Other storage includes compressed air energy storage, flywheel and thermal storage. Hydrogen electrolysers are not included. Global installed energy storage capacity by scenario, 2023 and 2030 - Chart and data by the International Energy Agency.
It is predicted that in 2030, multiple types of energy storage project can be commercialised. The capacity of GW level energy storage application will be more mature and the cost will drop to ¥500–700 per kWh as shown in Figure 3. The installed capacity is expected to exceed 100 GW.
From an international perspective, the IEA estimates that China will have the highest installed electrochemical energy storage capacity by 2026, accounting for 22% of the global total. By then, China will be on a par with Europe and outstrip the US by 7 percentage points (Figure 5). 2.
China's energy storage has entered a period of rapid development. According to data from the Energy Storage Industry Alliance, in 2020–2023, China's installed power energy storage capacity grew from 35.6 to 86.5 GW.
By the end of 2023, China had completed and put into operation a cumulative installed capacity of new type energy storage projects reaching 31.4GW / 66.9GWh, with an average storage duration of 2.1 hours. The newly added installed capacity in 2023 was approximately 22.6GW / 48.7GWh, which is three times that for 2022 (7.3GW / 15.9GWh).
Global capability was around 8 500 GWh in 2020, accounting for over 90% of total global electricity storage. The world's largest capacity is found in the United States. The majority of plants in operation today are used to provide daily balancing. Grid-scale batteries are catching up, however.
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Global installed energy storage capacity by scenario, 2023 and 2030 - Chart and data by the International Energy Agency.
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