As the global energy transition accelerates and renewable energy generation increases, the energy storage industry is experiencing unprecedented development opportunities. According to the latest projections, global energy storage shipments (including communications energy storage) are expected to reach 449GWh in 2025, marking a 31.5% year-on-year increase and signaling the imminent arrival of a new phase of rapid growth for the global energy storage market.

Regionally, China, the United States, and Europe will continue to lead the development of the global energy storage market. In 2025, China's energy storage shipments are projected to reach 133GWh, a 16.4% year-on-year increase; the U.S. market is expected to surpass 143GWh, with a significant 38.8% year-on-year growth; and the European market is also poised for robust expansion, with shipments forecasted to hit 63GWh, up 29.2% year-on-year. Additionally, Australia, Japan, and other regions (excluding communications energy storage) will also witness sustained growth in energy storage demand, with respective projections of 7GWh, 3GWh, and 83GWh, representing year-on-year increases of 14.6%, 11.5%, and 59.0%.

The inflection point for accelerated growth in the global energy storage market is approaching, driven by several factors. Firstly, as the share of variable renewable energy (VRE) generation continues to rise, the demand for energy storage as a regulatory resource also increases. By 2025, the share of VRE generation in China, the U.S., and Europe is expected to exceed 15%, 15%, and 20% respectively, while most of Asia, Africa, and Latin America will enter their nascent stages with VRE generation accounting for about 10%. Secondly, recent advancements in policy, technology, and cost reductions have provided strong support for the rapid development of the global energy storage market.

Notably, different regions face unique challenges and opportunities in developing their energy storage markets. In the U.S., the Section 301 tariff policy will impose taxes on energy storage batteries in 2026, potentially impacting the country's energy storage market development. In Europe, the ongoing acceleration of the energy transition to ensure energy security, combined with the need for grid expansion, is driving up the demand for energy storage. Australia, under ambitious net-zero carbon targets, is experiencing accelerated retirement of coal-fired power plants, leading to an increasing scarcity of regulatory resources and providing ample opportunities for the energy storage market.

Emerging markets also exhibit significant development potential. Based on demand types, emerging market energy storage demands can be classified into three categories: energy transition and infrastructure needs, regulatory resource requirements, and high electricity prices/power shortages. These regions and scenarios have increasingly urgent demands for energy storage, contributing to the diversification of the energy storage industry's development.

China's energy storage market is growing rapidly and has become an important force in the global energy storage market. By the end of 2023, China's installed energy storage capacity reached 86.5GW, marking a 45% year-on-year increase. It is projected that after 2030, wind and photovoltaic power generation will become the primary sources of energy, with energy storage playing a crucial role in storing electricity during peak hours, providing power during off-peak times, and ensuring capacity during peak loads. The market size continues to expand, with data from the National Energy Administration showing that by the first half of 2024, the cumulative installed capacity of new energy storage projects nationwide reached 44.44GW/99.06GWh, an increase of over 40% compared to the end of 2023. Notably, lithium-ion battery energy storage accounted for 97.0% of this, highlighting its dominant position in new energy storage.

With technological advancements and the refinement of market mechanisms, the energy storage industry is poised for even broader development prospects. In the future, energy storage will become an indispensable component of the global energy transition and sustainable development, making significant contributions to global energy security and environmental protection.