Competition Heats up in New Energy Storage as Capacity Surges

In 2023, China expanded its renewable energy storage capacity by 150% on the previous year to meet rising demand and as part of a clean energy push. But this increased capacity has intensified competition and squeezed margins, experts say.

New energy storage capacity now totals 34.5 gigawatts (GW), according to Yue Fen, deputy vice chairman of the China Energy Storage Alliance (CESA). This had grown by 21.5 gigawatts during the year, three times the growth in 2022, according to Yue.