储能行业剖析：新型储能技术百花齐放，液流电池商业化正在加速

Investment Rating - The report does not explicitly state an investment rating for the energy storage industry Core Insights - The energy storage industry is experiencing strong demand driven by the increasing share of renewable energy, which has inherent randomness, intermittency, and volatility, leading to low utilization rates. Energy storage is seen as a crucial solution to this issue [4][6][8] - The report forecasts that by 2025-2030, approximately 190GW of new energy storage capacity will be added in mainland China, which is 2.4 times the current installed capacity. By 2030, the share of storage capacity exceeding 4 hours is expected to reach 50% [2][7][31] - The report highlights that lithium-ion batteries remain the mainstream technology for energy storage due to their cost and technical advantages, but they are limited in safety and duration for long-term storage. Other technologies such as compressed air storage and flow batteries are expected to accelerate commercialization [4][14][26] Summary by Sections Energy Storage Demand and Technology Development - The increasing share of renewable energy, which exceeded 30% in 2024, necessitates the development of new energy storage technologies to address the limitations of traditional pumped storage [4][6][8] - By 2025, the combined generation capacity of wind and solar energy is projected to reach 23% and 35% by 2030, with energy storage capacity expected to rise to 188GW and 366GW respectively, with new energy storage accounting for approximately 65% and 73% [6][7][8] Long-Duration Energy Storage - Long-duration energy storage is becoming a critical need, with expectations that by 2025, the share of storage exceeding 4 hours will increase to 21% and 50% by 2030. The report anticipates over 100GW of new installations in this category over the next five years [26][31] - The report identifies compressed air storage, flow batteries, and molten salt storage as key players in long-duration energy storage, with lithium-ion batteries expected to remain dominant in the short term [26][39][46] Technology Performance and Classification - The report categorizes energy storage technologies into three tiers based on performance metrics such as capacity, safety, and cost. The leading tier includes compressed air storage, flow batteries, molten salt storage, and lithium batteries, while the potential tier includes superconducting storage and hydrogen storage [23][25][39] - Flow batteries are highlighted for their safety, long cycle life, and flexibility, with significant growth expected in their commercial deployment [4][14][39] Policy and Market Dynamics - The report notes that recent policy changes, such as the removal of mandatory energy storage requirements for new renewable projects, may temporarily impact installation demand. However, the long-term need for energy storage remains unchanged due to ongoing issues with curtailment of wind and solar energy [37][39]