Lithium battery energy storage has become the mainstream technology of current energy storage equipment

At present, China is building a new energy system. The proportion of new energy sources such as wind power and solar energy is increasing. At the same time, the intermittency, randomness and volatility of these new energy sources put more and more pressure on the safe and stable operation of the power system.

Lithium battery energy storage is the fastest developing technical route in the new energy storage field in China. Its function in the power system is similar to a power bank, which can be charged or discharged according to the needs of the power system. At present, the construction of domestic wind power and photovoltaic bases directly drives the demand for lithium battery energy storage, the orders of related industries are growing rapidly, and the supply of products is in short supply.

According to statistics, the first three quarters of 2022. China's newly commissioned new energy storage projects have an installed capacity of 963.7 MW. Among them, lithium battery energy storage accounts for the vast majority.

Recently, the energy storage sector has continued to strengthen. The industry believes that on the one hand, thanks to the support of policies, the industry has a bright future, and on the other hand, it is related to the strength of the new energy vehicle lithium battery industry chain sector. CITIC Securities believes that the energy storage industry will usher in a period of rapid development, benefiting from the continuous strengthening of policy protection, the strengthening of the construction of new power systems, the improvement of the power trading system and the continuous reduction of costs. In the medium and long term, the application of hydrogen energy storage is expected to accelerate, and the cost of green hydrogen is expected to decrease, which will benefit hydrogen energy utilization equipment such as fuel cells.