Steady Growth in China’s New Energy Storage Capacity: Over 44 Million Kilowatts Now Operational
Date: 01 Aug 2024 |
1 August 2024
According to the latest announcement from the National Energy Administration of China, the cumulative installed capacity of new energy storage projects has reached 44.44 GW and 99.06 GWh) as of the first half of 2024. This marks an impressive growth of over 40% compared to the end of 2023, indicating steady progress in the sector.
Regional Distribution: The distribution of these new energy storage installations shows a significant concentration in the Northwest and North China regions, which together account for over 50% of the total installed capacity. Specifically, the Northwest region holds 27.3%, and the North China region holds 27.2%. Other regions contributing to this development include Central China with 15.3%, Southern China with 15.2%, Eastern China with 14.6%, and Northeast China with 0.4%.
Technological Diversification: China's new energy storage sector is witnessing a diversification of technological routes. Notably, several compressed air energy storage, flow battery storage, and sodium-ion battery storage projects have been commissioned. Efforts are also underway to explore the application of grid-forming energy storage, driving the diversification of energy storage technologies. As of the first half of 2024, lithium-ion battery storage dominates the market with a 97.0% share. Compressed air energy storage accounts for 1.1%, lead-carbon (acid) battery storage comprises 0.8%, flow battery storage stands at 0.4%, and other technologies make up 0.7%.
Application Scenarios: In terms of application scenarios, independent and shared energy storage installations constitute 45.3% of the total installed capacity. Energy storage associated with new energy projects accounts for 42.8%, while other application scenarios make up 11.9%.