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China Energy Storage Market Size

Report ID: GMI2991
Published Date: May 2023
Report Format: PDF

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China Energy Storage Market Size

China Energy Storage Market size surpassed USD 93.9 billion in 2022 and is anticipated to grow at CAGR of 18.9% from 2023 to 2032. The energy storage system market is expected to be positively impacted by fluctuations in energy consumption patterns caused by extreme peak load demand as well as increasing measures to electrify rural areas. Furthermore, the integration of renewable energy by government authorities will create additional demand for reliable and efficient backup power systems, thus further improving the industry growth.

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The energy storage market dynamics are expected to be positively impacted by continuous investments aimed at increasing the proportion of clean energy sources in the electricity mix. Countries' ambitious targets to reduce emissions are expected to significantly boost the share of renewable energy by 2030. In addition, the implementation of regulatory, technical, economic, and policy frameworks that support the installation of renewables at scale is likely to encourage the adoption of various energy storage technologies.

China Energy Storage Market Report Attributes
Report Attribute	Details
Base Year:	2022
China Energy Storage Market Size in 2022:	USD 93.9 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	18.9%
2032 Value Projection:	USD 568.9 Billion
Historical Data for:	2019 to 2022
No. of Pages:	150
Tables, Charts & Figures:	217
Segments covered:	Technology, Application
Growth Drivers:	Favorable regulatory framework Growth in the renewable energy sector Increasing concerns toward security of supply
Pitfalls & Challenges:	High capital cost of pumped storage plants Safety concerns

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Authors: Ankit Gupta

Frequently Asked Questions (FAQ) :

The market size of China energy storage surpassed USD 93.9 billion in 2022 and will progress at 18.9% CAGR during 2023 to 2032 propelled by fluctuations in energy consumption patterns caused by extreme peak load demand as well as increasing measures to electrify rural areas.

China energy storage industry size from the electro-chemical segment surpassed USD 13 billion in 2022 as a result of increasing demand for grid stability and electricity, coupled with favorable government measures in the country.

Renewable capacity firming applications accounted for a industry share of more than 8% in 2022 owing to growing concern for environmental pollution and efforts to mitigate the anthropogenic causes of global warming.

China held over 21% of the energy storage systems sector in 2022 due to growing consumer awareness and decreasing technology costs, along with the expansion of manufacturing and industrial base in the country.

General Electric, Exide Technologies, BYD Company Ltd., Toshiba Corporation, Durapower Group, Samsung SDI Co., Ltd, Panasonic Corporation, LG Energy Solution, Narada Power Source Co. Ltd , Siemens, SCHMID Group, ABB, Hitachi Energy Ltd and others.