With repeated energy crises, user-side energy storage has become a high-growth track

With repeated energy crises, user-side energy storage has become a high-growth track

Energy storage may become the hottest track in the new energy industry. The downstream application scenarios of energy storage mainly include the generation side, transmission and distribution side, and the user side (also known as the power side, households, industry and commerce, and other institutions) of the power system. Previously, power-generation energy storage has attracted much attention in the market. However, with the energy crisis in Europe and the energy storage market for overseas users, the user-side energy storage market has been booming recently.

Recently, benefiting from the user energy storage heat continued to climb and other factors, the secondary market energy storage plate frequently appeared different movements, hype heat climbing, energy storage related concept stocks ushered in a surge.

According to Dongcai market shows, as of press time, since November, Veke technology, Bomin Electronics, Xu Ji Electric, Corun, Guodian Nanzi and other energy storage concept stocks have risen more than 20%.

Driven by overseas markets

In recent years, the popularity of the user-side energy storage market has increased, mainly driven by the overseas market.

For a long time, Europe and the United States have been the main markets for user-side energy storage, accounting for about a quarter of the global market each. This has a lot to do with the coordination ability of overseas power grids. For example, the grid system in the United States is relatively old, and there are more extreme weather conditions. The coordination ability of superposed power grids is weak, and the stability of power supply for residents is poor.

In addition, overseas countries encourage the development of energy storage and introduce tax reduction or subsidies to support the development of the industry. For example, Italy has increased the tax reduction of home storage equipment to 110%, and the United States will grant up to 30% investment tax reduction for energy storage systems higher than 5kWh by 2026.

Finally, overseas land is sparse, household distribution is scattered, household energy storage system has become a necessary device. In addition, many factors, such as outdoor activities, camping and mobile electronics, have led to a natural preference for energy storage in the U.S. and Europe.

Data show that in 2021, the newly increased capacity of electrochemical energy storage in Europe exceeded 3GWh, while in 2020, the newly installed capacity of household energy storage exceeded 1GWh. Among them, Germany accounts for more than 70% of the new energy storage market, leading the European countries.

Since 2022, the energy crisis in Europe has led to a sharp rise in the prices of natural gas, coal and other energy sources, a sharp rise in residential electricity costs and the risk of power supply interruption, further stimulating the demand for household energy storage products.

Driven by high electricity prices and the demand for energy security, the global demand for household energy storage has exploded. It is estimated that the newly installed capacity of global household energy storage will reach 15GWh in 2022.

In addition, the energy storage penetration rate of domestic users is also further improving.

With the popularity of outdoor camping in China, the technology of energy storage industry continues to mature, and the attention on outdoor electricity products is on the rise. According to the JD.com Double 11 News, the transaction volume of energy storage/outdoor power supply increased by 300% year-on-year.

Benefiting from the surging demand of energy storage market at home and abroad, energy storage market has become a hot track in the field of new energy.

According to the calculation of Ping An Securities, considering the penetration of household storage in other countries and regions such as Australia, Japan and Latin America, assuming that the European and American household storage market accounts for 40% of the global market in 2025, the newly installed demand of global household storage will reach 50GWh in 2025. If the value of each 10kWh energy storage system (including battery system and converter) is $10,000, a single GWh corresponds to a market space of $1 billion (7 billion yuan), and the future global household storage market space could reach 100 billion.

Industrial chain competition pattern: a hundred flowers bloom, absolute leading is not present

The household storage system is mainly composed of energy storage battery and converter. The energy storage battery is used to store electric energy, and the converter is used to transform electric energy for load use or grid connection.

The link of household storage terminal products is dominated by local brands. In Germany, for example, the leading brand of household storage market is German brand Sonnen, which will take up 21% of the market share in 2020. But Chinese brand BYD (002594) also made it into the top five German household storage market.

Tesla is the absolute leader in the U.S. household storage market.

According to the USITC's 2020 survey of 20 states and the District of Columbia, Tesla has 73% of the market for home storage systems, compared to LG's 12%.

Compared with the above overseas leading enterprises, Chinese energy storage enterprises occupy a relatively small share in the terminal market. Many enterprises usually start with the battery or converter from the upstream of the industrial chain, and cut into the European and American household storage market, and have strong competitiveness.

However, from the perspective of financial report, due to the complexity and diversity of energy storage application scenarios, the different characteristics of different countries and regions, and the fact that domestic enterprises are still in the layout stage of user-side energy storage, the main business of most user-side energy storage concept stocks at this stage is not user-side energy storage business, and their revenue contribution is limited. Therefore, in most of the current user-side concept units, the business level also involves the generation side and the transmission and distribution side.

In this regard, Caihua Society sorted out the research reports and market news from major brokerages and selected the following several user-side energy storage concept stocks that were mentioned most for reference only.

It is understood that at present, domestic enterprises focusing on the user energy storage market include BYD, Peineng Technology, Penghui Energy, Huabao Xineng and so on.

Byd's household storage products, including all-in-one Energy Pod and battery system HVM, all adopt the line of lithium iron phosphate battery and successfully seize the German market. In 2020, the market share of the company's household storage products in Germany has reached 19%, second only to the leading Sonnen (21%);

The products of Pineng Technology are mainly battery systems for household storage scenarios. By adopting the soft-pack battery route, Pineng Technology has successfully opened the European market and become the supplier of Sonnen, Germany's leading household storage system. In the first half of 2022, the revenue of overseas business accounts for 81%.

Penghui Energy's household storage products are mainly cell, the company's household storage batteries are mainly sold to Europe, Australia, and try to enter the North American market; The company's home storage customers include Sunshine Power, Arrow, Sanjing, RCT, Deye Shares, Zhenghao, Bull and so on.

In addition, the leading lithium battery has long been in the Sino-Italian energy storage market. Recently, Ningde Times set up an energy storage company that has attracted market attention. The registered capital of the energy storage company is 120 million yuan, and the business scope includes: power generation business, transmission business, power supply (distribution) business, etc.

Since 2018, Ningde Times has made great efforts to develop its energy storage business, which has gradually become an important growth point of the company. At present, the company has household storage cell and battery system products, but the company's energy storage batteries are mainly used in the power generation side or the power grid side of the large energy storage system, the delivery scale and business proportion of household storage batteries have not been disclosed.

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