China Energy Storage Market is projected to reach USD 6bn by 2024: Global Market Insights Inc. The market research report, “China Energy Storage Market Size By Deployment (Behind The Meter, Renewable Integration, Ancillary Services), By Technology (Lead Acid, Lithium Ion, Flow Vanadium, Others), Industry Analysis Report, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018– 2024� by Global Market Insights, Inc., China Energy Storage Market size is set to surpass USD 6 Billion by 2024. According to the latest research report China energy storage market size is set to witness robust growth on account of rapidly growing ancillary service industry coupled with ongoing investments toward smart-grid infrastructure development. Furthermore, rising deployment of energy storage devices aimed toward enhancing the grid stability as a countermeasure to the effects of extensive penetration of intermittent power from renewables will augment the industry size.
Declining technology costs in conjunction with development of new technologies and advancement of existing systems will positively influence China energy storage market size. Lithium ion batteries has witnessed a drop of over 50% in per unit cost in last few years and will continue to follow the trend. Reformative business scenario along with improving economies of scale across battery manufacturing industry will further stimulate the industry size. China Energy Storage Market
1|Page
Shifting focus toward limiting carbon emission to curb the consequence of global warming coupled with rising implementation of supportive legislative endeavors will boost China energy storage market growth. Nonetheless, ongoing reduction in government subsidy on renewables may impact the industry, but the subsidy benefits losses may be compensated by reducing technology prices. China flow vanadium energy storage market is projected to exceed USD 3 billion by 2024. Ability to offer virtually unlimited storage capacity, long scale duration, rapid response time, and negligible self-discharge are some of the key features which make the technology suitable for large scale renewable integration applications over its available alternatives. Furthermore, vast reserves of vanadium in the country may imply lower prices, minimal currency risks and ease of availability for the manufacturers, which will propel the industry growth.
China Energy Storage Market Size, By Technology, 2017 & 2024 (USD Million)
Browse key industry insights spread across 115 pages with 26 market data tables & 28 figures & charts from this 2017 report China Energy Storage Market in detail along with the table of contents at: https://www.gminsights.com/industry-analysis/china-energy-storage-market China lithium ion energy storage market is set to witness vigorous growth on account of continued reduction in technology costs driven by economies of scale across battery manufacturing. High energy density, low maintenance and high coulombic efficiency are the prominent features that will strengthen the product penetration. China ancillary services energy storage market size is projected to witness exponential growth owing to rising need for grid resilience and stability primarily driven by continued substitution of thermal power with renewable power sources. 2|Page
Additionally, legislative reforms favoring the development of ancillary services industry across the country, particularly in the “Three North Region� will further enhance the industry landscape. Notable industry participants across the China energy storage market include Dynavolt, CATL, Exide Technologies, Shoto, Sacred Sun, Sunwoda, CLOU Electronics, A123 Systems, LG Chem, Eastar, Hitachi Chemical, BYD, Panasonic Corporation, Hoppecke, Shenzhen BAK Technology, ZTT, GS Yuasa and Sungrow amongst others.
Industry Coverage:
3|Page
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: sales@gminsights.com Website: https://www.gminsights.com/ Blog: http://cmferesearch.com/
4|Page