In the wake of the G20 Summit, where a joint declaration set ambitious new targets for global renewable energy development over the next six years, Chinese companies are at the forefront of this green revolution.
From XUEQIU
In the wake of the G20 Summit, where a joint declaration set ambitious new targets for global renewable energy development over the next six years, Chinese companies are at the forefront of this green revolution. The declaration aims for a global increase of 774GW in renewable energy installations by 2030,a"triple growth" goal that requires an annual addition of over 1200GW—presenting a vast market opportunity.
As domestic competition in China heats up, the expansion into overseas markets has become a strategic imperative for Chinese energy storage companies. Initially focused on batteries and components, these companies now offer a full spectrum of products, with markets extending beyond Europe and America to the Middle East, Australia, Southeast Asia, and North Africa. According to preliminary data from the CESA Energy Storage Application Branch Industry Database, between January and October 2024, Chinese energy storage firms have secured over 120 orders in international markets, totaling more than 115GWh.Notably,energy storage battery orders account for the largest share at 68.51GWh,followed by energy storage systems, including DC-side systems, with over 80 orders and a total capacity of 46.02GWh.PCS overseas orders have reached 10.87GW.
To date,22 Chinese companies, including CATL, Eve Energy, Ruipu Lanjun, Haichen Energy Storage, China Innovation Aerospace, Guoxuan High-Tech, and Sunwoda, have invested in 61 lithium-ion battery and energy storage system integration projects abroad. These projects have a combined production/construction/planning capacity of 726GWh,with a planned investment exceeding 400 billion yuan, primarily in the United States, Germany, Morocco, Mexico, Indonesia, Vietnam, and Malaysia.
Industry analysts predict that over the next four years, the Trump administration in the U.S. may slow the pace of energy transition. Consequently, emerging economies, as defined by the G20 Summit's renewable energy targets, will be pivotal. Latin America, Africa, South Asia, and Southeast Asia are rapidly unlocking their renewable energy potential, boasting abundant resources—accounting for approximately 70%of the global solar and wind energy potential—and energy demand growth rates that outstrip developed nations. However, these regions face challenges such as limited financing, outdated infrastructure, and unstable policy environments. Solving funding and policy issues is just the beginning; technology cooperation and project implementation are crucial for tapping into the full potential of the renewable energy sector in emerging economies. Chinese companies that can strategically position themselves in these markets and offer innovative energy storage solutions across various applications,from large-scale to residential storage, emergency power, portable power, and green microgrids, will gain a significant competitive edge and open up new avenues for growth.