According to the distribution of energy storage projects, China, the United States and Europe are the major markets for global energy storage. In 2020, the total electrochemical operation increase in the three regions accounted for 86% of the global total operation increase, among which China's energy storage battery market accounted for the largest, accounting for 33%.
Figure 1: Global energy storage industry market segment structure in 2020 (%)
Energy storage industry market segment structure Electrochemical energy storage technology route
01 Current situation analysis of energy storage battery industry
1. Lithium-ion battery is the main technical route of electrochemical energy storage
According to the incomplete statistics of the Energy Storage Committee of China Energy Research Society and the Global Energy Storage Project Bank, by the end of 2020, pumped storage accounted for 90.3%, and electrochemical energy storage accounted for 7.5%, ranking second.Due to the large spatial limitations of pumped storage, electrochemical energy storage began to rise.
In the technical route of electrochemical energy storage, lithium ion battery is the main technical form of electrochemical energy storage. In 2020, the market proportion of lithium ion batteries reaches 92%, sodium sulfur batteries and lead batteries, 3.6% and 3.5% respectively, and flow batteries reach 0.7%.
Figure 2:2015 New and cumulative installed capacity and growth of the global electrochemical energy storage market in 2020 (unit: GW,%)
2. The installed capacity of energy storage has increased rapidly
From 2015 to 2017, the global electrochemical energy storage industry grew slowly, with the annual new installed capacity of less than 1GW. From 2018 to 2020, the new installed capacity of the global electrochemical energy storage market expanded, among which the new installed capacity in 2020 reached 4.73GW, and the cumulative installed capacity reached 14.25GW, up by 50% year on year.
3. The grid side demand accounts for the largest proportion in the downstream of electrochemical energy storage
The downstream of electrochemical energy storage is mainly divided into user side, power grid side and power generation side, user side demand is mainly divided into power self-use, peak and valley spread arbitrage; grid side demand is mainly system frequency modulation, grid congestion, etc.; power generation side demand is mainly power peak regulation and renewable energy grid.Among them, the grid side demand is the largest, accounting for 42%, power generation side demand for 30%, and user side demand for 28%.
Figure 4: Scale and distribution of global energy storage battery demand from 2016 to 2020 (in GWh,%)
4. China is the world's largest market for energy storage batteries
According to the data released by GGII, from 2016 to 2020, the global energy storage battery demand scale grew rapidly, with a compound annual growth rate of 37.35%. In 2020, the global energy storage battery demand scale was 26.7GWh, up 51.7% year on year.
According to the distribution of energy storage projects, China, the United States and Europe are the major markets for global energy storage. In 2020, the total new electrochemical operation scale in the three regions accounted for 86% of the total global new operation scale, among which China's energy storage battery market accounted for the largest, accounting for 33%.
Figure 5: Scale forecast of global energy storage battery market for 2021-2026 (in US $100 million)
02 The global energy storage battery market will maintain high growth
The global energy storage battery market will maintain a steady growth trend thanks to the strategic deployment of global carbon neutrality, the downward trend in the cost of energy storage project projects, and the urgent demand for light storage projects and long-term energy storage growth projects.It is estimated that the global demand for energy storage battery in 2026 reaches 2,119 G W h, with a compound annual growth rate of CAGR reaching 43.5%.