1. Summary of new types of energy storage
Energy storage (stored energy) is storing energy through a medium or device and releasing it when needed. Energy storage can be divided into mechanical energy storage, electrical energy storage, electrochemical energy storage, thermal energy storage, chemical energy storage, and so on. Among them are automatic energy storage and electrochemical energy storage applications. Electrical energy storage is electromagnetic energy storage, and electrical energy storage also becomes power System energy storage
Specifically in terms of classification, pumped energy storage: is a form of energy storage that uses excess power to pump water from the lower pool reservoir to the upper pool reservoir during grid lows to convert it into gravitational potential energy storage. Electrochemical energy storage: refers to a variety of secondary battery energy storage. Using chemical elements as an energy storage medium, the charging and discharging process is accompanied by the chemical reaction of the energy storage medium, including lead-acid batteries, lithium batteries, etc. Thermal energy storage is further divided into sensible thermal and latent thermal storage; molten salt energy storage is latent thermal storage. Chemical energy storage: the current main application form is hydrogen energy storage. The remaining energy storage classifications and descriptions are as follows.
Energy storage classification and introduction
From the perspective of the whole power system, the application scenarios of energy storage can be divided into three primary scenarios. Energy storage on the power generation side, energy storage on the transmission and distribution side. Energy storage on the electricity consumption side. From the perspective of different scenarios, there are more types of demand scenarios for energy storage on the power generation side. Including power peaking, auxiliary dynamic operation, system frequency regulation, renewable energy grid connection, etc. Energy storage on the transmission and distribution side is mainly used to alleviate grid blockage, delay transmission, distribution equipment expansion, upgrade, etc. Energy storage on the electricity consumption side is mainly used for power self-generation, peak-valley spread arbitrage, capacity tariff management, improving power supply reliability, etc.
New energy storage subjects should take advantage of the wind of policy and market mechanism reform to explore the establishment of a mature business model. To achieve true independence of the item, gain bargaining power in the energy storage service market, and ensure the development of the industry. At present, China’s energy storage enterprises have been on the power generation side, transmission and distribution side, and user side to develop a variety of profit models, mainly peak shaving and valley filling revenue, mount and frequency regulation, and other grid auxiliary services, supporting energy storage leasing, shared energy storage, energy contract management, and other models.
2. The new energy storage industry chain
The new energy storage industry chain revolves around batteries (PACK), mainly including upstream suppliers of raw materials and components, midstream batteries, converters, management systems, other equipment, system integration, and downstream application scenarios on the power generation aspect, grid side, and electricity consumption side. The industry chain of energy storage is gradually maturing, and with policy support, it will usher in a period of rapid development
3. The new energy storage industry competition pattern
(1). Energy storage system integration
From the perspective of the competition pattern of the energy storage system integration market, the concentration of the industry is not high and the major domestic suppliers are YangGuang Power and Haibositron, with a market share of 13.0% and 10.5% separately in 2020.
(2). Energy storage batteries
Due to high industry barriers, China’s energy storage battery competition pattern is highly concentrated, and the CR5 of the energy storage battery market is 79%. By market share, Ningde Times occupies 24.7% of the market share in 2020, topping the list; Lixin, Haiji New Energy, Yiwei Lithium Energy, and Shanghai Electric Guoxuan New Energy rank second to fifth in order, with market shares of 15.1%, 13.4%, 13.0%, and 11.9% respectively.
(3). PCS (converter/inverter)
From the perspective of the market competition pattern of the PCS industry of energy storage systems, the leading enterprise in China is Sunshine Power, which mainly cuts in from the field of PV inverters and has an inevitable first-mover advantage. The currently ranks first in both domestic and overseas markets, with a market share of 20.4% of internal energy storage inverters and 18 PCS products of integrated design.
(4). BMS (Battery Management System)
From China’s BMS market, the three main participants in the installed battery volume accounted for, according to statistics, in 2020, China’s vehicle manufacturers’ battery shipments accounted for 21%, battery manufacturers’ battery shipments accounted for 46%, professional BMS manufacturers battery shipments accounted for 33%.
4. New energy storage industry development status
(1). Global market status
From the perspective of the global new energy storage industry installation, the global new energy storage market has maintained a high growth trend. In 2021, the cumulative scale of installed power storage projects in effect worldwide reached 209.4 GW, an increase of 9% year-on-year. Among them, the accumulated installed scale of new energy storage reached 25.4 GW, an increase of 67.73% year-on-year.
(2). The current situation of the Chinese market
In terms of the cumulative installed capacity of the new domestic energy storage industry, by the end of 2021, the cumulative installed capacity of China’s commissioned power storage projects was 46.1GW, accounting for 22% of the total global market size, representing a year-on-year increase of 30%. Among them, the cumulative installed capacity of pumped storage was the largest, at 39.8GW, up 25% year-on-year, and its share fell again compared to the same period last year by three percentage points. The market increment mainly came from new energy storage, with a cumulative installed capacity of 5,729.7MW, up 74.50% year-on-year.
In 2021, the installed scale of new power storage projects in operation in China exceeded 10GW for the first time, reaching 10.5GW, of which 8GW was added to pumped storage, an increase of 437% year-on-year. The new scale of new energy storage exceeded 2GW for the first time, reaching 2.4GW/4.9GWh, an increase of 54% year-on-year; among the new energy storage, both lithium-ion batteries and compressed air had 100MW projects connected to the grid the latter. In particular, achieved a leapfrog growth in 2021, with a new scale of 170MW in operation, nearly 15 times the cumulative installed capacity at the end of 2020.
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