1. China’s battery energy storage growth may slow down in 2024.
2. The country could add around 30.1GW of new energy storage capacity this year, a decrease from 2023.
3. Most of the growth in capacity is expected to be in lithium-ion battery energy storage, with China being a global leader in production.
China’s battery energy storage capacity is projected to experience slower growth in 2024, with estimates suggesting around 30.1GW of new capacity, down from 34.5GW in 2023. The Energy Storage Industry Research White Paper by the China Energy Storage Alliance (CNESA) indicates that ideal conditions could allow for growth up to 41.2GW this year, primarily driven by lithium-ion battery energy storage.
China is a global leader in battery energy storage systems and Li-ion battery production, with half of Asia’s upcoming projects set to be developed in the country. The cumulative installed capacity in China could reach 195.75GW by 2030. The country is home to significant projects like the Shujiatang BESS and the Hubei Yingcheng Compressed Air Energy Storage System, with more projects like the 2.4 million-kilowatt Kubuqi Desert Project in the pipeline.
With China’s dominance in battery energy storage, the industry is poised for continued growth, albeit at a slower pace in 2024. The country’s focus on expanding capacity and developing new projects underscores its commitment to advancing energy storage technologies and supporting a clean energy transition.