CICC: It is expected that the global energy storage demand will remain high in 2025, focusing on opportunities for front-end and back-end energy storage.

The China International Capital Corporation (CICC) released a research report stating that looking ahead to the global energy storage market in the second half of 2025, both front and back-end energy storage are expected to experience rapid growth. The global energy storage shipments are expected to reach 390GWh by 2025, an increase of 16% compared to the previous year. Against the backdrop of high global energy storage demand, it is recommended to focus on investment opportunities brought about by high growth in overseas markets other than the United States, including opportunities in front and back-end energy storage. Key points from the CICC report include: - It is expected that global energy storage demand will remain high by 2025. - The global energy storage shipments by 2025 are expected to exceed 390GWh, up 16% year-on-year. This includes regions such as China, the United States, Europe, Australia, Japan, and other regions (excluding communication storage) with forecasted shipments of 133/90/63/7/3/83GWh respectively, showing year-on-year changes of +16%/-13%/+29%/+15%/+12%/+59.0%. Due to tariff issues in the American market, the forecasted shipments for the United States in 2025 have been revised down from 143.5GWh to 90GWh. - Front-end energy storage: With the increasing penetration rate of wind and solar power generation, continued adoption of electricity market reform policies, and the improving economic feasibility of energy storage, a global large-scale energy storage shipments exceeding 300GWh are expected by 2025, up 13% year-on-year. - Europe's plan to reduce energy dependence on Russia will promote the development of new energy sources and drive the demand for energy storage. In the medium to long term, the continued increase in new energy installations and pressure on grid integration will catalyze the demand for energy storage. Short-term factors such as the "301 tariff" increase in the American market starting in January 2026 may drive demand for energy storage installations in the second half of 2025. Mid-term prospects for the gradual parity of new energy + energy storage with traditional energy sources offer ample growth opportunities. The halting of China's "mandatory storage" policy may have some short-term impact on demand, but ongoing reforms in the electricity market and the potential recognition of the time value of energy storage indicate the competition landscape may gradually improve. - Back-end energy storage: Policy enhancements, economic considerations, and guaranteeing power reliability will boost the demand for back-end energy storage. It is expected that global shipments of household and commercial energy storage will exceed 70GWh by 2025, up 28% year-on-year. - Economic improvements due to increased government subsidies, declining grid prices, and the promotion of dynamic electricity pricing in Europe will drive the rapid development of commercial energy storage from 0-1 by 2025. In Australia, significant economic benefits will arise from a 30% increase in subsidies, leading to increased demand for household energy storage. Changes in policies in the American market may trigger hoarding behavior, and the gradual parity of household solar and storage systems with traditional energy sources, as well as the continuing catalyzation of demand for household solar and storage due to frequent extreme weather events, are expected. Countries like Pakistan, Myanmar, and Nigeria are experiencing rapid growth in household and commercial energy storage demand due to high electricity prices and frequent power outages. The substitution of diesel generators with solar and storage systems in the Middle East, where power supply issues are severe due to geopolitical conflicts, offers significant potential. Risk factors include the global renewable energy transition falling short of expectations, policy fluctuations affecting end market demand, escalating geopolitical risks overseas, and intensified competition in the industry leading to declining profit margins.