Guangfa Securities: It is expected that domestic energy storage demand will reach 154/254/337GWh in 2025-2027.

Guangfa Securities research report pointed out that the domestic large-scale energy storage market is welcoming the opportunity of electricity reform, and overseas energy storage demand is expected to grow rapidly benefiting from AI. In the domestic market, many provinces are expected to implement capacity-based electricity pricing mechanisms, and the economic viability of energy storage is reaching a turning point. Policies supporting energy storage in Inner Mongolia, Gansu, Ningxia and other regions are stable, and the capacity-based pricing policy has a significant impact on the economic viability of energy storage, as demonstrated by the case of Gansu where the IRR of independent energy storage is expected to reach 9.9%. With the introduction of capacity-based electricity pricing mechanisms in many provinces, it is projected that domestic energy storage demand will reach 154/254/337GWh from 2025 to 2027, with a year-on-year increase of +40.2%/65.2%/32.5%. In the United States, the construction of data centers is driving rapid growth in energy storage demand. According to Trend Force, 2025 will be the "year of demand" for AI-driven energy storage, and 2026 will be the "year of large-scale delivery", with an additional 13GW of data centers in the United States driving 10.7-25GWh of energy storage demand. In Europe, the urgent need for flexible resources, improved business models, and subsidies shifting have accelerated the development of large-scale storage in various European countries. Furthermore, the large-scale power outages in Europe have created new demand for grid-type energy storage, optimizing the competitive landscape. It is expected that global energy storage will add approximately 279/423/563GWh of installed capacity from 2025 to 2027, with a year-on-year increase of +44%/52%/33%.