The high electricity prices in Europe even worldwide In 2022, due to energy issues and conflicts among countries led people to seek energy storage solutions to manage the expensive costs. The European energy crisis heightened the demand for solar power energy.
Therefore, a significant turning point occurred in China solar power industry. Before, only a few companies had ventured into energy storage industry. However, the emergence of power shortages and the global energy crisis that year triggered a thriving energy storage market in Europe, America and Africa. This opportunity prompted numerous China companies, regardless of their original fields, to vie for a share in the solar market.
Many companies in China have started diversifying their operations. These diversified businesses originate from various industries. According to the partial data from Starting Point Lithium Battery, around 40 companies have invested in the power/energy storage battery industry chain.
Among these diversified companies, many are engaged in sectors like fashion, real estate, and environmental services. Notably, real estate firms have not only entered the battery industry but also expanded into businesses related to terminal vehicle enterprises. Leading companies such as
Wuliangye Yibin Company(Top alcohol brand in china)
Evergrande Real Estate, Baoneng Group, Country Garden
China Fortune Land Development
Wanda Group,
Everbright Holdings
Guancheng Datong
Damingcheng ETC… …
have strategically positioned themselves in this field.
However, in 2023, energy demand dropped and global consumption decreased, intensifying competition in the market. Moreover, fluctuating prices of materials used in energy storage have impacted company profits.
Nevertheless, this China solar battery quotes benefits users as they can access solar energy at lower costs. Additionally, people can harness solar power for residential use, contributing to economic advantages and expanding the home energy storage market.
Despite the current temporary decline, the energy storage market holds a promising future. An esteemed Chinese research group focused on power and chemicals projects that only the solar portable generator market could reach an impressive value of approximately 88.23 billion yuan by 2026. Their estimations indicate that around 31.1 million portable energy storage products will be sold globally in 2026, not to mention to residential energy storage industry!
