China Energy Storage Battery Industry (2023 )

China Energy Storage Battery Industry  (2023 )

Industry Market Analysis

1. Due to the European energy crisis caused by the geopolitical conflict between Russia and Ukraine, coupled with domestic electricity market reforms, the shipment volume of energy storage lithium batteries in 2022 continued the strong growth momentum of the previous year, with a total shipment volume of 130GWh, a year-on-year increase of 170.8%.

2. Market structure

The maximum shipment volume of electric energy storage batteries in 2022 reached 92GWh, a year-on-year increase of 216.2%, accounting for 70.8%. Household energy storage batteries followed closely behind, with a shipment volume of 25GWh, a year-on-year increase of 354.5%, accounting for 19.2%. The shipment volume of communication energy storage batteries was 9GWh, a year-on-year decrease of 25%, accounting for 6.9%. The shipment volume of portable energy storage batteries was 4GWh, a year-on-year increase of 207.7%, accounting for 3.1%.

3. The new installed capacity in China benefited from the continuous decrease in battery costs and government policies. Based on the 0.3GWh new installed capacity put into operation in 2017, China's energy storage batteries achieved a new installed capacity of 5.8GWh in 2021. The annual compound growth rate of new installed capacity in China's energy storage batteries from 2017 to 2021 was as high as 109.7%. In the context of the national energy transformation and carbon neutrality strategy, energy storage batteries are an important component of power system reform and new energy power construction, and are expected to reach 7.1 GWh by 2023.

4. The competitive landscape of China's power storage battery industry is relatively concentrated, with a clear head effect. In 2021, the shipment volume of energy storage batteries in China reached 48Gwh, a year-on-year increase of 2.6 times, and the market share of CATL energy storage batteries reached 59.7%. BYD ranks second with a market share of 16.0% for energy storage batteries. China Aviation Lithium Battery ranks third, with a market share of 4.3% for energy storage batteries. Guoxuan High Tech accounts for 4%.