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China Energy Storage Market Trends

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

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China Energy Storage Market Trends

The growing adoption of renewable energy technologies, such as hydropower, solar, and wind, has created a significant energy storage market growth opportunity in China for energy storage EPC contractors. Governments worldwide are working to reduce carbon emissions, and funding for the deployment of these technologies has increased as a result. Additionally, as the costs of renewable energy generation decrease, traditional coal-fired power stations are being phased out.. Furthermore, ongoing investments in grid energy storage, smart grid development, and advanced technologies will optimize power delivery and enhance resilience, positively impacting the industry's development.

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.