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China Energy Storage Market
Updated On

Jan 10 2025

Total Pages

150

China Energy Storage Market Size, Share, and Growth Report: In-Depth Analysis and Forecast to 2033"

China Energy Storage Market by Technology (Pumped Hydro, Electro-Chemical, Electro-Mechanical, Thermal Energy Storage), by Application (Electric Time Energy Shift, Electric Supply Capacity, Black Start, Renewable Capacity Firming, Frequency Regulation, Others), Forecast 2025-2033

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China Energy Storage Market Size, Share, and Growth Report: In-Depth Analysis and Forecast to 2033"

China Energy Storage Market

Key Insights

The China Energy Storage Market is estimated to grow at a CAGR of 18.9% and will reach USD 93.9 billion by 2027. This market is expected to grow because of the need for renewable energy, the stability of the grid, and carbon emission reduction from the government's side. Energy storage plays a very big role in ensuring reliable power supply and balancing the fluctuating renewable energy sources. It is seeing a lot of investment and adoption with advancements in storage technologies. Innovation is driven by some of the giants such as Bayer, Syngenta, and BASF, though the market is pretty concentrated.

China Energy Storage Market Concentration & Characteristics

The China Energy Storage Market is concentrated in terms of market share, with the top five players accounting for over 50% of the market. The market is characterized by innovation, with companies investing heavily in research and development to improve battery performance and reduce costs. Regulations play a key role in the market, with governments implementing policies to promote the adoption of energy storage systems. Substitutes for energy storage systems include pumped hydro storage and gas-fired power plants. The end user concentration is high, with utilities and commercial and industrial customers accounting for the majority of demand. The level of M&A activity in the market is moderate, with companies seeking to acquire or merge with other players to gain market share or expand into new technologies.

China Energy Storage Market Trends

Key market trends include the increasing adoption of lithium-ion batteries due to their high energy density and long lifespan. The growing deployment of energy storage systems for grid stability applications is another major trend. The market is also seeing increased demand for energy storage systems in residential applications. The development of new battery technologies, such as solid-state batteries, is expected to further drive the growth of the market.

Key Region or Country & Segment to Dominate the Market

  • Region: China is the largest market for energy storage in the world, accounting for over 50% of global demand. The country is expected to continue to dominate the market in the coming years due to its strong government support and increasing investment in renewable energy.
  • Segment: The electro-chemical segment is expected to dominate the market in terms of revenue, driven by the increasing adoption of lithium-ion batteries. The pumped hydro segment is expected to grow at a slower pace due to its high capital costs and limited availability of suitable sites.

China Energy Storage Market Regional Insights

  • Eastern China: The eastern region, including Shandong, Jiangsu, and Zhejiang, is the largest market for energy storage in China, driven by the region's high concentration of industry and manufacturing.
  • Central China: The central region, including Henan, Hubei, and Hunan, is expected to witness significant growth in the energy storage market due to the region's increasing adoption of renewable energy.
  • Western China: The western region, including Sichuan, Shaanxi, and Xinjiang, has rich renewable energy resources, which is expected to drive the growth of the energy storage market in the region.
  • South China: The southern region, including Guangdong, Fujian, and Guangxi, has a large manufacturing base and is expected to witness moderate growth in the energy storage market.
  • North China: The northern region, including Beijing, Tianjin, and Hebei, has a high demand for energy storage for grid stability applications.

Driving Forces: What's Propelling the China Energy Storage Market

  • Increasing demand for renewable energy: The growing adoption of renewable energy sources, such as solar and wind power, is driving the demand for energy storage systems to store excess energy generated during times of low demand.
  • Growing need for grid stability: The increasing volatility of renewable energy generation is leading to a need for energy storage systems to provide grid stability and ensure reliable power supply.
  • Government initiatives to reduce carbon emissions: The Chinese government has implemented a number of policies to promote the adoption of energy storage systems, including tax incentives and subsidies

Challenges and Restraints in China Energy Storage Market

  • High cost of energy storage systems: The high capital costs of energy storage systems can hinder their widespread adoption, especially in price-sensitive applications.
  • Limited availability of suitable sites: The siting of energy storage systems can be challenging, especially in densely populated areas.
  • Safety concerns: Energy storage systems can pose safety risks, such as fires and explosions, which can limit their deployment in certain applications.

Emerging Trends in China Energy Storage Market

  • Development of new battery technologies: The development of new battery technologies, such as solid-state batteries, is expected to further drive the growth of the energy storage market.
  • Increasing adoption of energy storage systems for residential applications: The growing demand for energy independence and the increasing availability of rooftop solar panels are driving the adoption of energy storage systems for residential applications.
  • Integration of energy storage systems with electric vehicles: The integration of energy storage systems with electric vehicles is expected to create new opportunities for the growth of the energy storage market.

China Energy Storage Industry News

  • February 2021: Johnson Controls launched a lithium-ion risk prevention solution to protect lithium-ion energy storage systems installed across wind and solar farms.
  • June 2022: LG Electronics merged with the management system from Fractal energy storage into LG's commercial energy systems.

Leading Players in the China Energy Storage Market

China Energy Storage Market Segmentation

  • 1. Technology
    • 1.1. Pumped Hydro
    • 1.2. Electro-Chemical
      • 1.2.1. Lithium-Ion
      • 1.2.2. Sodium Sulphur
      • 1.2.3. Lead Acid
      • 1.2.4. Flow Battery
      • 1.2.5. Others
    • 1.3. Electro-Mechanical
      • 1.3.1. Flywheel
      • 1.3.2. CAES
    • 1.4. Thermal Energy Storage
      • 1.4.1. Water
      • 1.4.2. Molten Salt
      • 1.4.3. PCM
      • 1.4.4. Others
  • 2. Application
    • 2.1. Electric Time Energy Shift
    • 2.2. Electric Supply Capacity
    • 2.3. Black Start
    • 2.4. Renewable Capacity Firming
    • 2.5. Frequency Regulation
    • 2.6. Others

China Energy Storage Market Segmentation By Geography

China Energy Storage Market Regional Share

China Energy Storage Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2019-2033
Base Year 2024
Estimated Year 2025
Forecast Period2025-2033
Historical Period2019-2024
Growth RateCAGR of 18.9% from 2019-2033
Segmentation
    • By Technology
      • Pumped Hydro
      • Electro-Chemical
        • Lithium-Ion
        • Sodium Sulphur
        • Lead Acid
        • Flow Battery
        • Others
      • Electro-Mechanical
        • Flywheel
        • CAES
      • Thermal Energy Storage
        • Water
        • Molten Salt
        • PCM
        • Others
    • By Application
      • Electric Time Energy Shift
      • Electric Supply Capacity
      • Black Start
      • Renewable Capacity Firming
      • Frequency Regulation
      • Others
  • By Geography
    Table Of Content
    1. 1. Introduction
      • 1.1. Research Scope
      • 1.2. Market Segmentation
      • 1.3. Research Methodology
      • 1.4. Definitions and Assumptions
    2. 2. Executive Summary
      • 2.1. Introduction
    3. 3. Market Dynamics
      • 3.1. Introduction
        • 3.2. Market Drivers
          • 3.2.1. Renewable energy adoption drives demand for storage to manage excess energy. Energy storage is needed to maintain grid stability amid renewable volatility. Government policies promote energy storage through incentives and subsidies.
        • 3.3. Market Restrains
          • 3.3.1 The high capital costs of energy storage systems can hinder their widespread adoption
          • 3.3.2 especially in price-sensitive applications. The siting of energy storage systems can be challenging
          • 3.3.3 especially in densely populated areas. Energy storage systems can pose safety risks
          • 3.3.4 such as fires and explosions
          • 3.3.5 which can limit their deployment in certain applications.
        • 3.4. Market Trends
          • 3.4.1 Key market trends include the increasing adoption of lithium-ion batteries due to their high energy density and long lifespan. The growing deployment of energy storage systems for grid stability applications is another major trend. The market is also seeing increased demand for energy storage systems in residential applications. The development of new battery technologies
          • 3.4.2 such as solid-state batteries
          • 3.4.3 is expected to further drive the growth of the market.
    4. 4. Market Factor Analysis
      • 4.1. Porters Five Forces
      • 4.2. Supply/Value Chain
      • 4.3. PESTEL analysis
      • 4.4. Market Entropy
      • 4.5. Patent/Trademark Analysis
    5. 5. China Energy Storage Market Analysis, Insights and Forecast, 2019-2031
      • 5.1. Market Analysis, Insights and Forecast - by Technology
        • 5.1.1. Pumped Hydro
        • 5.1.2. Electro-Chemical
          • 5.1.2.1. Lithium-Ion
          • 5.1.2.2. Sodium Sulphur
          • 5.1.2.3. Lead Acid
          • 5.1.2.4. Flow Battery
          • 5.1.2.5. Others
        • 5.1.3. Electro-Mechanical
          • 5.1.3.1. Flywheel
          • 5.1.3.2. CAES
        • 5.1.4. Thermal Energy Storage
          • 5.1.4.1. Water
          • 5.1.4.2. Molten Salt
          • 5.1.4.3. PCM
          • 5.1.4.4. Others
      • 5.2. Market Analysis, Insights and Forecast - by Application
        • 5.2.1. Electric Time Energy Shift
        • 5.2.2. Electric Supply Capacity
        • 5.2.3. Black Start
        • 5.2.4. Renewable Capacity Firming
        • 5.2.5. Frequency Regulation
        • 5.2.6. Others
      • 5.3. Market Analysis, Insights and Forecast - by Region
      • 6. Competitive Analysis
        • 6.1. Market Share Analysis 2024
          • 6.2. Company Profiles
            • 6.2.1 General Electric
              • 6.2.1.1. Overview
              • 6.2.1.2. Products
              • 6.2.1.3. SWOT Analysis
              • 6.2.1.4. Recent Developments
              • 6.2.1.5. Financials (Based on Availability)
            • 6.2.2 Exide Technologies
              • 6.2.2.1. Overview
              • 6.2.2.2. Products
              • 6.2.2.3. SWOT Analysis
              • 6.2.2.4. Recent Developments
              • 6.2.2.5. Financials (Based on Availability)
            • 6.2.3 BYD Company Ltd
              • 6.2.3.1. Overview
              • 6.2.3.2. Products
              • 6.2.3.3. SWOT Analysis
              • 6.2.3.4. Recent Developments
              • 6.2.3.5. Financials (Based on Availability)
            • 6.2.4 Toshiba Corporation
              • 6.2.4.1. Overview
              • 6.2.4.2. Products
              • 6.2.4.3. SWOT Analysis
              • 6.2.4.4. Recent Developments
              • 6.2.4.5. Financials (Based on Availability)
            • 6.2.5 Durapower Group
              • 6.2.5.1. Overview
              • 6.2.5.2. Products
              • 6.2.5.3. SWOT Analysis
              • 6.2.5.4. Recent Developments
              • 6.2.5.5. Financials (Based on Availability)
            • 6.2.6 Samsung SDI Co Ltd
              • 6.2.6.1. Overview
              • 6.2.6.2. Products
              • 6.2.6.3. SWOT Analysis
              • 6.2.6.4. Recent Developments
              • 6.2.6.5. Financials (Based on Availability)
            • 6.2.7 Panasonic Corporation
              • 6.2.7.1. Overview
              • 6.2.7.2. Products
              • 6.2.7.3. SWOT Analysis
              • 6.2.7.4. Recent Developments
              • 6.2.7.5. Financials (Based on Availability)
            • 6.2.8 LG Energy Solution
              • 6.2.8.1. Overview
              • 6.2.8.2. Products
              • 6.2.8.3. SWOT Analysis
              • 6.2.8.4. Recent Developments
              • 6.2.8.5. Financials (Based on Availability)
            • 6.2.9 Narada Power Source Co. Ltd
              • 6.2.9.1. Overview
              • 6.2.9.2. Products
              • 6.2.9.3. SWOT Analysis
              • 6.2.9.4. Recent Developments
              • 6.2.9.5. Financials (Based on Availability)
            • 6.2.10 Siemens
              • 6.2.10.1. Overview
              • 6.2.10.2. Products
              • 6.2.10.3. SWOT Analysis
              • 6.2.10.4. Recent Developments
              • 6.2.10.5. Financials (Based on Availability)
            • 6.2.11 SCHMID Group
              • 6.2.11.1. Overview
              • 6.2.11.2. Products
              • 6.2.11.3. SWOT Analysis
              • 6.2.11.4. Recent Developments
              • 6.2.11.5. Financials (Based on Availability)
            • 6.2.12 ABB
              • 6.2.12.1. Overview
              • 6.2.12.2. Products
              • 6.2.12.3. SWOT Analysis
              • 6.2.12.4. Recent Developments
              • 6.2.12.5. Financials (Based on Availability)
            • 6.2.13 Hitachi Energy Ltd
              • 6.2.13.1. Overview
              • 6.2.13.2. Products
              • 6.2.13.3. SWOT Analysis
              • 6.2.13.4. Recent Developments
              • 6.2.13.5. Financials (Based on Availability)
            • 6.2.14 Johnson Controls
              • 6.2.14.1. Overview
              • 6.2.14.2. Products
              • 6.2.14.3. SWOT Analysis
              • 6.2.14.4. Recent Developments
              • 6.2.14.5. Financials (Based on Availability)
            • 6.2.15 Sinohydro Corporation
              • 6.2.15.1. Overview
              • 6.2.15.2. Products
              • 6.2.15.3. SWOT Analysis
              • 6.2.15.4. Recent Developments
              • 6.2.15.5. Financials (Based on Availability)
            • 6.2.16 McDermott
              • 6.2.16.1. Overview
              • 6.2.16.2. Products
              • 6.2.16.3. SWOT Analysis
              • 6.2.16.4. Recent Developments
              • 6.2.16.5. Financials (Based on Availability)
            • 6.2.17 Burns & McDonnell
              • 6.2.17.1. Overview
              • 6.2.17.2. Products
              • 6.2.17.3. SWOT Analysis
              • 6.2.17.4. Recent Developments
              • 6.2.17.5. Financials (Based on Availability)
            • 6.2.18 Voith GmbH & Co. KGaA
              • 6.2.18.1. Overview
              • 6.2.18.2. Products
              • 6.2.18.3. SWOT Analysis
              • 6.2.18.4. Recent Developments
              • 6.2.18.5. Financials (Based on Availability)
      List of Figures
      1. Figure 1: China Energy Storage Market Revenue Breakdown (Billion, %) by Product 2024 & 2032
      2. Figure 2: China Energy Storage Market Share (%) by Company 2024
      List of Tables
      1. Table 1: China Energy Storage Market Revenue Billion Forecast, by Region 2019 & 2032
      2. Table 2: China Energy Storage Market Volume Gigawatt Forecast, by Region 2019 & 2032
      3. Table 3: China Energy Storage Market Revenue Billion Forecast, by Technology 2019 & 2032
      4. Table 4: China Energy Storage Market Volume Gigawatt Forecast, by Technology 2019 & 2032
      5. Table 5: China Energy Storage Market Revenue Billion Forecast, by Application 2019 & 2032
      6. Table 6: China Energy Storage Market Volume Gigawatt Forecast, by Application 2019 & 2032
      7. Table 7: China Energy Storage Market Revenue Billion Forecast, by Region 2019 & 2032
      8. Table 8: China Energy Storage Market Volume Gigawatt Forecast, by Region 2019 & 2032

      STEP 1 - Identification of Relevant Samples Size from Population Database

      Step Chart
      bar chart
      method chart

      STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

      approach chart
      Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.

      Note* : In applicable scenarios

      STEP 3 - Data Sources

      Primary Research

      • Web Analytics
      • Survey Reports
      • Research Institute
      • Latest Research Reports
      • Opinion Leaders

      Secondary Research

      • Annual Reports
      • White Paper
      • Latest Press Release
      • Industry Association
      • Paid Database
      • Investor Presentations
      approach chart

      STEP 4 - Data Triangulation

      Involves using different sources of information in order to increase the validity of a study

      These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

      Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

      During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

      Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.

      Frequently Asked Questions

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