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Report
China Energy Storage Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034
Market Reprt I 2024-12-11 I 80 Pages I Global Market Insights
China Energy Storage Market reached USD 144.9 billion in 2024 and is set to grow at a CAGR of 18.9% from 2025 to 2034. The rapid expansion of the market is primarily driven by the country's aggressive renewable energy targets and its commitment to carbon neutrality. With an increasing share of wind and solar power, China is facing the challenge of managing energy intermittency, which has highlighted the need for efficient storage solutions. Government initiatives, including subsidies and incentives, are further accelerating the adoption of energy storage technologies across utility-scale, residential, and commercial sectors. By 2034, China is expected to become a global leader in energy storage capacity, with electrochemical batteries, particularly lithium-ion, expected to dominate the market.
Within the energy storage industry, which includes technologies like pumped hydro, electro-mechanical, thermal, and electro-chemical storage, the electro-chemical segment is projected to generate USD 231.4 billion throughout 2034. This segment is experiencing rapid growth, fueled by advancements in lithium-ion battery technology, which is widely adopted for residential, commercial, and utility-scale applications. As renewable energy adoption continues to rise, the demand for energy storage solutions to stabilize the grid and address energy intermittency is increasing. Additionally, innovations in battery chemistry, such as solid-state, flow, and sodium-ion batteries, are expected to improve performance and safety, further propelling the market forward.
The energy storage market in China is also segmented by applications such as electric supply capacity, renewable energy firming, black start, electric energy time shift, and frequency regulation. Among these, the electric energy time shift application is projected to grow at a CAGR of 7.5% through 2034. This segment is driven by the need to integrate renewable energy sources like solar and wind into the grid, as they produce variable power. Energy storage systems help balance this variability by shifting excess energy generated during peak production periods to off-peak times when demand is lower. Government policies aimed at grid modernization, supporting renewable energy adoption, and achieving carbon neutrality are also contributing to the growth of the electric energy time shift segment.
Report Content
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid
1.4.2.2 Public
Chapter 2 Industry Insights
2.1 Industry ecosystem analysis
2.2 Regulatory landscape
2.3 Industry impact forces
2.3.1 Growth drivers
2.3.2 Industry pitfalls & challenges
2.4 Growth potential analysis
2.5 Porter's analysis
2.5.1 Bargaining power of suppliers
2.5.2 Bargaining power of buyers
2.5.3 Threat of new entrants
2.5.4 Threat of substitutes
2.6 PESTEL analysis
Chapter 3 Competitive landscape, 2024
3.1 Strategic dashboard
3.2 Innovation & sustainability landscape
Chapter 4 Market Size and Forecast, By Technology, 2021 - 2034 (MW & USD Million)
4.1 Key trends
4.2 Pumped hydro
4.3 Electro-chemical
4.3.1 Lithium-ion
4.3.2 Sodium sulphur
4.3.3 Lead acid
4.3.4 Flow battery
4.3.5 Others
4.4 Electro-mechanical
4.4.1 Flywheel
4.4.2 CAES
4.5 Thermal energy storage
4.5.1 Water
4.5.2 Molten salt
4.5.3 PCM
4.5.4 Others
Chapter 5 Market Size and Forecast, By Application, 2021 - 2034 (MW & USD Million)
5.1 Key trends
5.1.1 Electric time energy shift
5.1.2 Electric supply capacity
5.1.3 Black start
5.1.4 Renewable capacity firming
5.1.5 Frequency regulation
5.1.6 Others
Chapter 6 Company Profiles
6.1 ABB
6.2 Burns & McDonnell
6.3 BYD Company
6.4 Durapower Group
6.5 Exide Technologies
6.6 General Electric
6.7 Hitachi Energy
6.8 Johnson Controls
6.9 LG Energy Solution
6.10 McDermott
6.11 Narada Power Source
6.12 Panasonic Corporation
6.13 Samsung SDI
6.14 Schmid Group
6.15 Siemens
6.16 Sinohydro Corporation
6.17 Toshiba Corporation
6.18 Voith
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