BOSTON, July 25, 2012 (GLOBE NEWSWIRE) -- In 2012, China's electric grid will become the largest in the world in terms of both installed generation capacity and electricity produced. China also possesses the world's largest installed wind power base and the world's largest declared investment in renewable energy. These facts alone suggest that China is also the most attractive market for energy storage in the world, even though China currently has just 4 percent of the worldwide energy storage capacity.
Whereas other markets have focused on power quality and ancillary services, China's grid energy storage market has developed with a focus on renewable energy integration, load-shifting and peak shaving. In a new report published today, Azure International and GTM Research forecast that pumped-hydro storage capacity will reach 40 to 60 gigawatts by 2016, while other storage technologies will rise from currently insignificant levels to over 700 megawatts installed by 2016, creating an annual US$500 million market. Download the report's brochure to see the complete scope at http://www.greentechmedia.com/research/report/china-grid-scale-energy-storage-2012-2016.
With strong government support and steadily improving technology, we anticipate the energy storage market will grow to a US$500 million per year market by 2016. In this 142-page report, we analyze the market's outlook with a realistic assessment of the policy, market and technical barriers that energy storage faces.
For more information on this report and the state of the China Energy Storage market, visit http://www.greentechmedia.com/research/report/china-grid-scale-energy-storage-2012-2016.
KEY FINDINGS
- China's grid power market is not yet structured to provide incentives for certain important energy storage applications, and needed reforms may be too complex and far-reaching to implement in the next few years.
- Chinese power producers and grid operators are just beginning to work with energy storage.
- Over the next five years, the energy storage market will be driven by policy. The central government has already recognized energy storage as an element of its Strategic Emerging Industries plan. This should lead to strong government support, which may include feed-in tariffs, large-scale demonstrations, and directives to certain regions and companies to develop the industry further.
- Attractive applications within China's energy storage market will differ substantially from the U.S. market. China will emphasize energy-oriented applications over power-oriented applications.
- Most experts have underestimated the will, ability and intention of China to expand domestic energy resources as a means to ensure national energy security. There is precedent for the energy storage sector to follow a similarly ascendant path.
Through the launch of this report, GTM Research and Azure International begin their partnership to bring world-class market research on the China Greentech market. The two firms will continue to work together to develop research products that provide an unparalleled look into the rapidly developing and complex Chinese clean energy and energy storage industries.
ABOUT GTM RESEARCH
Greentech Media delivers news, research, and analysis in the business-to-business greentech market. Using an integrated platform, we produce high quality products, whether it is industry news, market research or networking events. GTM Research, the research arm of the company, produces in-depth market reports and is the publisher of PVNews, a monthly solar market tracker. Greentech Media is headquartered in Boston, MA, with operations in New York, NY, and San Francisco, CA. For more information, visit: greentechmedia.com, follow us on twitter: @greentechmedia, or like us on Facebook: facebook.com/greentechmedia.
The GTM Research logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12468
ABOUT AZURE INTERNATIONAL
Azure International is a leading investment and advisory company focused on China's cleantech energy sector. Founded in 2003, we have a team of 20+ local and international professionals based in China with backgrounds in engineering, marketing, manufacturing, consulting, policy, government relations and finance. In addition to deep advisory capabilities in renewable energy, energy efficiency, carbon management, and energy finance, we have proven capability to invest in and accelerate the development of clean energy companies. Our portfolio and partner companies have achieved both significant commercial success and returns to investors. Azure provides the necessary expertise and execution capabilities in China to lead relationship development with government and strategic partners, project execution, sourcing, sales and technology development – all with deep understanding of Chinese and international requirements.
The Azure International logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13792
