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storage demand boom in China helps market double in size","energy-storage-demand-boom-in-china-helps-market-double-in-size","article/energy-storage-demand-boom-in-china-helps-market-double-in-size",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":714,"featured":51,"reporter":715,"_editable":719,"component":720,"seo_title":553,"categories":721,"visibility":730,"author_company":49,"featured_image":731,"seo_description":714,"author_full_name":49,"author_job_title":49,"formattedDate":735,"formattedArticleDate":736},"e1e6d838-bcac-4352-a7ef-008cbf2eff2e","2024-05-15 00:00",[560,563],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"us","US",[567],{"slug":568,"name":569,"content":570},"didi-bostock","Didi Bostock",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Editor - Energy Transition & Economics",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":577,"content":578},"doc",[579,586,617,622,627,638,647,654,659,669,674,679,686,691,701],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"The global energy storage system (ESS) market doubled in size last year, driven by a booming demand for grid storage in China.","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589,591,599,601,607,609,615],{"text":590,"type":585},"According to ",{"text":592,"type":585,"marks":593},"Benchmark Lithium ion Battery Database",[594],{"type":595,"attrs":596},"link",{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/","url",{"text":600,"type":585},", the global ",{"text":602,"type":585,"marks":603},"ESS market",[604],{"type":595,"attrs":605},{"href":606,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/energy-storage-will-be-the-bottleneck-for-a-clean-energy-grid-qa-with-author-akshat-rathi",{"text":608,"type":585}," size grew 98% year-on-year in 2023 to 123 gigawatt hours (GWh). A bulk of that growth came from China where the ",{"text":610,"type":585,"marks":611},"ESS demand",[612],{"type":595,"attrs":613},{"href":614,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/video/watch/understanding-battery-demand-dynamics-from-ev-and-ess-markets",{"text":616,"type":585}," breached the 70 GWh mark last year.",{"type":580,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":585},"“Grid storage represented 77% of the total ESS battery demand in 2023,” said Aran Waid, analyst at Benchmark. ",{"type":580,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":585},"“Benchmark expects a 56% year-on-year growth in the grid storage market this year, which is projected to elevate its market share to 81% of the overall market.”",{"type":580,"attrs":628,"content":629},{"textAlign":49},[630,632,636],{"text":631,"type":585},"The global ESS demand is forecast to more than triple by 2030 to about 450 GWh in 2030, according to the ",{"text":592,"type":585,"marks":633},[634],{"type":595,"attrs":635},{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},{"text":637,"type":585},". ",{"type":580,"attrs":639,"content":640},{"textAlign":49},[641],{"type":642,"attrs":643},"image",{"id":49,"alt":644,"src":645,"title":49,"source":49,"copyright":49,"meta_data":646},"","https://a.storyblok.com/f/287943243085208/859ebd2ebd/bm-global-ess-chart-v2.png",{},{"type":648,"attrs":649,"content":651},"heading",{"level":650,"textAlign":49},4,[652],{"text":653,"type":585},"What is driving the ESS boom in China?",{"type":580,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":585},"“Several provinces in China have announced their local energy strategies, with 16 provinces having both renewable and ESS targets, driving grid market growth,” said Waid.  ",{"type":580,"attrs":660,"content":661},{"textAlign":49},[662,664,668],{"text":663,"type":585},"China’s ESS demand is expected to reach 190 GWh in 2030, playing a dominating role in a growing market, though its share is forecast to drop to 42%, according to the ",{"text":592,"type":585,"marks":665},[666],{"type":595,"attrs":667},{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},{"text":637,"type":585},{"type":648,"attrs":670,"content":671},{"level":650,"textAlign":49},[672],{"text":673,"type":585},"What are the impact of falling lithium prices?",{"type":580,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":585},"“The fall in lithium ion iron phosphate (LFP) prices make ESS deployment more economically viable as cost is one of the main considerations for ESS systems,” said Waid. ",{"type":580,"attrs":680,"content":681},{"textAlign":49},[682],{"type":642,"attrs":683},{"id":49,"alt":644,"src":684,"title":49,"source":49,"copyright":49,"meta_data":685},"https://a.storyblok.com/f/287943243085208/3531793dbb/bm-global-ess-demand-forecast-chart.png",{},{"type":648,"attrs":687,"content":688},{"level":650,"textAlign":49},[689],{"text":690,"type":585},"Where else is demand growing?",{"type":580,"attrs":692,"content":693},{"textAlign":49},[694,696,700],{"text":695,"type":585},"North America is the second largest market and is set to account for 23% of the global ESS share this year, according to the ",{"text":592,"type":585,"marks":697},[698],{"type":595,"attrs":699},{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},{"text":637,"type":585},{"type":580,"attrs":702,"content":703},{"textAlign":49},[704,706,712],{"text":705,"type":585},"“The US ",{"text":707,"type":585,"marks":708},"Inflation Reduction Act",[709],{"type":595,"attrs":710},{"href":711,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/how-is-the-post-ira-cathode-landscape-evolving",{"text":713,"type":585}," (IRA) has had a two fold benefit to ESS deployment — firstly with the extension of Investment Tax Credits (ITC) to standalone ESS projects in the IRA that reduced upfront Capex costs by around 30% and the production tax credits on offer increases onshoring of ESS manufacturing,” said Waid. ","The global energy storage system (ESS) market doubled in size last year, driven by a booming demand for grid storage in China. According to Benchmark Lithium ion Battery Database, the global ESS market size grew 98% year-on-year in 2023 to 123 gigawatt hours (GWh). A bulk of that growth came from China where the ESS […]",[716],{"slug":568,"name":569,"content":717},{"job_title":571,"image":718,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e1e6d838-bcac-4352-a7ef-008cbf2eff2e\", \"id\": \"\"}-->","article",[722,725,728],{"slug":723,"name":724},"batteries","Batteries",{"slug":726,"name":727},"ess","ESS",{"slug":729,"name":8},"lithium","private",{"id":49,"alt":644,"name":644,"focus":644,"title":644,"source":644,"filename":732,"copyright":644,"fieldtype":733,"meta_data":734,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/0e13f41ff0/bm-ess-wall.jpeg","asset",{"alt":644,"title":644,"source":644,"copyright":644},"May 15, 2024","15th May 2024",[],[],1789141521133]