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The Rise of Energy Storage: A Solution to the Energy Crisis

Views: 0     Author: Site Editor     Publish Time: 2023-07-12      Origin: Site


The Rise of Energy Storage: A Solution to the Energy Crisis

The energy crisis in Europe is intensifying, causing significant disruptions across various sectors. Rising prices of natural gas and diesel, coupled with a growing gap between civilian and industrial energy, have impacted fertilizer, food, and animal husbandry industries.

European energy crisis

Germany, the United Kingdom, France, and other countries face a common challenge of insufficient local energy supply capacity and unstable imports, which are key internal factors contributing to the energy crisis. Consequently, several nations have initiated strategies for nationalizing energy companies on the verge of closure.

This highlights the importance of ensuring a controllable energy structure and stable energy supply in the future. Globally, as the shift towards carbon neutrality progresses, traditional energy sources are gradually being phased out. However, the exit of traditional energy must be accompanied by the rise of new energy sources. Energy storage emerges as a crucial technical pathway to facilitate this energy system transformation.

In recent years, "energy storage" has become one of the most prominent industries. As of the end of 2021, China's cumulative installed capacity of power storage projects reached 46.1GW, accounting for 22% of the global market scale, with a year-on-year increase of 30%. Pumped storage constitutes the largest share with a cumulative installation scale of 39.8GW, reflecting a year-on-year increase of 25%.

Energy storage

However, it is important to note that the proportion of pumped storage has decreased by 3 percentage points compared to the previous year. The energy storage market's current incremental capacity primarily comes from new types of energy storage, with a cumulative installation scale of 5729.7MW, reflecting a year-on-year increase of 75%.

New energy storage

Simultaneously, the energy storage market has witnessed increasing diversification in demand, catering to short-term, long-term, frequency adjustment, and peak-cutting valley needs. The future development of the energy storage industry is expected to be rapid.

Electrochemical Energy Storage: A Rapidly Advancing Field

Electrochemical energy storage

One significant focus of China's energy storage application market development is equipping wind power and photovoltaic power plants with energy storage facilities to ensure stable integration of green power into the grid.

Wind power storage

China's wind power and photovoltaic industries have achieved maturity in terms of technology and have been developing for a considerable period. However, due to the absence of suitable energy storage equipment, a significant amount of wind and solar power is wasted. According to statistics from the National Energy Administration, in the first quarter of 2022, China abandoned 6 billion kWh of wind power and 2.4 billion kWh of photovoltaic power.

With the introduction of relevant policies and the demand for energy market transformation and development, the need for energy storage equipment on power grids in China has increased significantly. The advantages of flexible deployment offered by electrochemical energy storage, reduced reliance on natural environmental conditions, and shorter construction cycles are becoming more apparent. Electrochemical energy storage is gradually finding stability in land-based energy storage scenarios.

In addition to its inherent application advantages, electrochemical energy storage systems can also be effectively utilized in residential, commercial, and industrial park settings. Other types of energy storage systems are often impractical in these scenarios. The broad range of application scenarios further solidifies electrochemical energy storage as a mainstream technology for future energy storage.

Electrochemical energy storage

Intense Competition and Uncertain Market Landscape

A rapidly growing market naturally attracts numerous enterprises to participate. In China's current energy storage solutions market, there are major battery manufacturers like Ningde Times and BYD, traditional inverter manufacturers or new energy product providers such as Sunshine Power and Haibo Sink, as well as new startups like Times Nebula.


It is essential to recognize that the energy storage market, whether in China or globally, cannot be monopolized solely by a few large battery manufacturers.



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