Inflection point of overseas commercial and industrial energy storage

Is commercial and industrial energy storage a boom in development?

Commercial and industrial energy storage is currently experiencing a boom in development. According to data from the White Paper on 2023 China Industrial and Commercial Energy Storage Development, the worldwide new energy storage capacity reached an impressive 46.2GW in 2022.

Are commercial and industrial energy storage systems becoming more popular?

Regarding ESS types, commercial and industrial (C&I) energy storage systems are entering a phase of swift development, surpassing the incremental growth of utility-scale installations and other ESS types by a significant margin.

What policies are being implemented in the energy sector?

Regarding policies, numerous regions have introduced measures related to distributed PV installations and energy storage, along with offering special subsidies to boost the growth of industrial and commercial storage.

What is the future of energy storage?

Commercial and industrial (C&I) ESS is experiencing a surge in growth, entering a phase of rapid development. The increase in installations for utility-scale ESS far outpaces that of other types. In the realm of residential energy storage, projections for new installations in 2024 stand at 11GW/20.9GWh, reflecting a modest 5% and 11% increase.

What is commercial and industrial energy storage?

As electricity demand rises in the market, commercial and industrial energy storage may become an important means of realizing emergency power backup and reducing energy expenditure. The integrated photovoltaic and solar industrial and commercial energy storage system can shave peak load through PV installations.

Is energy storage a viable option in 2024?

Utility-scale Energy Storage: Forecasted for 2024, new installations are set to reach 55GW / 133.7GWh, reflecting a solid 33% and 38% increase. The decline in lithium prices has led to a corresponding reduction in the cost of energy storage systems, bolstering the economic feasibility of utility-scale energy storage and revitalizing tender markets.