The explosive growth of energy storage is still ongoing

On July 17th, Fu Linghui, spokesperson for the National Bureau of Statistics, introduced at the press conference of the State Administration for Information Technology that in the first half of 2023, the added value of large-scale lithium-ion battery manufacturing industry increased by 29.7% year-on-year. The export of "New Three Kinds" products, represented by lithium batteries, solar cells, and electric passenger cars, increased by 61.6%.

Shanghai Securities Journal reporter learned from many listed companies in the lithium battery industry that, in addition to the previous power battery applications, energy storage has become a new strong growth point of lithium battery applications. In particular, benefiting from the rapid development of energy storage, the lithium battery sub industry of the Lithium iron phosphate line has a rapid growth momentum.
Looking ahead to the development prospects of the energy storage industry, multiple companies and industry insiders have stated that, continuing the rapid growth of the previous two years, the energy storage industry as a whole will still have a very considerable growth rate in the next 3-5 years.
Energy storage boosts the rapid development of Lithium iron phosphate
"The growth of the lithium battery industry in the first half of the year was mainly due to the demand for Lithium iron phosphate battery driven by electrochemical energy storage." According to the data released by the National Bureau of Statistics, an executive of a listed company of lithium battery cathode materials said.
Li Jianguo, secretary of the board of directors of Anda Technology, said to reporters: "The growth data released by the National Bureau of Statistics is within expectations. From the perspective of volume, the power battery is the largest increment; but from the perspective of growth, the battery for energy storage is growing faster." As for the use of Lithium iron phosphate products sold to customers, Li Jianguo said frankly that in most cases, the company cannot distinguish whether customers are used for power or energy storage. But intuitively, he felt that customers' orders for energy storage were increasing. At the same time, customers have paid more attention to Lithium iron phosphate materials for energy storage.
Hunan Yuneng, a leading enterprise of Lithium iron phosphate, said that the market demand for Lithium iron phosphate products in energy storage is strong. In the investor survey summary announced on May 17, Hunan Yuneng said that the shipment of energy storage Lithium iron phosphate products has increased significantly, and has become a product type with rapid growth. Previously, Hunan Yuneng also said that with the rapid growth of energy storage market demand and the increase of the company's capacity scale, the company is more actively promoting energy storage Lithium iron phosphate products.
According to data from the High Industry Research Institute, a research institution in the lithium battery industry, the shipment volume of lithium batteries (power+energy storage) increased by 22.5% month on month in the second quarter of this year, with power batteries growing by 17.6% month on month and energy storage batteries growing by 40% month on month. The growth rate of energy storage is significantly higher than that of power batteries.
Public data shows that in the current domestic electrochemical energy storage market, ternary materials are prohibited due to safety problems, new materials such as Sodium-ion battery are still in small batch demonstration applications, and Lithium iron phosphate occupies most of the energy storage market. Therefore, the rapid growth of electrochemical energy storage in the first half of the year has synchronously driven the growth of Lithium iron phosphate battery. According to the statistics of Energy Storage Branch of China Battery Industry Association, up to 76% of the successful energy storage projects in the second quarter of 2023 will use Lithium iron phosphate battery for energy storage.
The High tech Industry Research Institute also stated that in the first half of the year, the proportion of energy storage business among top power battery companies gradually increased, and the business of battery companies is tilting towards the energy storage industry.
The explosive growth of energy storage is still ongoing