2023 Review: China's Energy Storage Battery Market Faces Internal Competition as Demand Cools Down

SMM Analysis: There will be times when the wind and waves are calm! A review of China's energy storage battery market in 2023

SMM News, January 25th: After experiencing a surge in energy storage demand in 2022, energy storage companies that have 'tasted the sweetness' are still optimistic about the development of 2023, leading to a market with small but rapidly growing short-term demand that continues to attract numerous capital. However, the 'cooling down' of end demand at the beginning of 2023 dealt a heavy blow to the market, forcing supply-side companies to participate in an increasingly fierce competition in the energy storage market under various pressures, leading to 'internal competition' becoming one of the keywords of the 2023 energy storage market. According to SMM data, China's energy storage battery production in 2023 is about 183GWh, an 81% increase compared to 2022. In 2023, more demand comes from front-end energy storage, with front-end energy storage battery production accounting for over 80%.