Hundred billion energy storage field

Will China reach 30gw of energy storage by 2025?

The deployment of “new type” energy storage capacity almost quadrupled in 2023 in China, increasing to 31.4GW, up from just 8.7GW in 2022, according to data from the National Energy Administration (NEA). This means that China surpassed its target of reaching 30GW of the “new type” energy storage by 2025 two years earlier than planned.

Why is energy storage important?

Energy storage is rapidly emerging as a vital component of the global energy landscape, driven by the increasing integration of renewable energy sources and the need for grid stability. As the world transitions towards cleaner energy systems, innovative storage solutions are gaining prominence, enabling more efficient use of renewable resources.

Which countries have increased energy storage capacity in 2024?

For example, the Spanish government approved an update to their National Integrated Energy and Climate Plan in September 2024 which has increased their installed energy storage capacity targets to 22.5 GW by 2030.

Will energy storage cost decrease by 30 percent by 2025?

"While the cost-learning curve is still relatively slow now, the 14th Five-Year-Plan (2021-25) has made a clear goal for the per unit cost of energy storage to decrease by 30 percent by 2025. This will hopefully accelerate the industry pace." China is currently the world's biggest power generator.

Can Guangdong make energy storage a strategic pillar industry?

Guangdong, for example, aimed to make energy storage a “ strategic pillar industry ” of its economy by setting a target of 600bn yuan ($85bn) in annual revenue from the energy storage industry by 2025, eyeing the domestic and overseas market as the global energy transition deepens.

Will China achieve full market-oriented development of new energy storage by 2030?

The country has vowed to realize the full market-oriented development of new energy storage by 2030, as part of efforts to boost renewable power consumption while ensuring stable operation of the electric grid system, a statement released by the National Development and Reform Commission and the National Energy Administration said.