储能行业2025年度投资策略：市场全面开花，前景星辰大海

Investment Rating - The report maintains a positive outlook on the energy storage industry, highlighting significant growth potential in both domestic and international markets [3][4][5]. Core Insights - The Chinese energy storage market is experiencing high demand, with a notable increase in bidding and project approvals, indicating a robust growth trajectory [3][4]. - The U.S. market is expected to see accelerated demand for large-scale and residential storage solutions, driven by favorable policies and declining installation costs [4][5]. - The European market is transitioning from a phase of inventory reduction to growth, particularly in large-scale and commercial storage [4][5]. - Emerging markets, such as Pakistan and the Middle East, are identified as having substantial growth potential, with multiple points of expansion expected [5]. Summary by Sections 1. China Market - The bidding environment remains strong, with a total of 53.1GW/140.6GWh of projects awarded from January to November 2024, representing year-on-year increases of 55.7% and 88% respectively [3]. - The average price for a 2-hour energy storage system was reported at 0.62 CNY/Wh in November 2024, indicating a stable pricing environment [3][16]. - Forecasts suggest that new installations in China will reach 101.6GWh, 145.7GWh, and 197.7GWh in 2024, 2025, and 2026, with year-on-year growth rates of 109.5%, 43.4%, and 35.7% respectively [3][44]. 2. U.S. Market - The U.S. is expected to see a surge in energy storage demand, with 8.09GW of large-scale storage installed from January to November 2024, a 62.2% increase year-on-year [4][61]. - The residential storage market is also growing, with installations reaching 346MWh in Q3 2024, a 64% increase compared to the previous year [4][61]. - Projections indicate that the U.S. will add 38GWh, 55.9GWh, and 81.3GWh of new storage capacity in 2024, 2025, and 2026, with growth rates of 67.5%, 47.4%, and 47.3% respectively [4][65]. 3. European Market - The European residential storage market is expected to recover, with a projected installation of 28.7GWh in 2025, reflecting a year-on-year growth of 28% [4][78]. - The commercial and industrial storage sectors are also anticipated to grow significantly, driven by increased self-purchase and participation in ancillary services [4][73]. - The overall energy storage installation in Europe is expected to rebound, with large-scale storage installations increasing from 3.6GWh in 2023 to 11GWh in 2024 [4][73]. 4. Emerging Markets - Emerging markets, particularly in regions like Pakistan and the Middle East, are expected to see continued growth and multiple expansion opportunities [5]. 5. Industry Chain - The competitive landscape in the PCS segment remains relatively stable, with various new technologies emerging across different segments of the energy storage industry [5]. 6. Investment Recommendations - The report recommends focusing on three key areas: inverter manufacturers with stable growth, system integrators with strong capabilities, and core manufacturers in the direct current segment [5].