The big picture of the energy storage industry

Why is energy storage important?

The role of energy storage in the safe and stable operation of the power system is becoming increasingly prominent. Energy storage has also begun to see new applications including generation-side black start services and emergency reserve capacity for critical power users.

What is the future of energy storage?

Storage enables electricity systems to remain in balance despite variations in wind and solar availability, allowing for cost-effective deep decarbonization while maintaining reliability. The Future of Energy Storage report is an essential analysis of this key component in decarbonizing our energy infrastructure and combating climate change.

What happened to energy storage systems?

Industry attention was also devoted to the effectiveness of applications and the safety of energy storage systems, and lithium-ion battery energy storage systems saw new developments toward higher voltages. Energy storage system costs continued to decline.

How has energy storage been developed?

Energy storage first passed through a technical verification phase during the 12th Five-year Plan period, followed by a second phase of project demonstrations and promotion during the 13th Five-year Plan period. These phases have laid a solid foundation for the development of technologies and applications for large-scale development.

What are the characteristics of energy storage industry development in China?

Throughout 2020, energy storage industry development in China displayed five major characteristics: 1. New Integration Trends Appeared The integration of renewable energy with energy storage became a general trend in 2020.

What was the growth rate of energy storage projects in 2020?

In 2020, the year-on-year growth rate of energy storage projects was 136%, and electrochemical energy storage system costs reached a new milestone of 1500 RMB/kWh.