How big is the market for new energy storage abroad?

2024-09-12

The market of new energy energy storage in foreign countries is extremely large and continues to grow. Here is an overview of the foreign new energy energy storage market:

I. Global market scale

Overall scale: According to data from TrendForce, in 2024, the global new energy storage added installed capacity demand is expected to reach 70GW/163GWh, with a year-on-year growth of 36%/43%, showing a relatively fast growth rate.

Major markets: The global energy storage market is mainly concentrated in Asia, Europe, and America. These three regions occupy the vast majority of the global energy storage market. Among them, the energy storage installed capacity demand in China, the United States, and Europe accounts for about 84% of the global total.

II. Regional market characteristics

1. Asian market

China: China is an important force in the global energy storage market. In recent years, the cumulative installed capacity of new energy storage in China has grown rapidly, from 0.39GW in 2017 to 31.39GW in 2023, with a compound annual growth rate of 108%. In the first half of 2024, China's energy storage project bidding data is outstanding, which is expected to strongly support the installed and put into operation scale in the second half of the year.

Other Asian countries: The energy storage installed capacity demand in countries such as Australia and Japan is also continuously increasing. Among them, large-scale energy storage projects are expected to achieve high growth through high-yield capacity contracts, and household energy storage maintains growth momentum due to frequent power outages and high residential electricity prices.

2. European market

Overall situation: The European energy storage market has experienced significant growth in recent years, especially in the household energy storage market. However, starting from 2024, large-scale energy storage installations are expected to exceed household energy storage for the first time and become the main driving force for market growth.

Major countries: Germany, Italy, and the United Kingdom are the leaders in the European energy storage market. Germany occupies an important position in the household energy storage market, but in recent years, the industrial, commercial, and large-scale energy storage fields have shown strong growth; Italy and the United Kingdom have performed outstandingly in large-scale energy storage projects.

Market forecast: According to forecasts, the new installed capacity in Europe in 2024 is expected to reach 22.4GWh, a growth of 30.23% compared to 2023. Among them, the new installed capacity of large-scale energy storage is expected to reach 11GWh, and the installed capacity ratio is expected to increase from 21% to 49%.

3. American market

The U.S. market: The United States is another important market in the global energy storage market. In recent years, the installed capacity of energy storage in the United States has grown rapidly, especially grid-side energy storage projects. Driven by the Inflation Reduction Act and the new FERC regulations, the installation and operation of grid-side energy storage in the United States is expected to continue to accelerate.

Other American countries: The energy storage markets in countries such as Chile and Canada are also gradually developing. Among them, Chile shows strong growth potential due to the passage of the incentive energy storage deployment act.

III. Market driving factors

Policy promotion: Governments of various countries promote the development of the energy storage market by formulating a series of incentive policies and subsidy measures. For example, Europe's "Fit for 55" plan and REPowerEU plan, and the United States' Inflation Reduction Act.

Technological progress and cost reduction: With the continuous progress of energy storage technology and the continuous reduction of costs, the economy of energy storage systems is continuously improving, providing strong support for market growth.

Energy transition demand: With the accelerated progress of global energy transition, the proportion of renewable energy in the energy structure is continuously increasing, and the demand for energy storage systems also increases accordingly.

In conclusion, the new energy energy storage market in foreign countries has a considerable scale and continues to grow. In the future, with the continuous progress of technology and the continuous promotion of policies, the new energy energy storage market is expected to further expand.

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