GGII: It is expected that the grid-connected energy storage will achieve a penetration rate of 20% in the world in the next 5 years.

GGII reported that grid-connected energy storage is a future trend, but the development stage and urgency of different countries and projects are different. The proportion of grid-connected energy storage in China, Australia, Europe and the United States is 1.5%, 23%, 8.6% and 2.6%, respectively. GGII expects that the grid-connected energy storage will reach a penetration rate of 20% globally in the next five years.Specifically, the penetration rate of grid-connected energy storage in China is expected to accelerate under the support of national and local policies and the urgent demand for power system transformation. GGII expects that the outage of grid-connected energy storage in China will reach 2GW in 2024, increase to 7GW in 2025, and reach 30GW in 2030, with a compound annual growth rate of 56% from 2024 to 2030.Australia has developed grid-connected energy storage earlier. In December 2022, ARENA announced that it would provide conditional funding of US$176 million for eight grid-side battery energy storage projects in Australia, each of which would be equipped with grid-connected inverters to provide basic system stability services traditionally provided by coal and natural gas synchronous generation. According to incomplete statistics from GGII, the total capacity of grid-connected energy storage projects already in operation in Australia is about 530MW/1136.5MWh. After the eight grid-connected energy storage projects funded by ARENA are put into operation, the capacity of grid-connected energy storage projects in Australia will see a significant increase.The proportion of grid-connected energy storage in China, Australia, Europe and the United States is 1.5%, 23%, 8.6% and 2.6%, respectively. GGII expects that the grid-connected energy storage will reach a penetration rate of 20% globally in the next five years.