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China Energy Storage Market Trends

Report ID: GMI2991
Published Date: Dec 2024
Report Format: PDF

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China Energy Storage Market Trends

Utility-scale energy storage is a major driver in China’s energy transition. Large-scale storage systems are being deployed to enhance grid stability, support renewable integration, and provide backup power. In addition to balancing supply and demand, these systems are used for frequency regulation, peak shaving, and load levelling. Regions with high renewable energy penetration, such as Inner Mongolia and Xinjiang, are seeing significant utility-scale storage projects. With energy storage playing a critical role in China’s renewable energy strategy, the government has set ambitious targets for storage capacity in the coming years. The Chinese government has been encouraging research and development through funding programs, which are pushing the industry toward more sustainable and scalable solutions to meet future energy demands.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The China market for energy storage was valued at USD 144.9 billion in 2024 and is projected to reach USD 869.8 billion by 2034, driven by a CAGR of 18.9% from 2025 to 2034.

The electro-chemical segment is expected to exceed USD 231.4 billion by 2034, driven by advancements in lithium-ion battery technology.

The electric energy time shift segment is projected to achieve a CAGR of over 7.5% by 2034, driven by the increasing integration of renewable energy sources.

Major players include ABB, Burns & McDonnell, BYD Company, Durapower Group, Exide Technologies, General Electric, Hitachi Energy, Johnson Controls, LG Energy Solution, McDermott, Narada Power Source, Panasonic Corporation, Samsung SDI, Schmid Group, Siemens, and Sinohydro Corporation.