand both domestically and internationally, with leading battery companies operating at full capacity and battery prices continuing to rise [1][2]. Group 1: Demand Dynamics - Global energy storage installations are on the rise, with China being the largest market. In 2024, global new energy storage installations are expected to reach 74 GW, a 62.5% increase year-on-year [2]. - In China, new energy storage installations are projected to reach 43.7 GW and 109.8 GWh in 2024, marking a year-on-year growth of 103% and 136%, respectively, and accounting for 59% of global new installations [2]. Group 2: Policy Developments - The release of the "136 Document" in February 2025 marks a significant policy shift, ending the mandatory energy storage requirement for renewable energy projects, thus allowing energy storage to compete independently in the electricity market [3]. - The "Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)" aims for a national energy storage capacity of over 180 million kilowatts by 2027, promoting diverse revenue channels for energy storage [3]. Group 3: Market Performance - In the first half of 2025, new energy storage projects in China added 23.0 GW and 56.1 GWh, representing a year-on-year increase of 68% [4]. - By November 2025, domestic energy storage tenders reached 190 GWh, a 138% increase, with a total of 175 GWh awarded, reflecting a 99% year-on-year growth [4]. Group 4: International Trends - In the U.S., the rapid growth of AI data centers is reshaping energy demand, with projections indicating that by 2030, AI data centers could account for over 20% of electricity demand [5]. - The European market is also expanding, with expected energy storage installations of 20 GWh in 2025, a 131% increase, and 42 GWh in 2026, a 109% increase [6]. Group 5: Pricing Trends - The energy storage market is witnessing a price recovery, with the average price for 2-hour storage systems rising to 0.64 CNY/Wh in September 2025, a 31% increase from the previous month [7]. - The shift away from forced storage policies is expected to enhance the economic viability of energy storage, leading to improved pricing and demand [7]. Group 6: Industry Landscape - Major players in the energy storage sector, including CATL and BYD, are gaining significant market share, with CATL securing over 56 GWh in overseas contracts by Q3 2025 [8][9]. - The energy storage narrative is intertwined with policy, technology, and the future of energy security, indicating a promising trajectory for the industry [9].