华安电新张志邦：国内大储弱预期有望好转，欧洲大储景气度较高

Demand Side - Domestic energy storage installations reached 6.32GW/15.85GWh in May 2025, showing a year-on-year growth of 193%/228%[9] - India is expected to have over 2GWh of energy storage installed by the end of 2025, with a target of 4GW/17GWh for the 2025-26 fiscal year[20] - Germany's energy storage installations in May 2025 were 317MWh, with a year-on-year increase of 64.19% for large-scale storage[44] Supply Side - In May 2025, domestic energy storage tendering reached 6.57GW/20.2GWh, with a month-on-month increase of 84%[13] - The average price for a 2-hour energy storage system in China was 0.550 CNY/Wh, reflecting a month-on-month decrease of 6.6%[2] - In Italy, energy storage installations in Q4 2024 reached 607MW/1.96GWh, with a year-on-year growth of 27%/105%[54] Market Outlook - The European energy storage market is expected to see collective high growth in 2025, driven by rising electricity prices and natural gas replenishment efforts[34] - The U.S. is projected to add approximately 14-16GW of energy storage capacity in 2025, supported by emerging markets[30] - In Poland, residential energy storage installations reached 258MW/672MWh in 2024, with over 46,000 households having installed storage batteries[67]