In the latter half of the 14th Five-Year Plan, China's new energy storage market saw continued growth in installed capacity. As of 2024 12, 31, cumulative installed capacity reached 78.5 GW / 185.7 GWh. New installations in 2024 reached 42.5 GW / 107.1 GWh, representing a year-over-year increase of 109.5% (based on energy capacity), accounting for 57.7% of total cumulative capacity. Both the volume and growth rate of annual new installations exceeded expectations.
Signaling surging demand for energy storage. At the same time, central state-owned enterprise (SOE) owners are establishing strict barriers to prevent low-quality or under-specified products from entering the market, thereby mitigating potential safety risks. These elevated bidding thresholds will block more than 80% of small and medium-sized energy storage system integrators, consolidating the market around top-tier players. Finally, bidding specifications are evolving toward greater diversity; while lithium iron phosphate (LFP) battery systems remain dominant (89% by installed power capacity...