In 2012, China’s electric grid will become the largest in the world in terms of both installed generation capacity and electricity produced. China also possesses the world’s largest installed wind power base and the world’s largest declared investment in renewable energy.
Based on their market research, Green Tech Media and Azure International, are claiming that China will be the most attractive market for energy storage in the world. Even though China currently has just 4% of the worldwide energy storage capacity.
Whereas other markets have focused on power quality and ancillary services, China’s grid energy storage market has developed with a focus on renewable energy integration, load-shifting and peak shaving. In the report there is a forecast that pumped hydro storage capacity will double or triple by 2016 to reach 40-60 GW, while other storage technologies will rise from currently insignificant levels to over 700 MW installed by 2016 with a market value of US$500 million per year market by 2016.
China’s energy storage industry is developing on a fast pace. A matrix with Chinese companies, development stage per technology can be found below.