The 15th China International Energy Storage Conference recently concluded in Hangzhou, attracting over a thousand industry representatives who gathered to discuss the latest developments and future trends in the energy storage sector. The main forum and various sub-forums were fully attended, with many participants standing throughout the discussions due to a lack of reserved seating. The exhibition area was bustling with potential clients, showcasing the vibrant growth of the energy storage industry.
According to the latest statistics from the China Chemical and Physical Power Industry Association, by the end of 2024, China’s new energy storage installed capacity is projected to reach 74.66 GW/176.45 GWh, marking a significant year-on-year increase. The power and capacity growth rates are expected to reach 131.86% and 163.8%, respectively, surpassing traditional pumped storage technology for the first time.
Sun Ying, Deputy Director of the Energy Research Institute at the Chinese Academy of Macroeconomic Research, emphasized that with the accelerated global energy transition, new energy storage has become an essential support for building a modern power system. In recent years, China’s energy storage sector has experienced rapid development, characterized by ongoing technological innovations, expanding applications, and the advancement of diverse technological routes.
In 2024, lithium battery storage remains the dominant technology, while new energy storage technologies such as compressed air, flow batteries, and flywheels are also being rapidly promoted. Several large-scale projects are currently under construction, including 300 MW compressed air storage, 100 MW flow battery storage, and MW-level flywheel storage projects. The Energy Storage Branch of the China Chemical and Physical Power Industry Association predicts that the market scale for energy storage in China will experience explosive growth in the coming years, potentially exceeding 100 billion yuan by 2025.
Industry experts indicate that as technology advances and costs decline, new energy storage will play a more significant role in enhancing the flexibility of power systems and facilitating the integration of renewable energy sources. However, despite the strong momentum in the sector, challenges remain. Senior industry professionals, including Cui Jian, highlighted issues such as safety concerns, the need for innovative business models, and the necessity for improved coordination across the industry chain.
Ruan Peng, Deputy General Manager, stressed the importance of focusing on technological innovation and optimizing manufacturing processes to meet the diverse demands for regulatory capabilities and energy storage within power systems. Many entrepreneurs noted that the market is currently transitioning from a policy-driven approach to one guided by market mechanisms. Wang Zesheng, Chairman, suggested that when constructing new energy storage power stations, it is essential to consider factors such as regional grid structure, regulatory capacity, and absorption space, advocating for a systematic approach to overcoming developmental bottlenecks.
