How big is lithium energy storage battery shipment volume in China?

According to data, the shipment volume of lithium energy storage battey in China in 2020 was 12GWh, with a year-on-year growth of 56%. It is expected that the shipment volume of lithium energy storage batteries in China will reach 98.6GWh by 2025, an increase of 721% compared to 2020.

Why are lithium batteries becoming more popular in China?

With the implementation of China's “carbon peak and carbon neutrality” strategy and the explosive development of the new energy automobile industry, the market demand for lithium batteries has risen sharply, and leading companies in the global lithium battery industry have begun large-scale production capacity deployment.

How will China's energy storage capacity grow in 2023?

Ahead and heading into a new era for new energy, it is expected that China’s energy storage capacity and its BESS capacity in particular will grow at a CAGR rate of 44% between 2023 and 2027. Finally, BESS development financing globally thus far has stemmed from various sources: funds, corporate funds, institutional investors, or bank financing.

What is a battery energy storage system?

A Battery Energy Storage System (BESS) secures electrical energy from renewable and non-renewable sources and collects and saves it in rechargeable batteries for use at a later date. When energy is needed, it is released from the BESS to power demand to lessen any disparity between energy demand and energy generation.