Overall, the domestic energy storage market is mainly policy-driven, although the development trend is strong, but the industry as a whole is still in the early stage of commercialization, or there is a situation of "increasing income without increasing profits". On the contrary, energy storage policies and business models in Europe, the United States, Australia and other countries and regions are more mature, and the economy of energy storage projects is more considerable. With the explosion of the global energy storage market, China's energy storage enterprises have made great efforts to go global. Driven
by strong market demand, 2023 has become a "growth year" for many enterprises, and more enterprises are pouring into the energy storage market. The number of energy storage enterprises has increased sharply, accelerating the competition for energy storage cake, while overseas, as a more profitable market, has become an important battlefield for many Chinese enterprises to expand energy storage. Since the tracking
of overseas orders of energy storage enterprises in the
third quarter this year, enterprises including Ningde Times, BYD Energy Storage, Sunshine Power Supply, Trina Solar Energy, Haichen Energy Storage and Yiwei Lithium Energy have accelerated the pace of "going out". Looking back at the third quarter of 2023, according to incomplete statistics, Lishen Battery, Ruipu Lanjun, Penghui Energy and Sunshine Power have signed orders overseas one after another, and domestic enterprises have accelerated to go to sea.
On September 12, Ruipu Lanjun and Powin, an energy storage integrator, signed an agreement on the 8.4 GWh battery procurement project in Indonesia. On September 18, Nandu Power said on the interactive platform for investors that the company currently has full orders in hand, of which about half of the large storage orders are overseas orders.
Figure: Q3 Energy Storage Enterprise Order Statistics in 2023 (Part)
Why Overseas Markets Are "More Fragrant"?
In the industrial development, China's energy storage enterprises have a very perfect industrial chain, covering almost all aspects of the industrial chain and all kinds of products. On the one hand, Chinese enterprises have a mature energy storage industry chain with lithium batteries as the core, many large-scale lithium battery production bases, and strong competitive advantages such as industry chain and cost. On the other hand, in the choice of battery technology, most Chinese enterprises are mainly lithium iron phosphate batteries, which have the first-mover advantages in cost control, battery performance, safety, technology evolution trend and so on. In terms of
overseas market areas, the United States, Europe, Australia and other mainstream markets are the main ones. In terms of application scenarios, it is not only in the field of household storage with great advantages, but also begins to accelerate its penetration into the large-scale grid-side and power-side markets. In terms of products, there is also a transition from a single product supplier to a full-scene solution supplier that can provide multi-product collaborative development.
For enterprises, the domestic energy storage market is mainly policy-driven, although the development trend is strong, but the industry as a whole is still in the early stage of commercialization, or there is a situation of "increasing income without increasing profits". That is to say, at the current stage, energy storage projects lack a quick profit model.
On the contrary, energy storage policies and business models in Europe, the United States, Australia and other countries and regions are more mature, and the economy of energy storage projects is more considerable. Some countries have also introduced energy storage subsidy schemes. For example, the Spanish government plans to provide 160 million euros for energy storage projects deployed in the country; the UK has introduced new electricity market services such as capacity market to provide new revenue sources for energy storage.
Figure: European factories
of some domestic enterprises go to overseas markets. What have energy storage enterprises gained?
Domestic enterprises have tasted the sweetness of "going out", and many enterprises have achieved remarkable results in energy storage business. Sunshine Power's financial report for the first half of 2023 shows that its energy storage system products achieved revenue of 8.523 billion yuan in the first half of the year, an increase of 257.26% over the previous year, of which overseas business accounted for more than 80%, and the gross profit rate of energy storage system products was 30.66%, an increase of 12.29% over the previous year. By speeding up the implementation of the strategy of "expanding energy storage" and "internationalization"
, Guoxuan Gaoke has established cooperation with a number of international enterprises and vigorously exploited the foreign energy storage market. In the first half of the year, Guoxuan Hi-Tech's overseas business revenue increased by 296.74% year-on-year, accounting for 20.09% of the company's total revenue from 8.94% in the first half of 2022; energy storage revenue was 4.147 billion yuan, an increase of 224.33% year-on-year. In the first half of
2023, the main household energy storage technology also performed well, with overseas business revenue of 2.472 billion yuan, accounting for 96.69% of the total revenue. In the overseas market, the household energy storage market has a high penetration rate, and the household energy storage business has broad prospects for development. In May this year, the wholly-owned subsidiary of Pineon Technologies and the Italian company Energy will jointly invest in the construction of an energy storage plant, which is also the first overseas energy storage plant of Pineon. In Ningde Times and BYD, which
we are familiar with, the energy storage business has achieved rapid growth, especially in the overseas market, when the price of energy and electricity is high and the carbon emission policy is strictly implemented, the sales scale of the two giants, whether in energy storage lithium batteries or energy storage systems, has increased significantly. In 2022, Ningde Times has taken the lead in breaking through the North American market in the field of energy storage, and has established long-term partnerships with many local enterprises to meet the growing demand for renewable energy in the United States.
With the explosion of the global energy storage market, China's energy storage enterprises have made great efforts to develop diversified high-quality products by taking advantage of their own advantages. On the one hand, efforts should be made to build a channel system to quickly penetrate major regional markets and go global. At present, China's energy storage industry is still in the early stage of development, and the industrial chain price, technical equipment, professionals, normative awareness and other aspects need to be further improved. When the trend of change comes, only by doing a good job of planning and layout ahead of time, can we win the victory first.
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