Energy storage ushered in a new trend and demand is expected to recover strongly

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.

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 China promoting energy storage at the 2025 two sessions?

The buzzword “energy storage” at the 2025 Two Sessions underscores China’s strategic focus on building a resilient, sustainable, and diverse energy system, contributing new efforts to a sustainable global future. The country’s progress in new-type energy storage highlights how innovation can drive both economic and environmental progress worldwide.

What is new-type energy storage?

This year, “new-type energy storage” has emerged as a buzzword. Unlike traditional energy, new energy sources typically fluctuate with natural conditions. Advanced storage solutions can store excess power during peak generation and release it when needed, enabling greater reliance on renewables as a primary energy source.

How can storage improve energy resilience?

As the world transitions towards cleaner energy systems, innovative storage solutions are gaining prominence, enabling more efficient use of renewable resources. This growing market encompasses a range of technologies, including batteries, pumped hydro, and thermal storage, each playing a crucial role in enhancing energy resilience.

Is energy storage a 'new driving force' in 2024?

In 2024, the NEA named the energy storage sector as a “new driving force” for the country’s “ new quality productive forces ” (NQPF). It could “propel the upstream and downstream industrial chains, promote scientific and technological innovation, talent training, investment and employment”, said the NEA.