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Investment Rating - The report maintains a positive outlook on the energy storage sector, highlighting significant investment opportunities due to high demand and favorable policies in various regions [2]. Core Insights - The energy storage market is experiencing robust growth, driven by increasing demand in China, India, and Europe, with substantial project approvals and installations expected in the coming years [5][40]. - The report emphasizes the importance of government policies in facilitating the growth of energy storage systems, particularly in India and Europe, where mandatory storage requirements and subsidies are being implemented [27][64]. Demand Side - In May 2025, China's newly installed energy storage capacity reached 15.85 GWh, marking a year-on-year increase of 228% [14]. - India's energy storage market is projected to exceed 2 GWh in installations for the fiscal year 2025-26, supported by mandatory grid connection requirements [29][30]. - The report notes that the European market is also showing signs of recovery, with increased demand for residential storage systems [49]. Supply Side - As of May 2025, the average price for 2-hour and 4-hour energy storage systems in China was 0.550 and 0.478 CNY/Wh, respectively, indicating a month-on-month change of -6.6% and +7.5% [4]. - The report highlights that the average tender capacity for energy storage projects in China reached 597.3 MWh in June 2025, reflecting a significant increase of 122% month-on-month [26]. - In Germany, the energy storage market is characterized by a notable increase in large-scale storage installations, with 115 MWh added in June 2025, a year-on-year increase of 387% [52]. Regional Highlights - In India, the government is pushing for rapid deployment of energy storage systems, with a total of 36 projects amounting to 34.97 GWh tendered by June 2025 [29]. - The report indicates that the UK has approved new energy storage projects with a total capacity of 2.87 GW in May 2025, contributing to a planned capacity of over 17 GWh [65]. - In the Czech Republic, the total installed capacity of photovoltaic systems with storage exceeded 2 GWh by the end of 2024, with a significant portion of new installations coming from residential systems [72].