Since the beginning of this year, overseas energy storage installations have started to show a recovery trend, inverter demand has begun to rebound, and product prices have also started to stabilize.

According to data from the U.S. Energy Information Administration (EIA), the cumulative installation of large-scale energy storage in the U.S. from January to August reached 5.96GW, a year-on-year increase of 58%. The EIA estimates that the total energy storage installation for the whole year of 2024 will be 15.31GW, a year-on-year increase of 140%.

Domestically, the demand for energy storage installations continues to grow rapidly. According to the bidding information summary from the Polaris Energy Storage Network, the bidding capacity for domestic energy storage system projects from January to September 2024 was 57.9GWh, a year-on-year increase of 5%.

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Looking into the medium to long term, emerging markets such as Asia, Africa, and Latin America will continue to increase their demand for energy storage installations.

Guotai Junan Securities released a research report stating that in the third quarter of 2024, domestic main grid equipment will gradually enter a period of intensive delivery. From the fourth quarter of 2024 to the first half of 2025, domestic distribution equipment bidding is expected to pick up, with related companies expected to show strong performance and maintain a growth trend for at least the next year.

In terms of energy storage, since the beginning of this year, overseas energy storage installations have started to show a recovery trend, inverter demand has begun to rebound, and product prices have also started to stabilize. The fundamental attractiveness of the inverter sector after bottoming out is看好, and the decline in long-term capital costs overseas is expected to further drive the demand for photovoltaic and energy storage installations, especially in the large-scale storage and commercial and industrial storage markets.

Haitong Securities' research report points out that the domestic large-scale energy storage industry has risen alongside the rapid development of new energy. Currently, new energy has reached a considerable scale, and the demand for energy storage is increasing. The domestic large-scale energy storage industry is in the initial stage of rapid growth. In terms of the structure, energy storage is a guarantee for the stable operation of electricity. As the commercial maturity of energy storage increases, technical and brand barriers will significantly improve, and leading companies are expected to achieve long-term growth.

Leading energy storage integration companies can achieve certain cost advantages through scale, thus gaining a competitive edge in the market.

Leading energy storage companies:

BYD Co., Ltd. (01211): The latest data released by the South Korean market research institution SNE Research shows that from January to August 2024, global electric vehicle battery usage reached 510.1GWh, a year-on-year increase of 21.7%. According to the latest global shipment TOP10 ranking released by SNE Research, BYD ranked second with a shipment of 83.9GWh, a year-on-year increase of 25.6%.Califor Innovation Technology (03931): Energy Storage Market Achieves High Shipment Growth, Products Highly Recognized by Strategic Customers. In the first half of the year, the company achieved a continuous and significant increase in energy storage product shipments. The 314Ah battery cell product was the first in the industry to achieve large-scale batch stable delivery, earning high recognition from strategic customers for both the product and delivery capabilities. In the international market, the company secured the largest global energy storage battery order. According to Infolink, in the first half of the year, the company ranked sixth in global energy storage battery cell shipments, with a noticeable increase and maintaining the momentum to challenge the top 5.