BEIJING, May 21 (Xinhua) -- China's electrochemical energy storage industry witnessed rapid growth last year, with the cumulative installed capacity of electrochemical energy storage projects exceeding 1 gigawatt (GW) by the end of 2018, according to a white paper released on Energy Storage International Conference and Expo 2019.
According to the white paper, the country’s installed capacity of electrochemical energy storage projects surged 175.2 percent year on year to 1,072.7 megawatts (MW) by the end of 2018, accounting for about 16.2 percent of the total global electrochemical energy storage capacity.
China Energy Storage Alliance (CNESA) predicts that by the end of 2019, the country will saw the installed capacity of operational electrochemical energy storage reach 1.92GW with an annual growth rate of 89 percent.
According to CNESA, China’s electrochemical energy storage industry will continue its rapid growth in 2020, with an estimated annual growth rate of more than 70 percent. By 2021, the country will further widen the application of energy storage in a bid to lower the cost of energy storage systems.
Besides, China is set to usher in a new round of rapid development for energy storage applications, and at the same time market demand will also tend to be rigid.
Under the circumstance, the installed capacity of electrochemical energy storage was expected to exceed 10 GW in 2022 and approach 20 GW in 2023, according to the white paper.(Edited by Yang Yifan, yangyifan@xinhua.rog)
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