Environmental problems will push China's energy storage market to new heights
BOSTON—Driven by environmental problems, a growing auto industry, and a big policy push, China’s advanced energy storage market will be worth US$8.7 billion in 2025, more than quadrupling from the current $1.7 billion, according to Lux Research.
Transport applications will make up the dominant part of the market, with $7.4 billion, or an 85 per cent share of the revenues. Stationary applications will also earn $1.3 billion. Revenues are expected to grow slower than volumes due to continually falling battery and systems prices.
“Besides understanding the market dynamics and producing cost-competitive products, most players in these markets will require strong partnerships to succeed,” said Lilia Xie, Lux research associate and lead author of the report.
Lux Research analysts studied China’s growing energy storage market in the backdrop of drivers such as environmental pollution, the push toward renewables, and government incentives. Among their findings: