I. Upstream: Core Components and Raw Materials
This section focuses on the foundation of energy storage systems, including key equipment and materials such as batteries and power conversion systems (PCS).
Energy Storage Batteries: This is the “heart” of the energy storage system, currently dominated by lithium-ion batteries. The market structure is highly concentrated, forming a “one dominant player, many strong competitors” situation.
① CATL: The absolute leader in the global energy storage battery market, with a leading market share.
② BYD: With its blade battery technology, it performs outstandingly in the energy storage field, especially in the overseas residential energy storage market.
③ EVE Energy: Plays an important role in the global energy storage battery supply chain.
④ Others: Gotion High-tech, Hecheng Energy, Penghui Energy, Ganfeng Lithium, and Sunwoda are also important players.
Power Conversion System (PCS): Responsible for converting between AC and DC power, it is the “brain” of the energy storage system.
① Sungrow Power: A leader in both power converters and system integration, with a high global market share.
② Kehua Data: Has deep expertise in power converters and UPS power supplies.
③ Shangneng Electric: Also a leading company in the power converter field.
Battery Materials: Including cathode, anode, electrolyte, and separator, these are the upstream components of battery production.
① Tianci Materials: Has strong product capabilities and market position in key materials such as electrolytes.
② Rongbai Technology: Focuses on cathode materials.
II. Midstream: System Integration and Solutions
These companies integrate core components such as batteries and power converters into a complete energy storage system, providing solutions for different application scenarios.
System Integration: Packaging energy storage batteries, PCS, BMS (Battery Management System), and EMS (Energy Management System) into a complete solution.
① Sungrow Power: Not only a leader in power converters, but also in system integration.
② Haibosi Technology: Specializes in system integration and power grid technology.
③ KeLu Electronics: Also an important player in system integration.
BMS/EMS: BMS is responsible for managing the safe operation of the battery, and EMS is responsible for the energy scheduling of the entire system.
① Xieneng Technology: Ranks highly in third-party energy storage BMS solutions.
② State Grid NARI: Has deep technical expertise in EMS and power grid dispatching. III. Downstream: Application Scenarios and Operations
This section covers the final application scenarios of energy storage systems, mainly divided into power generation side, grid side, and user side.
Power generation side: Primarily used to smooth the output fluctuations of wind and solar power, improving grid stability.
China Power Construction Corporation (China Power): Holds a high market share in the pumped-storage hydropower sector.
Grid side: Used for peak shaving and frequency regulation, and delaying the upgrading of transmission and distribution equipment.
Southern Grid Energy Storage: The only listed energy storage platform under China Southern Power Grid.
User side: Includes industrial and commercial energy storage and residential energy storage. Arbitraging on peak and off-peak electricity price differences is the main business model.
① Pylon Technologies: A well-known supplier of residential energy storage battery cells globally.
② Deye Technology: Holds a high market share in the European residential energy storage inverter market.
③ Huabao New Energy: A leading supplier of portable energy storage products.
