Overview of various energy and new energy storage industries

1.1Definition and Classification

New energy storage refers to energy storage technologies other than pumped storage?

Energy storage is a technology that uses specific devices or physical media to store different forms of energy in different ways for future use when needed. New energy storage refers to energy storage technologies other than pumped storage. Energy storage forms are mainly divided into three categories based on different technological paths: thermal energy storage, electrical energy storage, and hydrogen energy storage. Among them, electrical energy storage can be further divided into physical energy storage, electromagnetic energy storage, and electrochemical energy storage according to energy storage forms. In addition to pumped storage, physical energy storage also includes compressed air energy storage, flywheel energy storage, gravity energy storage, etc. Electromagnetic energy storage includes superconducting energy storage, supercapacitor energy storage, etc; Electrochemical energy storage includes forms of energy storage such as lithium-ion batteries, sodium batteries, lead-acid batteries, flow batteries, sodium sulfur batteries, fuel cells, etc; Thermal energy storage mainly includes molten salt energy storage, hot and cold energy storage, etc

1.2Comparison of Major Energy Storage Technologies

Each energy storage technology has its own uniqueness

Energy storage technology presents a diversified development pattern, with different application scenarios and each energy storage technology having certain uniqueness. In practical applications, users need to comprehensively consider the characteristics, advantages and disadvantages of various energy storage technologies and choose the most suitable technical solution. For example, flywheel energy storage, supercapacitors, and superconducting energy storage can solve frequency regulation needs below the second or minute level. Pumped storage, compressed air energy storage, fuel cells, and electrochemical energy storage are more suitable for hourly peak regulation. Hydrogen energy storage is suitable for seasonal peak regulation, and the characteristics of different energy storage technologies are shown in the table below：

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PART 2

Mechanical energy storage - compressed air energy storage, flywheel energy storage

2.1 Compressed air energy storage

Industry Overview

Compressed air energy storage refers to the energy storage method of using electrical energy to compress air during low load periods of the power grid, and releasing compressed air to drive steam turbines to generate electricity during peak load periods of the power grid. The compressed air energy storage system includes multiple subsystems such as compression, gas storage, thermal storage and cooling, reheating/cooling, and expansion power generation. The key equipment in the system mainly includes compressors, heat exchangers, and expanders. Compressed air energy storage can be divided into traditional and new technology routes, among which new compressed air energy storage includes adiabatic compressed air, thermal storage compressed air, isothermal compressed air, liquid air energy storage, supercritical compressed air energy storage, and advanced compressed air energy storage.

?Compressed air energy storage, as a representative of emerging energy storage technologies, is gradually becoming a new focus in the energy field. With the continuous maturity of technology and the rapid growth of market demand, multiple listed companies have deeply participated in the industry chain, jointly promoting the prosperity and development of the industry. From the perspective of industry competition pattern, the concentration of China's air compressor market is relatively low, and the competition pattern is relatively scattered. In the vast field of compressed air energy storage industry, a group of key enterprises stand out with their profound technological accumulation, strong research and development capabilities, and outstanding performance in core equipment development, self investment development, and other aspects. Enterprises such as Zhongchu Guoneng, China Energy Construction, China Huaneng, Xiagu Power, Hangyang Shares, Jintongling, Dongfang Electric, and Xuetian Salt Industry have all demonstrated extraordinary competitiveness and influence in this field.

Market risks and trends

Risk: Currently, the compressed air energy storage industry is in the early stages of industrialization, and although it has broad development prospects as a clean and efficient energy storage technology, it still faces various challenges. Among them, due to the incomplete maturity of compressed air energy storage technology, it may face the problem of technological instability in practical applications. This includes but is not limited to frequent equipment failures, unstable system operation, fluctuations in energy conversion efficiency, etc., all of which may affect the reliability and safety of various energy systems. In addition, the construction and operation costs of compressed air energy storage systems are relatively high, including multiple parts such as gas storage facilities, compression and release systems, and thermal management systems. The high investment cost limits the widespread application and commercialization process of this technology.

Trend: With the increasing maturity and innovation of compressed air energy storage technology, as well as the intensive introduction of national support policies for various energy fields, the development of compressed air energy storage technology is enormous.

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2.2 Flywheel Energy Storage

Industry Overview

Flywheel energy storage refers to the use of an electric motor to drive a flywheel to rotate at high speed, converting electrical energy into kinetic energy for storage, and then using the flywheel to drive a generator to generate electricity when needed. The flywheel energy storage system mainly consists of three parts: rotor system, bearing system, and energy conversion system. In addition, there are some supporting systems such as vacuum cryogenic, shell and control systems.

Wheel energy storage system is an energy storage device for electromechanical energy conversion, which breaks through the limitations of chemical batteries. The technical characteristics of flywheel energy storage are high power density and long life.

Implement energy storage through physical methods.

Flywheel energy storage is widely used in high-power, fast response, high-frequency scenarios due to its advantages of high power density, high efficiency, long lifespan, and no pollution. Typical markets include rail transit, power grid frequency regulation, UPS uninterruptible power supply, etc.

Modern flywheel energy storage technology has a research and application history of over 50 years since the mid-20th century. The United States was the first to enter the industrial development stage in the mid to late 1990s, providing commercial products for the transition power supply field of uninterruptible power supply. At present, VCON, ActivePower, Beacon, Piler and other major flywheel energy storage manufacturers in the world, and Tsinghua University, Beijing University of Aeronautics and Astronautics, Harbin Institute of Technology, Chinese Academy of Sciences and other universities and scientific research institutions in China have also been conducting flywheel energy storage technology research.

According to data, as of the end of 2023, a total of 31.39GW/66.87GWh of new energy storage projects have been built and put into operation nationwide. Among them, lithium-ion battery energy storage accounts for 97.4%, while flywheel energy storage accounts for only about 0.2%. In the first half of 2024, there were 11 registered projects for the industrialization of flywheel energy storage, with a total investment of over 4.1 billion yuan, and significant progress was made in the industrialization process.

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Thermal Energy Storage - Molten Salt Thermal Storage

3.1 Molten Salt Thermal Storage

Industry Overview

Molten salt is the abbreviation for molten salt, which refers to the molten inorganic salt formed by metal cations and non-metal anions, and can also be regarded as ionic liquids. Molten salt is a solid state at room temperature and pressure, and transforms into a liquid state after reaching a certain temperature. The interaction between anions and cations in liquid molten salt gives it special physical and chemical properties, making it suitable as a medium for heat transfer and storage. Molten salt, as a thermal storage medium, absorbs energy such as electricity and radiation, and stores it in the medium. When the ambient temperature is lower than the medium temperature, the thermal storage medium can release thermal energy. Compared to solid heat storage, molten salt heat storage has advantages such as stability, long lifespan, and low heat transfer difficulty. In summary, molten salt thermal storage has the characteristics of large-scale, long-term, safe and stable, and is not limited by site selection. It is one of the most promising energy storage technologies in building future new power systems, and has great potential in responding to peak shaving auxiliary services, system heating, and energy reserve.

Industry Development History and Installation Status

Since the 21st century, with the rapid development of renewable energy, molten salt energy storage has received wider attention. Many countries have begun to research and develop molten salt thermal storage technology, and pilot projects have been carried out in practical applications. For example, the Gema so system in Spain. The thermal solar power station was put into operation in 2011 and adopts a molten salt thermal storage system. With the continuous advancement of technology and the decrease of costs, the molten salt thermal storage industry has achieved rapid development in thermal storage. More and more countries and regions are deploying large-scale new projects related to molten salt and playing an important role in the field of renewable energy. In addition, new research and innovation are also driving further improvement and application expansion of molten salt thermal storage technology.

Molten salt thermal storage holds a certain position in the global energy storage industry and is the third largest energy storage model in the world. According to data released by CNESA, pumped storage is the most important form of power storage, accounting for 67.0% of the global cumulative installed capacity of pumped storage in 2023; The cumulative installed capacity of new energy storage accounts for 31.6%, while the cumulative installed capacity of molten salt thermal storage accounts for only 1.4%. With the development of technology and the promotion of the market, the position of molten salt thermal storage is expected to be further enhanced.

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PART 04

Chemical energy storage - electrolysis of water for hydrogen production

4.1 Hydrogen production by electrolysis of water

Industry Overview and Technical Route Comparison

Electrolysis of water to produce hydrogen is a process that utilizes the principle of electrolysis to decompose water into hydrogen and oxygen. This is a sustainable energy production method because water is an abundant resource and the electrolysis process does not produce harmful substances such as carbon dioxide. The principle of electrolyzing water to produce hydrogen is very simple, which is to use electric current to pass through two electrodes in an electrolyte solution (usually water), causing water molecules to undergo redox reactions, thereby decomposing water into hydrogen gas and oxygen gas. During this process, the positive electrode will attract oxygen ions in the water and reduce them to oxygen; The negative electrode will attract hydrogen ions in water and reduce them to hydrogen gas. In practical applications, electrolysis of water to produce hydrogen can be used for energy storage and conversion. When there is excess electricity, hydrogen can be produced by electrolyzing water to convert electrical energy into hydrogen and store it. When energy is needed, it can be released by burning hydrogen or reacting with oxygen to achieve energy conversion. At present, according to the different electrolytes, hydrogen production technology through water electrolysis can be divided into alkaline (AWE) hydrogen production through water electrolysis, proton exchange membrane (PEM) hydrogen production through water electrolysis, solid oxide (SOEC) hydrogen production through water electrolysis, and solid anion exchange membrane (AEM) hydrogen production through water electrolysis.

?Market prospects for hydrogen production through electrolysis of water

Hydrogen is not only an energy source, but also a carrier and basic raw material of energy, which can be widely used in fields such as chemical, industrial, transportation, construction, and power generation. The growth of these demands provides a broad market space for green hydrogen production. According to statistics, the demand for green hydrogen in 2022 is about 270000 tons. In the future, with the further tightening of carbon emission assessments and the decrease in electricity prices, green hydrogen is expected to achieve parity with natural gas hydrogen production, and the demand for green hydrogen will increase significantly. It is expected that the demand for green hydrogen will exceed 1.5 million tons in 2025 and 30 million tons in 2030. The compound annual growth rate from 2022 to 2030 will reach 81.0%. In 2024, with the gradual implementation of green hydrogen production subsidies in various countries and the tightening of carbon reduction policies in areas such as aviation, cloud transportation, etc., it is expected that the construction of global electrolytic water hydrogen production projects will enter the commercial development stage. The number of projects will increase, and the scale of individual projects will further accelerate the growth of global electrolytic water hydrogen production capacity, creating more market demand for hydrogen production equipment.

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PART 05

Electromagnetic Energy Storage - Superconducting Energy Storage

Industry Overview

Superconducting energy storage is a method of directly storing electrical energy without the need for energy conversion. It introduces current into an inductive coil, which is made of superconductors. Theoretically, the current can circulate continuously without loss until it is exported. At present, the materials used for superconducting coils mainly include niobium titanium (NbT) and niobium three tin (Nb3Sn) superconducting materials, bismuth based and yttrium barium copper oxygen (YBCO) high-temperature superconducting materials, etc. The common feature of these materials is that they need to operate under low temperature conditions of liquid helium or liquid nitrogen to maintain superconducting properties. Therefore, a typical superconducting magnetic energy storage device currently includes superconducting magnet units, low-temperature constant temperature, and power conversion systems.

Application Fields and Market Prospects

The application prospects of remote energy storage technology in the power system are very broad. In addition, superconducting energy storage also has potential application scenarios in distributed energy, microgrids, and new energy fields. In the 1970s, superconducting technology began to play a role in power systems, mainly in the form of superconducting cables, which can be seen as the embryonic form of today's superconducting magnetic energy storage technology. With the advancement of technology, in the 1980s, Japanese scientists made a breakthrough discovery by developing high-temperature superconducting materials, which injected strong impetus into the further development of magnetic energy storage technology. Despite its current development, superconducting energy storage is still in the research stage, and there are few projects implemented globally. Its superior technical performance still attracts the attention of investors from all over the world, and its future development prospects are broad. It is expected that the global superconducting energy storage market size will reach 10 billion US dollars by 2035, and its proportion in new energy storage structures will steadily increase.

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PART 06

Lead carbon battery electrochemical energy storage - lead-acid battery, lithium-ion battery, sodium sulfur battery, flow battery

6.1 Electrochemical energy storage

Overview and installation status of electrochemical energy storage

Inter conversion electrochemical energy storage is the process of storing energy by reacting chemical energy and electrical energy with sodium sulfur. Depending on the material, it can be mainly divided into lead-acid batteries, energy storage batteries, flow batteries, and lithium-ion batteries. On the one hand, the energy density and energy conversion efficiency of electrical energy are high, and the response speed is fast and can effectively meet the peak shaving and frequency regulation needs of the power system; On the other hand, its performance and land area can be flexibly configured according to different application needs, almost unaffected by external factors

The influence of climate and geographical factors

From January to June 2024, electrochemical energy storage showed a steady growth trend, with 19 member units of the National Electric Power Safety Committee adding 142 new power stations and a total installed capacity of 10.37GW/24.18GWh, a year-on-year increase of 40%, equivalent to 6.79% of the country's new installed capacity of power sources and 8.04% of the new installed capacity of new energy.

Shipment volume and enterprise ranking of energy storage cells

From January to June 2024, the global shipment scale of energy storage cells reached 114.5 GWh, a year-on-year increase of 33.6%. Among them, the shipment volume of large battery cells is 101.9 GWh, and the shipment volume of small battery cells is 12.6 GWh.

Among the top ten companies in terms of total global shipments of energy storage batteries in the first half of 2024, nine are from China. In the first half of the year, the market share of the top five companies in terms of energy storage cell shipments totaled 73.2%, an increase of 1.8 percentage points from the first quarter. The top ten companies collectively hold 91% of the global market share, maintaining a historically high level.

6.2 Lead acid batteries

Advantages of lead-acid battery energy storage system

Lead acid batteries, which have been developed for many years, are one of the most mature technologies in the electrochemical system. After energy and development, their application scope has become extremely wide, covering multiple key fields such as backup power, energy storage systems, and power. Lead acid batteries continue to dominate the market in traditional application fields such as electric bicycles, UPS power supply, and telecommunications base stations, thanks to their stable and reliable lead energy storage capabilities. Data shows that the production of batteries reached 245 million kWh in mid-2023, a year-on-year increase of 3.61 million

Lead acid battery energy storage system is an energy storage system based on lead-acid battery technology. This system converts electrical energy into chemical energy through chemical reactions for storage, and releases it as electrical energy when needed. Lead acid battery energy storage systems typically consist of lead-acid battery packs, battery management systems (BMS), charging equipment, and discharging equipment.

Analysis of the Market Prospects for Lead Acid Energy Storage Batteries

Although lead-acid batteries have limitations in terms of performance compared to other types of batteries, their cost is relatively low, making them suitable for use with limited budgets or requiring low-cost energy storage. Therefore, lead-acid batteries have broad prospects for application in the household energy storage market. family. In addition, lead-acid batteries have a relatively small impact on the environment and are easy to recycle. In recent years, China's distributed photovoltaic industry has developed rapidly, and the capacity of household photovoltaic machines has continued to grow. According to data, the newly added grid connected capacity of household photovoltaics in China will reach 115.797 million kilowatts in 2023. The booming development of household photovoltaic industry has generated a volume of 43.483 million kilowatts, a year-on-year increase of 72.24% compared to 2022, providing vast market opportunities. The strong market demand for household energy storage batteries accounts for about 20% of the energy storage applications for lead-acid batteries. It is expected that this trend pattern will continue in the short term. Currently, lead-acid batteries are mainly used in the power field in China, with energy storage being the mainstay. The pool size will increase from 20 billion yuan in 2023 to 31 billion yuan in 2030.

6.3 Lead carbon batteries

Structure and classification of lead carbon batteries

Lead carbon battery, also known as lead carbon battery, is an innovative super battery technology that cleverly integrates the maturity of traditional lead-acid batteries with the excellent performance of supercapacitors. This unique combination not only leverages the advantages of instant capacity charging of supercapacitors, but also the specific energy advantage of lead-acid batteries, and has excellent charging and discharging performance - it can be fully charged in 90 minutes (lead-acid batteries have a lifespan of less than 30 times if they are overcharged and discharged). And due to the addition of carbon (graphene) as a factor, the battery life is further extended. Preventing the phenomenon of negative electrode sulfation and improving battery failure in the past. Depending on the mixing method of the negative electrode plate carbon material, can lead carbon batteries be used? For external parallel lead carbon batteries, internal parallel lead carbon batteries, internal hybrid lead carbon batteries, etc.

6.4 Energy Storage Lithium Battery

Classification of Energy Storage Lithium Battery Products

The general term for a pool, which is mainly composed of positive electrode plates, negative electrode plates, separators, and electrolytes. Lithium ion batteries are secondary electric devices that use lithium-ion compounds as positive electrode materials. Energy storage batteries can be further divided into communication base station energy storage batteries, data center energy storage batteries, and household energy storage batteries, among which energy storage lithium batteries are used in the energy storage industry. At present, lithium-ion batteries are also the main type of electric energy storage batteries. By 2023, the proportion of lithium-ion energy storage batteries in China's new energy storage installed capacity will reach 97.3%. Since the 14th Five Year Plan, the addition of new energy storage installations has directly driven economic investment exceeding 100 billion yuan, further expanding the upstream and downstream of the industrial chain, and becoming a "new driving force" for China's economic development. The continuous advancement of energy storage projects has driven the continuous growth of demand for energy storage lithium-ion batteries. China has become the world's largest producer and consumer of energy storage batteries, with a shipment of 206GWh, a year-on-year increase of 58%. Based on the market size of 225GWh of global energy storage lithium batteries shipped in 2023, a year-on-year increase of 50%, it is expected that the market size of lithium battery energy storage will reach over 100 billion by 2025.

6.5 Sodium based energy storage

Working principle and performance advantages of sodium ion batteries

Sodium ion batteries (NIBs) are a type of secondary battery that relies on the movement of sodium ions between the positive and negative electrodes to complete charging and discharging operations, similar in principle and structure to widely used lithium-ion batteries. The working principle of sodium ion batteries is similar to that of lithium-ion batteries, both of which achieve charge transfer through the insertion and extraction of sodium ions.

Working principle and performance advantages of sodium ion batteries

As early as the 1980s, sodium ion batteries had been briefly studied, but due to the significant advantage of lithium-ion batteries in energy density at that time and their widespread application in commercial production, research on sodium ion batteries was put on hold. In recent years, with the maturity of lithium-ion battery research and industry chain construction, as well as concerns about lithium resources, the research and industrialization process of sodium ion batteries has entered a new stage, and 2023 is even hailed as the "Year of Sodium Electricity".

Advantages of sodium ion batteries

1. In terms of energy density

The battery cells of sodium ion batteries are usually; It is 100-150wh/kg. The energy density of lithium-ion battery cells is generally between 120-200Wh/kg, and for ternary systems with high N content, it exceeds 200Wh/kg. Obviously, sodium ion batteries are currently not as good as ternary lithium batteries, but for lithium iron phosphate batteries with a capacity of 120-200Wh/kgt0 and lead-acid batteries with a capacity of 30-50Wh/kg, sodium ion batteries can partially overlap or even cover.

2. Working temperature range and safety aspects

Sodium ion batteries have a wide temperature range, typically between -40 ° C and 80 ° C. The working range of ternary lithium-ion batteries is usually between -20 ° C and 60 ° C, and the performance of lithium-ion batteries will decrease below 0 ° C. In contrast, sodium ion batteries have an SOC retention rate of over 80% at -20 ℃ C.

Sodium ion batteries have a higher internal resistance than lithium-ion batteries, making them less prone to heating during short circuits and providing higher safety.

3. In terms of charging speed

The charge discharge rate performance of sodium ion batteries is directly related to the migration ability of sodium ions at the positive and negative electrodes, electrolyte, and interface between them. All factors that affect the migration speed of sodium ions will affect the charge discharge rate performance of sodium ion batteries.

Sodium ion batteries can be fully charged in just 10 minutes, while ternary lithium batteries require at least 40 minutes and lithium iron phosphate batteries require 45 minutes.

6.6 Vanadium flow battery

Working principle and performance advantages of all vanadium flow battery

Sodium ion batteries (Sodium ion batteries/Na ion batteries 6ries NBs) are secondary batteries that rely on the movement of sodium ions between the positive and negative electrodes to complete discharge work, similar in principle and structure to widely used lithium-ion batteries. The working principle of sodium ion batteries is similar to that of lithium-ion batteries, both of which achieve charge transfer through the insertion and extraction of sodium ions.

Vanadium flow battery is a new type of energy storage device, which has the advantages of high safety, long cycle life, high system flexibility, fast response speed, strong temperature tolerance, and environmental friendliness. It can be applied in multiple fields such as power grid energy storage, wind power energy storage, solar energy storage, etc.

From the development history of all vanadium flow batteries, the concept and research and development of vanadium flow batteries originated abroad. In 1976, NASA was the first to discover vanadium as an active material for flow batteries. In 1984, M. from the University of New South Wales in Australia Svalas Kazacos proposed the research and development of vanadium flow batteries. In 1986, relevant patents were granted, and in-depth research began on key materials including membranes, conductive polymer electrodes, graphite felt, etc., successfully obtaining multiple patents. In the 21st century, all vanadium flow batteries began to move from the laboratory to industrialization. American and Japanese companies took the lead in commercial exploration, developing initial commercial products and demonstration projects. China subsequently followed suit and made breakthroughs in multiple technological fields. Nowadays, all vanadium flow batteries have entered the stage of commercial demonstration. Data shows that in 2022, the scale of newly put into operation liquid flow battery energy storage projects in China reached 112.1MW/458.2MWh, an astonishing year-on-year increase of 338% and 390% compared to 2021. It is predicted that by 2025, the penetration rate of all vanadium flow batteries in the energy storage field is expected to reach 15% to 20%, and their position in the energy storage market will be more stable.