China’s energy storage industry has experienced explosive growth in recent years, driven by rapid advancements in technology and increased demand, solidifying its position as a leader in terms of both capacity and innovation, said industry experts.
China now holds a commanding 38 percent share of the global energy storage market, fueled by a surge in new capacity and groundbreaking technological advancements, said the China Energy Storage Alliance.
This growth, driven by China’s swift expansion in battery storage and other energy solutions, cements its role as a leader in the sector, said Li Chenfei, senior manager of CNESA.
According to the alliance, China’s energy storage sector has seen unprecedented growth, with the operational capacity of new energy storage systems surging to 34.5 gigawatts, marking an annual growth rate of 166 percent year-on-year.
China has added 21.5 GW of storage capacity so far this year, which is three times the amount added during the same period in 2022, accounting for 47 percent of the global increase, it said.
