9 Chinese companies including EVE Energy, Ruipu Lanjun, and Envision Power ranked among the top 10 global energy storage cell shipments
By Helen
August 24th, 2024
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At present, the global energy storage industry has entered a period of deep cyclical adjustment. The market structure of energy storage cells and system integration has not yet been clarified, and the energy storage industry has shown a fluctuating upward trend. Recently, overseas research institutions have successively released the global energy storage cell and system shipment rankings for the whole year of 2023 and the first half of 2024. Battery China has noticed that Chinese battery manufacturers occupy a pivotal position in both energy storage cells and system integration. Among the TOP10 global energy storage cell shipments in the first half of 2024 released by the institution, Chinese cell manufacturers occupy 9 seats. According to the latest data released by InfoLink Consulting, in the first half of this year, the top 10 companies in global energy storage cell shipments were CATL, EVE Energy, Ruipu Lanjun, Haichen Energy Storage, BYD, Sinovation, Guoxuan High-tech, Samsung SDI, Envision Power, and Penghui Energy. Among them, except for Samsung SDI of South Korea, which ranked eighth, the remaining 9 are from China. In terms of shipments, data shows that global energy storage cell shipments reached 114.5GWh from January to June, a year-on-year increase of 33.6%. Among them, large-scale storage (including industrial and commercial) cells accounted for 101.9GWh, a year-on-year increase of 44.3%.
01
The market share of energy storage cells is highly concentrated
Battery China noted that, against the backdrop of the crazy "involution" of the energy storage industry, the industry concentration continued to remain at a high level in the first half of this year. The top ten battery cell manufacturers accounted for about 91% of the global market share, while the top five companies in terms of shipments accounted for a combined market share of 73.2%. From the specific ranking, compared with the same period last year, although the top five companies in the first half of this year were still the same five, the ranking had changed to a certain extent, which also attracted widespread attention from the market.
In the first half of this year, the top five companies were CATL, EVE Energy, Ruipu Lanjun, Haichen Energy Storage and BYD. Among them, BYD's ranking has dropped from the second place in the first half of last year to the fifth place in the first half of this year. According to the data released by BYD recently, the total installed capacity of power batteries and energy storage batteries for new energy vehicles in July this year was about 16.5GWh, and the cumulative installed capacity from January to July was about 89.1GWh. Based on this, BYD's installed capacity of power + energy storage batteries in the first half of the year was about 72.6GWh. CATL and EVE Energy continue to lead the global energy storage market. In terms of shipments, according to CATL, its overall sales in the first half of the year exceeded 200GWh, of which the shipments of power + energy storage batteries in the first and second quarters were about 95GWh and 110GWh respectively, and the proportion of energy storage batteries was about 20%. Based on this, its energy storage battery shipments in the first half of the year were around 40GWh. Data shows that as of the second quarter of this year, the total shipments of EVE Energy's energy storage batteries have reached 60GWh. Some analysts believe that this is mainly due to its steady full coverage of head customers and the gradual release of orders. For example, Yiwei Lithium Energy signed 1GWh, 10GWh and 15GWh lithium iron phosphate energy storage battery cooperation agreements with Powin, a leading US system integrator, in 2021, 2023 and 2024 respectively. It is worth mentioning that in the first half of this year, Chinese companies occupied nine seats among the top 10 companies in global energy storage cell shipments, and only Samsung SDI, a cell company, came from South Korea. The top ten companies in the same period last year included Samsung SDI and LG New Energy. It is reported that LG New Energy has suffered a quarterly loss for the first time since its listing in early 2022. The financial report shows that its loss in the second quarter of this year was about 24 billion won (about 125 million yuan). In addition, the penetration of large-capacity energy storage cells has accelerated. InfoLink Consulting pointed out that 300Ah+ products have a market share of nearly 30% in the global large storage market. Since the second quarter of this year, mainstream battery manufacturers have been shipping 300Ah+ energy storage products one after another, and the shipment volume of 300Ah+ products of some manufacturers has accounted for more than 50%.
02
Sungrow/CRRC Zhuzhou Institute/Envision Energy Storage ranked among the top 5 global energy storage system integration companies in the first half of 2024
In terms of energy storage system integration, according to statistics from InfoLink Consulting, global energy storage system shipments in the first half of this year were about 90GWh. The top five system integrators on the AC side were Tesla, Sungrow, CRRC Zhuzhou Institute, Fluence, and Envision Energy Storage, with a total shipment of more than 30GWh. Among them, three were Chinese companies.
According to statistics from Wood Mackenzie, in 2023, Tesla will become the leading battery energy storage system integrator worldwide with a market share of 15%. Ranked second to fifth are Sungrow Power Supply, CRRC Zhuzhou Institute, Fluence and Hibostron. The list does not mention the specific share.
Previously in 2022, Sungrow ranked first with a market share of 16%. Although its ranking has slightly declined in 2023, it still sits firmly in the top spot of China's energy storage system integrator. Recently, Sungrow signed a 7.8GWh cooperation agreement with Saudi Arabia ALGIHAZ, which has attracted widespread attention. It will provide the latter with more than 1,500 PowerTitan2.0 liquid-cooled energy storage systems. It is understood that Sungrow's global energy storage system shipments in 2023 will be 10.5GWh, and it will set its shipment target for 2024 at more than 20GWh. According to statistics from the agency, CRRC Zhuzhou Institute signed energy storage equipment sales contracts worth approximately 2.72 billion yuan in the first half of this year, leading other domestic system integrators with 36 electrochemical energy storage projects. In the international market, it has won multiple project orders in the Netherlands, Australia, Singapore, Pakistan and other regions. Envision Energy Storage has also won several energy storage orders this year, and recently won two energy storage projects in the UK, supplying battery energy storage systems (BESS) to Masdar Arlington Energy, a subsidiary of Abu Dhabi Masdar. According to data, Envision Energy Storage has participated in more than 200 projects in the global market. As of May this year, it has delivered more than 15GWh of energy storage batteries and has 25GWh of orders on hand. It is worth noting that in terms of market share, the concentration of the global energy storage market is gradually decreasing. Data shows that the market share of the world's top 5 energy storage system integrators has dropped from 62% in 2022 to 47% in 2023. The reason may be that the entry threshold for energy storage system integration is relatively low, and the fierce market competition has enabled more system integration manufacturers to share the "cake", and the market share of leading companies has declined accordingly. This also means that the market structure has not yet been "finalized" and system integration companies still have room for further growth. By region, according to a report by Wood Mackenzie, in 2023, in North America, Tesla, Sungrow, and Fluence will account for a total of 72% of the market share, with Sungrow ranking second in terms of integrator shipments in the North American market; in the European market, power solution companies Nidec, Tesla, and BYD will account for a total of 68% of the market share; in the Asia-Pacific region, Chinese companies dominate, with CRRC Zhuzhou Institute and Haibosichuang ranking in the top two, respectively, and Xinyuan Intelligent Storage and Envision Energy Storage tied for third.
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