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2024 China energy storage market installed capacity will reach 6.6GW

The day before, Peng Boxin released Chinese energy finance energy market report. The report said that as of the end of 2015, China's total installed power (1461GW) and renewable energy installed capacity (276GW) ranks first in the world. However, China's energy storage market (excluding pumped storage) has not really entered a period of rapid development.

According to the data of the energy sources, as of 2016, China's total energy storage installed capacity of 323MW, ranking fourth in the world. It is estimated that by 2024 China's energy storage market will reach 6.6GW, 28 times in 2015.

The report said, the current energy storage system has been Chinese in "Three North" play the short-term power balance. The reservoir can play an important role in renewable energy consumption, but due to the lack of renewable energy incentive mechanism, the market in the short term is difficult to have a clear development. However, with the further decline in the cost of future energy storage system will be upgraded.

With the development of distributed PV market, the energy storage system for off grid power equipment will continue to develop. At the same time, the battery company has begun to cooperate with the power control system experts and system integrators. In addition, photovoltaic companies have begun to expand their business to the energy storage system.

The report further pointed out that the recent introduction of many policies, indicating that energy storage in China's power system is being paid attention to. With the reduction of energy storage system, management mechanism, government support, subsidies, etc., energy storage development will speed up.

From the experience of foreign countries, the development of energy storage industry are dependent on policy support, generally by the end of the research and development and user subsidies to accelerate the development of the industry. But many industry insiders also pointed out that the existing policy trends from the domestic point of view, due to the energy storage business model is not clear, the short term is difficult to introduce specific, inclusive financial subsidy policy. Although the "13th Five-Year" period, a number of energy related policies will still be, but will continue to "plan and guide". From the point of view of specific subsidies, some local governments may be given subsidies for local demonstration projects.

Source: China Energy News