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The energy storage market is a new trend

Under the goal of “carbon peak and carbon neutrality”, wind power and photovoltaic power generation will develop rapidly in Europe. Between 2019 and 2023, the EU’s wind and solar power generation will increase by 46%, replacing one-fifth of the EU’s fossil fuel power generation. Energy storage is an important means to solve the intermittent and instability of wind power and photovoltaic power generation and enhance the flexibility and security of energy system supply. Wind power and solar energy accounted for 26.44% of the EU’s electricity in 2023. According to the IEA (International Energy Agency) forecast, the proportion of global photovoltaic and wind power in total power generation will increase from the current 7% to 24% in 2040. The three major markets of the United States, China and Europe account for 80% of the overall energy storage market. Emerging developing countries, especially China, are developing rapidly. By the end of 2023, China’s operational power storage projects accounted for 30% of the total global market size. European countries need to actively change the global electricity consumption structure. SESS is committed to strengthening the European energy storage market.