Energy Storage Industry Update: Technological Innovations, Favourable Policies Drive Rapid Market Growth
In November 2024, the energy storage industry continued to heat up, a number of good news continues to come.
Accelerated technological innovation: new energy storage technologies such as liquid flow batteries, compressed air energy storage, etc. continue to emerge, and gradually towards commercialisation. At the same time, the battery energy density continues to improve, the cost continues to fall, laying the foundation for the widespread application of energy storage systems.
Increased policy support: governments have introduced policies to encourage the development of energy storage. For example, China issued the ‘on accelerating the development of new energy storage guidance’, a clear development of new energy storage in the coming period of time the objectives and tasks and key work.
Strong market demand: With the rapid growth of new energy generation, the demand for energy storage is becoming increasingly urgent. The role of energy storage system in the power system is becoming more and more prominent, not only to improve the stability of the power system, but also to promote new energy consumption.
Business model innovation: energy storage business model innovation, from the traditional grid-side energy storage to the user side of the energy storage, virtual power plant and other diversified direction.
Industry hot events:
Global energy storage giants have increased investment in China: Many global energy storage giants have announced that they will increase investment in the Chinese market and build new production bases and R&D centres, which will further promote the development of China's energy storage industry.
Energy storage grid issues become the focus of industry attention: With the continuous expansion of the scale of energy storage, energy storage grid issues are becoming increasingly prominent. Relevant departments are actively studying the development of more perfect energy storage grid standards and management methods.
Energy storage safety is a concern: Energy storage safety is the focus of industry attention. Relevant enterprises are strengthening the safety design and management of energy storage systems to ensure the safe operation of energy storage systems.
Future Outlook:
The cost of energy storage will further decline: With the progress of technology and the scale effect, the cost of energy storage will further decline, and the economy of energy storage system will be significantly improved.
Energy storage application scenarios will continue to expand: energy storage will be widely used in the power system, industry, transport and other fields, its application scenarios will continue to expand.
The energy storage industry chain will be more perfect: the energy storage industry chain will be more perfect, the cooperation between the upstream and downstream enterprises will be closer, and the industrial ecology will be more healthy.
The energy storage industry is in a rapid development stage, technological innovation, policy support, market demand and other factors have jointly promoted the vigorous development of the energy storage industry. In the future, the energy storage industry has a broad development prospect and will make an important contribution to the global energy transition.