The cumulative deployment of energy storage systems in the world will reach 362GWh by 2025

According to the latestresearch report, it is estimated that by 2025, the total energy storagecapacity of energy storage systems deployed in the world will reach 362GWh.

Forecast of energy storage systems deployedin markets around the world (GWh) from 2021 to 2022

The installed capacityof wind and solar power generation facilities around the world has grownsteadily in recent years, and energy storage systems are expected to followwith rapid growth. Research shows that energy storage systems using lithiumiron phosphate (LFP) batteries today have significant advantages over otherenergy storage technologies and will become the dominant battery energy storagesystem worldwide.

According to forecasts,in the energy storage market, the share of lithium iron phosphate (LFP)batteries will surpass that of nickel cobalt manganese (NCM) ternary lithiumbatteries in 2028. Last year, the nickel-cobalt-manganese (NCM) ternary lithiumbattery energy storage system still accounted for half of the global energystorage market, but due to its competitive cost, long life cycle and highsafety performance, lithium iron phosphate The deployment of battery (LFP)energy storage systems has begun to grow rapidly.

In 2021, the globalenergy storage market will maintain rapid growth. The newly installed capacityof energy storage systems was 29.6GWh, a year-on-year increase of 72.4%.Looking ahead, the global energy storage market will expand rapidly, with acumulative deployment of 362GWh by 2025.

Looking at the batteryenergy storage market, the dominance of Korean manufacturers such as Samsungand LG has weakened. This is partly due to the rapid expansion of the market byChinese battery makers such as BYD and CATL, which are working to developlithium iron phosphate battery technology.

On the power conversionsystem (PCS) side of the energy storage system, most of it comes from solarinverter manufacturers. For manufacturers such as SMA and Sungrow, competitionin this segment is expected to become more intense in the future.

The research institutealso said that there will be relatively fragmented competition in systemintegration services, with small and medium-sized companies in the majority.