Core Insights - The report highlights a significant growth in the global new energy storage market, with an expected installation capacity of 74.1 GW/177.8 GWh in 2024, representing a year-on-year increase of 62.5% and 61.9% respectively [1][3] - China is projected to have a new energy storage installation capacity of 94.91 GW/222 GWh by mid-2025, marking a nearly 29% increase from the end of 2024 and accounting for over 40% of the global total [1][3] Investment Highlights - New energy storage technologies, excluding pumped hydro storage, are crucial for building a new power system centered around renewable energy. This includes various forms such as electrochemical storage, mechanical storage, electromagnetic storage, thermal storage, and hydrogen storage [2] - The Chinese new energy storage industry is transitioning from policy-driven to market-driven growth starting in 2025, supported by a comprehensive policy framework that has been established in recent years [2] Market Dynamics - The global energy storage market is becoming increasingly concentrated, with over 90% of new installations in 2024 occurring in China, the United States, and Europe [3] - In 2024, the majority of China's new energy storage installations will be on the grid side, accounting for 60% of the total, with independent storage making up 57.6% of this segment [3][4] Application Scenarios - The downstream applications of new energy storage in China are categorized into three main areas: power source side, grid side, and user side. The grid side is expected to dominate new installations [3][4] - The Chinese government is promoting the expansion of application scenarios for new energy storage, including enhancing power source side storage and innovating multi-scenario application models [4] Regional Development - Henan Province aims to exceed 5 million kW of new energy storage installations by 2025 and over 15 million kW by 2030, with strong governmental support for the development of new energy storage [5] - Key companies involved in the new energy storage sector in Henan include major state-owned enterprises and energy groups, indicating a robust regional commitment to advancing storage technologies [5]