Will China's new energy storage sector become a global leader?

The country's new energy storage sector, which is currently in its early stages, is expected to evolve from a nascent market player to a global leader in the coming years, they said.

What is China's Energy Storage plan?

According to the plan, China aims to deploy new energy storage solutions in data centres, smart computing labs and other energy-intensive facilities. It will also seek to increase efficiency in related manufacturing industries by integrating blockchain, AI and other emerging technologies.

Will China boost its energy storage sector?

China has unveiled plans to boost its energy storage sector as it strives to shore up its energy security and cope with a surge in power demand from emerging industries such as artificial intelligence.

How can energy storage technology improve China's Energy System?

"Key developments in energy storage technologies will play a pivotal role in integrating renewable energy sources and smart grids, thus enhancing the overall flexibility and efficiency of China's energy system," said Fei Zhi, vice-chairman of GCL Group.

How many energy storage enterprises will China have by 2027?

As part of the government's push, China plans to cultivate three to five leading energy storage enterprises by 2027 and establish a regional clustering pattern to enhance the sector's innovation and market influence.

Are China's energy storage prices falling?

Last year, more than 280,000 energy storage businesses were registered in China, a nearly 24-fold increase from 2021. But prices in the sector are falling even more rapidly than in the lithium battery industry, domestic media outlet 21st Century Business Herald reported last month.