Is China entering a new era of energy storage demand?

Mainland China accounts for most of the global energy storage demand, driven in the near term by regional requirements for new utility-scale wind and solar projects to include energy storage capacity. However, the Chinese market is entering an era of change.

How big is China's energy storage capacity?

Sign up here. Current installed new energy storage capacity, which is made up mostly of lithium-ion battery storage, was 95 GW as of June, the regulator, the National Energy Administration, said in August. China has raced ahead of its energy storage targets in the past.

How much will China's ESG plan stimulate investment?

The plan, released by the state planner, National Development and Reform Commission, and the energy regulator, said the target will stimulate 250 billion yuan ($35 billion) in investment in the sector. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here.

What are the leading energy storage battery companies in China?

Leading energy storage battery companies in China include BYD (002594.SZ), which is also the country's biggest electric vehicle maker, and CATL (300750.SZ).

What drives energy storage project development?

Globally, energy storage project development is increasingly driven by the utility-scale segment, with mandates and targeted auctions driving gigawatt-hour projects in markets like China, Saudi Arabia, South Africa, Australia and Chile.

Will battery storage prices continue to decline in 2025?

We expect to see battery storage prices continue to decline in 2025, even as raw material prices rise, due to the oversupply of battery production. The rapid growth of battery manufacturing, particularly in China and Europe, has outpaced demand, which is exerting downward pressure on pricing.