Summary
1) Energy storage can be divided into pre meter energy storage and post meter energy storage according to different application fields. The pre meter household energy storage can be divided into power side energy storage and grid side energy storage. The post meter energy storage belongs to electric power engineering investment projects, and includes industrial and commercial energy storage and household energy storage. The household energy storage is mainly used for household scenarios, showing certain electrical characteristics.
2) It is estimated that by 2025, the installed capacity of the global energy storage market will reach 661.3GWh, and the newly added installed capacity market will reach 1006.23 billion yuan. China, the United States and Europe will be the main players in the global energy storage installed capacity. Among them, the installed capacity in China and the United States will be mainly wall mounted battery energy storage in front of the meter, while that in Europe will be mainly household energy storage.
3) By 2021, the penetration rate of PV distribution and storage in Germany, which is the highest in Europe, has just exceeded 20%. It is estimated that the installed capacity of energy storage in Europe will reach 64.3GWh by 2025, and the compound growth rate of installed capacity of energy storage in Europe will reach 142.8% from 2021-2025.
4) The large storage is the main installed capacity of China and the United States, which is expected to increase rapidly. At present, China's pre balance sheet energy storage installation is derived from the mandatory allocation and storage required by the power side policy. As of October 2022, the cumulative bidding volume of domestic energy storage projects has exceeded 12.1GW/26.1GWh, forming a strong support for terminal installation. At the same time, with the exploration of the grid side home energy storage battery business model in the domestic policy side and the relevant reform of the power market, domestic energy storage is expected to achieve greater improvement in the yield side. It is estimated that the new installed capacity of China's pre surface energy storage will reach 262.3GWh by 2025, and the annual compound growth rate from 2021-2025 will be as high as 190.2%.
With the rigid demand of power grid construction, mature business model and IRA policy subsidies, we expect that by 2025, the installed capacity of pre meter energy storage in the United States will reach 190.3GWh, with an annual compound growth rate of 125% from 2021-2025.
1. Development status of global energy storage: high growth of electrochemical solar power battery storage systems
In 2021, the installed capacity of new power storage projects in the world will be 18.3GW, with a year-on-year growth of 185%. Among them, the new energy storage projects will have the largest new capacity, breaking through 10GW for the first time, reaching 10.2GW.
2. Energy storage: large storage and household storage fly together, with broad market space
2.1 Large and household stores fly together
2022 is the first year of the rise of household energy storage, and the pre balance sheet energy storage market is about to expand. The characteristics and uses of energy storage in front of and behind the meter are different from those on the user side
2.2 Market space: It is estimated that the installed capacity of global energy storage will reach 660GWh in 2025, indicating a trillion market
It is estimated that by 2025, the installed capacity of the global energy storage market will reach 661.3GWh, and the newly added installed capacity market will reach 1006.23 billion yuan. China, the United States and Europe will be the main players in the global energy storage installed capacity.
China: It is estimated that the compound growth rate of new installed capacity of energy storage system will reach 174.3% from 2021-2025. Among them, the large storage in front of the meter will be the main force for domestic installation. It is estimated that by 2025, the new installed capacity of China's pre surface energy storage will reach 262.3GWh, with an annual compound growth rate of 190.2%.
Europe: It is estimated that the compound growth rate of new installed capacity of energy storage system will reach 76.3% from 2021-2025. Among them, the energy storage behind the table will be the main force of energy storage installation in Europe in the future. We expect that the installed capacity of wall mounted battery energy storage behind the table in Europe will reach 64.3GWh by 2025, and the compound growth rate of installed capacity of energy storage behind the table will reach 142.8% from 2021-2025.
United States: It is estimated that the compound growth rate of new installed capacity of energy storage system in the United States will reach 118.3% from 2021-2025. Among them, energy storage in front of the meter will be the main installed power of energy storage in the United States. It is estimated that by 2025, the new installed capacity of energy storage in front of the US surface will reach 190.3GWh, with an annual compound growth rate of 125%.