According to the data released at the National Energy Administration's press conference in the first quarter of 2024, China's new energy storage has developed rapidly, and more than 30 million kW of installed capacity has been put into operation.

By the end of 2023, the cumulative installed capacity of new energy storage projects in China has reached 31.39 million kWh / 66.87 million kWh, with an average storage time of 2.1 hours. In 2023, the newly installed capacity will be about 22.60 million kWh / 48.70 million kWh, an increase of more than 260% from the end of 2022, and nearly 10 times the installed capacity at the end of the "13th Five-Year Plan".

From the perspective of investment scale, since the '14th Five-Year Plan', the new type of energy storage installed capacity has directly promoted economic investment of more than 100 billion yuan, driven the further expansion of the upstream and downstream industry chain, and become the new driving force of China's economic development.

From the technical route, lithium-ion battery energy storage is still absolutely dominant, compressed air energy storage, flow battery energy storage, flywheel energy storage, and other technologies have developed rapidly. Since 2023, several 300 MWh compressed air energy storage projects, 100 MWh liquid flow battery energy storage projects, and megawatt-level flywheel energy storage projects have started construction, and new technologies such as gravity energy storage, liquid air energy storage, and carbon dioxide energy storage have been implemented, showing an overall diversified development trend.

According to the data released at the press conference, as of the end of 2023, lithium-ion battery energy storage has been put into operation, accounting for 97.4%, lead-carbon battery energy storage accounts for 0.5%, compressed air energy storage accounts for 0.5%, flow battery energy storage accounts for 0.4%, and other new energy storage technologies account for 1.2%.

According to reports, more than speed up the development of new energy storage, 11 provinces (regions) installed a capacity of more than one million kilowatts. From a regional perspective, North China and Northwest China have developed rapidly in new energy storage, accounting for more than 50% of the country's installed capacity, of which Northwest China accounts for 29% and North China accounts for 27%.