The data shows that as of September 2021, the cumulative installed capacity of electrochemical energy storage projects in operation in the world is 16.35GW, a year-on-year increase of 50%; it is estimated that by 2025, the cumulative installed capacity of electrochemical energy storage in the world will reach 122.7GW, 2022-2025 The compound annual growth rate is 59.2%.
The mature power market, favorable policies successively introduced, and the increasingly prominent economic space have undoubtedly injected a “stimulant” into the global energy storage market.
Facing this new track, where will Chinese companies go, this article takes this opportunity to sort out the overseas energy storage market.
Overall, the overseas energy storage market is mainly divided into two categories. One is the stable demand growth in mature markets such as Europe, the United States, Japan, South Korea, and Australia; the second is emerging markets such as Brazil, Ireland, India, Africa, and Egypt. , and new demand increments are also breaking out.
Specifically, in terms of mature markets, Europe is the world's largest household energy storage market, with Germany, Italy and the UK ranking the top three, with Germany accounting for the largest share. In 2020, Germany's newly installed household energy storage capacity is 552MW, accounting for 83% of the total in Europe. %.
The European electricity market has a relatively high maturity, and most of them have adopted multi-market coordination and cooperation mechanisms such as the electricity energy market, capacity market and ancillary service market, and implemented peak and valley electricity prices and seasonal electricity prices, giving the energy storage market a higher arbitrage space.
The industry predicts that, driven by greater economic efficiency, combined with the increasing awareness of household energy self-sufficiency, the continuous reduction of energy storage system costs, and the introduction of favorable policies, household energy storage is expected to fully cross the economic inflection point and achieve large-scale marketization.
In addition, in the context of carbon emission reduction, the EU will invest tens of billions of dollars in renewable energy and energy storage. Driven by this, more large-scale grid-side projects will be launched in the future, and the pre-balance sheet market will rise.
The energy storage markets in Japan and Australia are similar to those in Europe. The installed capacity of energy storage is mainly concentrated in the field of household energy storage behind the table. Under the resonance of multi-dimensional factors such as policy, economy, and changes in user attitudes, it is also expected to continue to maintain rapid growth.
The United States and South Korea are the leading demand in the market before the table, showing a steady growth trend; the household side, industrial and commercial energy storage is gradually increasing.
From 2010 to 2020, the cumulative installed capacity of electrochemical energy storage in the United States is about 2.8GW, and the cumulative installed capacity of energy time-shift and ancillary services accounts for 45% and 27% respectively; the demand for household energy storage has risen after the past five years, with a CAGR of 227% in 2015-2020. %.
South Korea's cumulative installed capacity from 2010 to 2020 was 3.79GW. Time-shifted energy before the meter and industrial and commercial energy storage behind the meter accounted for 56% and 31%, respectively; among them, the time-shifted energy installed capacity has maintained high growth since 2013, and the CAGR reached 104% in 2013-2020.
In terms of emerging markets, including India, Brazil, Africa and other regions, under the background of power grid transformation and the rapid rise of the new energy market, they have also entered the energy storage market one after another.
Taking Brazil as an example, by the end of 2020, the total installed capacity of renewable energy in Brazil is 150.05GW, which will inevitably drive the rigid demand for energy storage facilities to rise.