According to reports from Sina Finance, following the self-regulatory actions in the photovoltaic sector, the photovoltaic inverter and energy storage industries are expected to implement similar measures. Sources indicate that the China Photovoltaic Industry Association recently held a closed-door seminar to address the issue of “involutionary” competition within the photovoltaic inverter and energy storage markets. The meeting aimed to review initiatives for promoting healthy development in these sectors. Over 20 executives from leading industry firms participated, including representatives from Sungrow, Huawei, CRRC, CATL, Eve Energy, Goodwe, Growatt, Ginlong Technologies, Sungrow Power Supply, Chint, TBEA, Hema, Hezhong, Shouhang New Energy, YN Technology, and Envision.
In February, China’s new energy storage installations reached 1.24 GW/2.89 GWh, marking a remarkable year-on-year increase of 153.5%. The bidding scale for energy storage continues to grow rapidly, with the total scale of storage systems and EPC reaching 4.6 GW/14.9 GWh, a 49% increase compared to the previous year. According to a research report from China Galaxy, the energy storage sector is experiencing robust growth, with a projected compound annual growth rate (CAGR) of 37% for cumulative installations from 2023 to 2030, indicating both high growth potential and certainty. Long-duration storage and grid-connected storage are gaining momentum and hold significant promise within the new power system.
As per the theme database from Caixin, among the relevant listed companies:
– Deye Technology is expected to see continuous improvement in grid connection demands in markets like Brazil, India, and Germany in the first half of 2024. The emerging markets in Southeast Asia and the Middle East are experiencing explosive growth in residential storage demand, benefiting from the company’s leading position in these regions.
– Goodwe leverages its proprietary technologies in new energy power inverters, storage converters, and energy management to offer photovoltaic storage inverters with capacities ranging from 3 kW to 100 kW, along with solutions for microgrids and commercial energy storage.
This development reflects a significant step towards revitalizing the energy storage industry and driving the entire supply chain back to a trajectory of high growth.
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