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China’s Industrial and Commercial Energy Storage Market Set for Breakthrough in 2023

The current time-of-use electricity pricing system, prevalent in various provinces and cities such as Zhejiang, Hunan, Hubei, Shanghai, Anhui, Guangdong, and Hainan, facilitates two daily charge-discharge cycles, addressing the requirements of industrial and commercial energy storage. Generally, two peak periods are established each day with a price differential between them, allowing charging during off-peak or regular times and discharging during peak periods.

The growing peak-to-valley price disparities render industrial and commercial energy storage increasingly economically viable across numerous provinces. In January 2023, the National Development and Reform Commission endorsed direct participation of industrial and commercial users in the electricity market. Consequently, the large-scale implementation of energy storage in industrial parks to curtail electricity expenses is emerging as a significant growth sector for domestic energy storage in 2023.

Firms such as Sungrow and Haichen Energy Storage foresee 2023 as a pivotal year for industrial and commercial energy storage, driven by policy and market factors, declining costs due to reduced raw material prices, and the ascent of zero-carbon parks. In the industrial and commercial energy storage market, lithium iron phosphate and flow batteries are anticipated to compete, catering to an array of use cases and client needs.

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