储能月度数据报告：内需高峰前置，外需增长动能延续-20250728

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the first half of 2025, China's new energy storage installations reached 21.9GW/55.2GWh, with a capacity scale up 76.6% year-on-year. The full - year new installation is expected to reach 110.8GWh, a slight 3% increase year - on - year. However, the demand front - loading phenomenon is obvious, and the second - half installation may decline year - on - year [1]. - The US energy storage market is booming, with an expected annual new installation of 15.8GW/49.8GWh, a 34% increase year - on - year. In Europe, large - scale energy storage is on the rise while household energy storage remains weak. Emerging countries have slow commissioning speeds but high planned scales [2]. - In June 2025, energy storage battery exports rebounded, while inverter exports decreased. The domestic energy storage system bid price rebounded slightly, and overseas prices remained stable [3]. - From June to July, energy - storage - related policies were intensively introduced, focusing on power market mechanisms and energy storage subsidies, which is conducive to accelerating the marketization of independent energy storage and improving project profitability [4]. 3. Summary According to the Table of Contents 3.1 Domestic Market: New Installation Peak Front - loaded, Bid Scale Remains High 3.1.1 Domestic Energy Storage New Installation: Demand Front - loaded in June, "531" Rush - installation Drove High H1 Installations - In H1 2025, domestic new energy storage installations reached 21.9GW/55.2GWh, with a capacity scale up 76.6% year - on - year. The "531" rush - installation in new energy power stations drove synchronous energy storage installations, advancing the grid - connection peak to before June. In June, new installations were 4.1GW/10.3GWh, a 19.3% year - on - year decline [1][8]. - In terms of application scenarios, grid - side energy storage dominated, accounting for 60%. In terms of technology, lithium iron phosphate was mainstream, and long - duration energy storage was gradually penetrating [9]. 3.1.2 Domestic Energy Storage Future Installation: Bid Scale Keeps Rising, Annual Installation Expected to Slightly Increase - In June 2025, the energy storage bid scale continued to grow rapidly, reaching 4.6GW/23.5GWh, a 128% year - on - year increase in capacity. Independent energy storage projects accounted for 88% [13]. - The full - year new installation is expected to reach 110.8GWh, a 3% increase year - on - year. After the cancellation of mandatory energy storage policies, the bid scale still increased significantly. The proportion of independent energy storage in bid projects is expected to continue rising, and the average charge - discharge duration of front - of - meter energy storage is expected to drop to 2.3 hours [17]. - Behind - the - meter energy storage growth may be slower than expected due to time - of - use electricity price policy adjustments. It is expected to add 4.7GW/10GWh in 2025, a 27% increase year - on - year [18]. 3.2 Overseas Market: Planned Scales in Emerging Countries Keep Increasing, European and American Markets Perform Well 3.2.1 US Energy Storage Installation: Completion Rate Improves as Expected, Installation Forecast Remains High - In May, the new grid - connected energy storage (≥1MW) in the US was 1555.1MW, a 44% year - on - year increase, with a project planning completion rate of 57%. The annual new installation is expected to be 15.8GW/49.8GWh, a 34% increase year - on - year [21]. - In Q1 2025, the new installation was 2042MW/5034MWh, with a capacity installation up 39% year - on - year. Front - of - meter energy storage maintained high - speed growth, while behind - the - meter energy storage had different performances: weak commercial and industrial installations and strong household energy storage [26]. 3.2.2 European Energy Storage Installation: Large - scale Energy Storage Rises, Household Energy Storage Remains Weak - In June 2025, Germany's new energy storage installations were 243MW/456MWh, with a capacity down 7% year - on - year and up 12% month - on - month. Large - scale energy storage boomed, while household energy storage continued to be weak [29]. - In the UK, large - scale energy storage in Q2 2025 increased by 141% year - on - year, and the annual new installation is expected to be 3.4GWh, a 17% increase year - on - year. In Italy, the new installation in Q1 2025 decreased by 57.8% year - on - year, and the annual new installation is expected to be 5.1GWh, a 15% decrease year - on - year [33]. 3.2.3 Emerging Countries Installation: Slow Commissioning Speed, Planned Scales Keep Increasing - In Chile, the actual commissioning speed is slow, but the planned scale has increased significantly. The annual new installation is expected to be 4.3GWh, an 83% increase year - on - year [35][36]. - In Australia, the energy storage market construction accelerated in Q1 2025. The annual new installation is expected to be around 10GWh. In India, the mandatory energy storage policy has brought new increments [38][39]. 3.2.4 Energy Storage Battery and Inverter Export Tracking: Exports Recover, Overseas Demand is Stable and Positive - In June 2025, energy storage battery exports rebounded to 8.5GWh, a 35.2% year - on - year and 54.7% month - on - month increase. Inverter exports decreased to 512.9 million units, a 12.4% year - on - year and 13.1% month - on - month decrease [40]. - In June, exports to the US and Europe showed different trends. The cumulative exports of inverters to Europe from January to June increased by over 40% year - on - year, indicating strong European demand [40]. 3.3 Energy Storage Industry Price Tracking: Domestic Energy Storage System Bid Price Rebounds, Overseas Prices Remain Stable 3.3.1 Domestic Energy Storage - related Prices: Battery Cells Remain Stable, Terminal Bid Price Rebounds - In June, the average bid price of 2 - hour energy storage systems was 0.64 yuan/Wh, a 16.6% month - on - month increase, while that of 4 - hour systems was 0.432 yuan/Wh, a 9.6% month - on - month decrease [42]. - In June, energy storage battery cell prices remained stable. Enterprises' profits have recovered but are still at a low level. Inventory may face upward pressure after the end of the domestic rush - installation [48]. 3.3.2 Overseas Energy Storage - related Prices: Energy Storage System Prices Remain Flat, European Residential Electricity Prices Rise Slightly - In recent months, overseas energy storage system prices have remained stable. The US price is 0.835 yuan/Wh, Europe and Australia are 0.755 yuan/Wh, and Chile, South Africa, and the Middle East are 0.59 yuan/Wh [50]. - In June, European residential electricity prices rose slightly. Due to weak natural gas prices and soft Asian demand, European electricity prices are expected to fluctuate weakly [53]. 3.4 Policy Tracking: Independent Energy Storage Market Entry Accelerates, Capacity Subsidies are Imminent - From June to July, nine important energy - storage - related policies were introduced, focusing on power market mechanisms and energy storage subsidies. Independent energy storage marketization is accelerating, and capacity subsidy mechanisms in some regions are expected to improve project profitability [4][55].