Starting in March, Huawei will sell large battery systems for renewable energy storage in Japan through battery manufacturers, including the Ningde era, according to media reports. Huawei combines small battery packs into container-sized units and sells them to customers in Japan, whose capacity can be adjusted to meet Japan's demand for electricity during the transition from fossil fuels to renewable energy.
There are various forms of energy storage, and the development of pumped energy storage and electrochemical energy storage is leading. At present, the technical scheme of energy storage can be divided into physical and mechanical energy storage, electrochemical energy storage, electromagnetic energy storage and photothermal energy storage, in which physical energy storage and chemical energy storage account for the absolute proportion, and the most representative of physical energy storage is pumped energy storage. the best representative of chemical energy storage is lithium-ion battery energy storage. By the end of 2021, in the global energy storage cumulative installation, pumped storage still occupies the main position, accounting for more than 90%, mainly due to the lower cost of pumped storage and meeting the demand for long-term energy storage; in recent years, lithium-ion battery energy storage system plays a major role in the new energy storage installation, mainly due to the declining cost and its flexible regulation capacity.
Local governments have responded positively to the goal of "double carbon". Wind power, photovoltaic policies and supporting energy storage plans have been issued one after another. as of November 2021, many provinces and cities in China have clearly defined the specifications and requirements of matching energy storage equipment, and clearly defined the proportion and duration of storage. With the expansion of the installed capacity of the "14th five-year Plan", the local energy storage security policies will further expand and promote the expansion of energy storage scale and the development of the industry.
Citic Securities Research News pointed out that the process of energy reform has been accelerated to promote the development of the energy storage industry. The realization of the goal of carbon neutralization needs the large-scale construction of wind power, photovoltaic and other new energy, and the effective operation of new energy generation needs the support of the new power system. The new power system is undergoing the change from "source-grid-load" to "source-grid-load-storage". In the era of energy change, energy storage is expected to become the fourth basic element of the new power system. The development of the energy storage industry is also promoted by many factors, including the connection of large-scale renewable energy to the grid; the continuous decline of energy storage costs, especially battery costs; and the reform of the power system, including the continuous improvement of the electricity price mechanism and the rise of the auxiliary service market; the energy storage support policy continues to promote, and the central and local governments have issued a number of policies to support the sustainable development of the energy storage industry. In the era of energy change, the energy storage industry is expected to usher in a golden period of development.
The application scene is rich, and the development space of energy storage is broad. According to the application scenario, the energy storage can be divided into power generation side (renewable energy grid-connected, reduce abandoned light and abandoned wind), Electroweb side (power peak regulation, frequency modulation), user side (spontaneous self-use, peak-valley price difference arbitrage), auxiliary services (5G base station backup, IDC) and other uses. According to the needs of each link of the adaptive power system, the corresponding energy storage application types and Discharge requirements are also different. Based on the calculation and forecast results of the above links (see body for details), CITIC Securities judges that the global energy storage market in 2021-2025 is expected to release 20.1/32.7/52.5/65.3/93.2GW energy storage construction demand with the pace of energy transformation and downstream power demand construction, respectively. It is expected to lead to explosive growth in procurement demand for major energy storage technologies and related industrial chains.
The business model and industrial chain are constantly improving. The energy storage system is mainly composed of battery pack, bi-directional converter (PCS), energy management system (EMS), battery management system (BMS) and other electrical equipment, in which the battery pack is the core of the energy storage system, mainly including lithium iron phosphate and ternary batteries, PCS can control the charging and Discharge process of energy storage battery pack, AC / DC conversion, EMS is responsible for data acquisition, network monitoring and energy dispatching, etc. BMS is mainly responsible for battery monitoring, evaluation, protection and equalization. Electrochemical energy storage has great potential for development, and leaders in various fields have laid out different links of the energy storage track in advance. In the case of rapid growth of parts driven by industry demand, CITIC Securities believes that system solution providers with brands, channels and core components will win in the energy storage market in the future.
Citic Securities points out that energy storage peers are needed in the era of energy change. At present, the development of energy storage industry is dominated by electrochemical energy storage represented by pumped storage and lithium-ion batteries. In the field of pumped storage, Dongfang Electric is recommended, China Electric Construction, China Energy Construction, Harbin Electric, etc.; in the field of electrochemical energy storage, Sunshine Power, Ningde era, Sowen Power, Xu Ji Electric, etc., are recommended. It is recommended to pay attention to Kehua data, Shenghong shares, Invik, Gaolan shares and so on.
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