Prospects for the development of energy storage industry projects

4 FAQs about [Prospects for the development of energy storage industry projects]

Why is the energy storage industry a key strategic sector?

As the global carbon neutrality process accelerates and energy transition continues, the energy storage industry is experiencing unprecedented growth worldwide, emerging as a key strategic sector.

Will the energy storage industry thrive in the next stage?

The energy storage industry is going through a critical period of transition from the early commercial stage to development on a large scale. Whether it can thrive in the next stage depends on its economics.

What drives energy storage project development?

Globally, energy storage project development is increasingly driven by the utility-scale segment, with mandates and targeted auctions driving gigawatt-hour projects in markets like China, Saudi Arabia, South Africa, Australia and Chile.

When will energy storage become a large-scale development?

In March 2022, National Development and Reform Commission (NDRC) and National Energy Administration (NEA) released the 14th Five-Year Plan for the development of energy storage, which set the target for ES to enter the stage of large-scale development by 2025. The target calls for lower costs of ES.

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