电力设备行业深度报告：构网型储能：新型电力系统刚需，渗透率有望快速提升

Industry Overview - The report highlights the necessity of grid-forming energy storage in the new power system, driven by the "dual carbon" goals and the increasing proportion of renewable energy installations [2] - The new power system faces challenges such as high penetration of renewable energy and high proportion of power electronic devices, leading to grid instability [2] - Grid-forming energy storage, with its stable voltage source attributes, is expected to accelerate its penetration rate due to policy support and the urgent need for power system transformation [2] Grid-Forming Energy Storage Development - Grid-forming energy storage is essential for the new power system, addressing issues like grid instability and insufficient peak and frequency regulation capabilities [3] - From 2023 to June 2024, China has completed 2.28GW/7.58GWh of grid-forming energy storage project tenders, with a significant acceleration in the bidding process since the second half of 2023 [4] - National and regional policies have been introduced to support grid-forming energy storage, with projects gradually being implemented in regions like Xinjiang, Tibet, and Inner Mongolia [24] PCS Market Growth - Grid-forming energy storage PCS requires 2-2.5 times overcapacity, leading to a significant increase in demand compared to grid-following energy storage projects [31] - The grid-forming energy storage PCS market is expected to grow rapidly, with shipments projected to reach 8.8GW and 19.9GW in 2024 and 2025, respectively [42] - The market space for grid-forming energy storage PCS is estimated to reach 106.4 billion yuan and 167.2 billion yuan in 2024 and 2025, with a compound annual growth rate of 82% from 2023 to 2025 [42] Key Companies - Hope Electric: A pioneer in applying grid-forming technology to wind, solar, storage, hydrogen, and SVG products, with a significant market share in grid-forming PCS [45] - Kehua Data: The leading domestic PCS supplier in 2023, with early布局 in grid-forming energy storage PCS and successful projects in Ningxia and Xinjiang [48] - Nari Technology: Accumulated over 1.5GW of grid-forming energy storage shipments by June 2024, with significant projects both domestically and internationally [49] - Sungrow Power: Known for its "stem cell grid technology," which has been successfully applied globally, particularly in European and American markets [51] - Shenghong Co., Ltd.: Launched grid-forming energy storage PCS products in 2024, offering advanced grid support and market participation capabilities [52]