Taiwan revised its “Renewable Energy Development Act” on May 1, 2019, and Article 3, paragraph 1, Subparagraph 14 of the Act clearly defines energy storage equipment as a means of storage for power which also stabilizes the power system, including the energy storage components, the power conversion, and power management system.
According to the analysis put forward by the Industry, Science and Technology International Strategy Center (ISTI) of the ITRI, Taiwan''s energy storage industry can be divided into batteries, power regulators, power management systems, and system integration (SI), as well as other sectors.
Future prospects Taiwan''s energy storage industry is currently in its infancy and is mainly being developed and dominated by the Taiwan Power Company (Taipower), the Chinese Petroleum Corporation, Taiwan (CPC Taiwan). Taipower expects to complete a 590 MW energy storage system installation by 2025.
As mentioned above, Taipower announced that it will complete the 590 MW energy storage system by 2025, and its market scale will grow by more than 100 times in 6 years. The explosive power of the industry is amazing, and it is expected to attract relevant supply chain operators to invest in energy storage systems one after another.
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