Industry Investment Rating - The report does not explicitly provide an overall investment rating for the energy storage industry, but it highlights the rapid growth and potential of various energy storage technologies, particularly in the context of China's energy transition [16][17] Core Views - The energy storage industry, particularly new energy storage technologies, is experiencing rapid growth, with China's new energy storage installed capacity reaching 22.6 GW in 2023, nearly 10 times the capacity at the end of the 13th Five-Year Plan [16] - The industry is diversifying, with various technologies such as mechanical, electrochemical, thermal, and hydrogen storage each having unique applications and advantages [7][10] - The market is driven by technological advancements, policy support, and the need for energy transition, with significant growth expected in the coming years [16][17] Industry Overview New Energy Storage Definition and Classification - New energy storage refers to energy storage technologies other than pumped hydro, including thermal, electrical, and hydrogen storage [7] - Electrical storage is further divided into physical, electromagnetic, and electrochemical storage, with technologies like compressed air, flywheel, lithium-ion batteries, and flow batteries being prominent [7] Comparison of Major Energy Storage Technologies - Each energy storage technology has unique characteristics, making them suitable for different applications, such as frequency regulation, peak shaving, and seasonal energy storage [10] - Technologies like flywheel and supercapacitors are ideal for short-duration applications, while pumped hydro and compressed air are better suited for longer-duration needs [10] Application Scenarios and Industrialization Stages - Energy storage applications are categorized based on duration requirements, with different technologies suited for capacity, energy, power, and backup applications [13] - China's energy storage technologies are largely on par with international standards, with some technologies like lithium-ion and flow batteries already in the commercialization stage [13] New Energy Storage Installed Capacity - China's new energy storage installed capacity reached 22.6 GW in 2023, a tenfold increase from the end of the 13th Five-Year Plan, with continued growth into 2024 [16] - By the first half of 2024, the cumulative installed capacity of new energy storage projects reached 44.44 GW, a 40% increase from the end of 2023 [16] Mechanical Energy Storage Compressed Air Energy Storage - Compressed air energy storage (CAES) involves storing energy by compressing air during off-peak hours and releasing it to generate electricity during peak demand [19] - The technology is evolving, with new variants like adiabatic, isothermal, and liquid air storage showing promise, though challenges remain in efficiency and cost [19] - The CAES market in China is growing, with 7 operational projects by the end of 2023, totaling 182.5 MW, and further expansion expected [21] Flywheel Energy Storage - Flywheel energy storage uses high-speed rotating flywheels to store kinetic energy, offering high power density and fast response times, making it suitable for applications like grid frequency regulation [26] - China's flywheel storage market is still in its early stages, with only 0.2% of the total new energy storage capacity in 2023, but significant projects are underway, indicating future growth potential [28] Thermal Energy Storage Molten Salt Thermal Storage - Molten salt thermal storage is a promising technology for large-scale, long-duration energy storage, with applications in solar thermal power, industrial heat recovery, and district heating [33] - The technology has seen significant development, with global installed capacity reaching 1.4% of total energy storage by 2023, and further growth expected as costs decrease and applications expand [34] Chemical Energy Storage Electrolytic Water Hydrogen Production - Electrolytic water hydrogen production is a sustainable method for generating hydrogen, with various technologies like alkaline, PEM, and solid oxide electrolysis being developed [41] - The market for green hydrogen is expected to grow rapidly, with global demand projected to exceed 150,000 tons by 2025 and 3 million tons by 2030, driven by decarbonization policies and falling electricity costs [47] Electromagnetic Energy Storage Superconducting Energy Storage - Superconducting energy storage (SMES) offers high energy density and fast response times, making it suitable for improving grid stability and power quality [50] - The technology is still in the research phase, but its potential applications in distributed energy systems and microgrids are significant, with a projected global market size of $10 billion by 2035 [53] Electrochemical Energy Storage Overview and Installed Capacity - Electrochemical energy storage, including lithium-ion, lead-acid, and flow batteries, is a key component of the energy storage market, with China's installed capacity reaching 10.37 GW in the first half of 2024 [56] - The market is dominated by lithium-ion batteries, which accounted for 97.3% of new energy storage installations in 2023, with significant growth expected in the coming years [72] Lead-Acid and Lead-Carbon Batteries - Lead-acid batteries remain a cost-effective and reliable option for energy storage, particularly in applications like backup power and telecommunications [60] - Lead-carbon batteries, which combine the advantages of lead-acid and supercapacitors, are gaining traction, with China's installed capacity reaching 35.55 MW by the first half of 2024 [68] Lithium-Ion and Sodium-Ion Batteries - Lithium-ion batteries dominate the electrochemical storage market, with global shipments reaching 225 GWh in 2023, driven by demand from power storage and electric vehicles [72] - Sodium-ion batteries are emerging as a promising alternative, with advantages in cost, safety, and temperature tolerance, and are expected to see significant growth in the coming years [76] Vanadium Flow Batteries - Vanadium flow batteries offer high safety, long cycle life, and flexibility, making them suitable for grid-scale energy storage applications [80] - The technology has seen rapid growth in China, with installed capacity increasing by 338% in 2022, and further expansion expected as costs decrease and applications diversify [83]
2024年储能行业市场全景分析及发展趋势展望报告
智研咨询·2024-10-11 23:28