China Energy Storage Market is anticipated to exceed 4,000 MW by 2024

The shifting focus of the Chinese government toward the adoption of renewable energy sources has been impelling China energy storage market share. The rapidly increasing energy needs and subsequently decreasing non-renewable energy sources have raised concerns in China about the substantial requirement for renewable energy facilities. The uprising carbon footprints across the country owing to the increased emissions from fossil fuel-based applications have also promoted the adoption of renewable energy systems. In this regard, the Chinese government has been implementing various policies to accelerate the use of renewable energy alternatives such as solar power plants, wind turbines, and hydropower plants.

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Ever since the government has depicted an increasing interest in renewable energy reforms, the energy storage sector in the region has become a lucrative avenue. Numerous companies and foreign investors have also been showing interest in China energy storage market. Moreover, the rapid space transformation in the automotive sector which is experiencing an exponential rise in investment in the development of electric vehicles for reducing the pollution level is also fueling the demand for energy storage batteries. Currently, there are 487 electric vehicle manufacturers located in China.

The main reason behind the presence of such a large number of EV manufacturers is the supportive government policies along with the availability of subsidies for the establishment of businesses. The Development and Reform Commission reported that recently, funds worth USD 47 billion have been released to promote EV technologies.

The revolutionary change in the automotive sector across China has significantly propelled the requirement of lithium-ion batteries. Numerous companies have been investing in the development of Li-On batteries to target the Chinese market. For instance, Jiangxi Nanshi Lithium and Electronics is planning to invest USD 72 million to construct a plant having a capacity of 10,000 ton per year production of lithium carbonate at Yichun city in Jiangxi province. It has also received funding from Fengchao Energy which is one of the subsidiaries of domestic carmaker Great Wall Automobile.

For the record, within January to October 2018, China produced 879000 new energy vehicles, out of which 860000 vehicles have been sold. With the demand for Li-On power batteries increasing by the day and the expanding energy vehicle sector, the players in the China energy storage market have been focusing on the improvement of storage facilities with the launch of pilot production plants.

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The government policies have been crafted in a such a way that international players are facing various challenges to gain traction in China energy storage market. Several international players in the automotive sector like Tesla, GM, and Ford have expressed their interest to establish their plants in China electric vehicle market. Moreover, Tesla has revealed its plant to start the production of cars within five years in China. The Made in China 2025 blueprint has also encouraged domestic companies to control nearly 70% of the fully electric car industry by the end of 2020.

In order to resolve the regulatory issue associated with a foreign direct investment, most of the foreign companies have been collaborating with the Chinese domestic companies. For instance, in 2017, the Germany-based inverter maker, Kostal, and Chinese battery manufacturer, BYD signed a deal to form a joint venture especially for developing solutions for end-to-end energy storage. The surging requirement of batteries not only in the automotive sector but also in the renewable energy sector is this poised to accelerate the strategic involvement of foreign companies in China energy storage industry.

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In line with the growing infrastructure development, surging installation of renewables, and increasing demand for electric vehicles, China energy storage market has revolutionized the way the overall energy domain is perceived. The rise in the establishment of Li-On production plants has remarkably decreased the overall price trends of the China energy sector. The thrusting investment from the foreign countries will further strengthen the energy storage technology and its applications in the nation. Reportedly, by the end of 2024, China energy storage market will surpass a revenue collection of USD 6 billion.

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