CICC released a research report stating that after H2 2025, Chinese provinces have successively introduced capacity pricing policies. Standalone energy storage demonstrates strong economic viability under the "peak-valley arbitrage + capacity pricing + ancillary services" revenue model, driving high demand growth. Short-term market momentum is expected to persist.
In Europe, energy shortages and insufficient grid flexibility resources are boosting energy storage demand, with the focus gradually shifting from residential storage to large-scale and commercial/industrial storage. Looking ahead to 2026, the global energy storage market is poised for robust growth across China, Europe, Asia, Africa, and Latin America, with AIDC (AI Data Center)-coupled storage contributing incremental demand. CICC highlights investment opportunities in non-U.S. overseas markets, covering both front-of-meter and behind-the-meter storage sectors.
Key insights include: 1. **Strong Demand in China & Europe, Rapid Expansion in Emerging Markets** - China’s capacity pricing policies enhance the economics of standalone storage, sustaining high demand. - Europe’s energy and grid challenges drive diversified storage adoption. - Australia’s mature power market and subsidies support large-scale and residential storage growth. - The U.S. faces aging grid infrastructure, but policy constraints may accelerate localized lithium battery production. - Asia, Africa, and Latin America benefit from cost reductions in renewables, grid stability needs, and distributed storage demand.
2. **AIDC and Green Methanol Projects Fuel Growth** - U.S. AIDC demand surges, with storage integration improving grid interconnection and enabling partial self-supply via solar-storage systems. Projected AIDC-coupled storage demand could reach 100–200 GWh by 2030. - Green methanol gains traction in shipping, supported by green premiums, accelerating domestic integrated wind-solar-storage-hydrogen-methanol projects and related storage needs.
3. **Supply Constraints and Global Competition** - Battery cell shortages persist due to strong demand, with leading companies’ production schedules extending into Q1 2026. Capacity expansions may ease supply by Q2 2026. - Amid localization trends in the U.S. and Europe, top firms are building competitive barriers through overseas plants and technology licensing to capture high-growth markets.
**Recommended Stocks**: - **Front-of-meter**: Contemporary Amperex Technology Co., Limited (300750.SZ, 03750), Eve Energy Co.,Ltd. (300014.SZ), Beijing Hyperstrong Technology Co.,Ltd. (688411.SH). - **Behind-the-meter**: Ningbo Deye Technology Co.,Ltd. (605117.SH), Solax Power Network Technology (Zhejiang) Co.,Ltd. (688717.SH), Pylon Technologies Co.,Ltd. (688063.SH).
**Risks**: Slower-than-expected global renewable transition, policy volatility, geopolitical risks, and intensified industry competition squeezing margins.
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