Against the backdrop of global energy transition, the energy storage industry is experiencing explosive growth, injecting new vitality into photovoltaic enterprises.

Dual boost of performance and stock price

Recently, the energy storage business of photovoltaic companies has frequently experienced explosive orders. On November 4th, Trina Solar announced that its holding subsidiary, Trina Solar Energy Storage, has signed a memorandum of cooperation with Pacific Green covering a 5GWh grid level battery energy storage system. Previously, Trina Solar had announced multiple energy storage orders: on October 30th, Trina Solar signed a sales contract for energy storage products exceeding 1GWh with a customer in a European region; On September 10th, Tianhe Energy Storage signed a total of 2.48GWh of energy storage product sales contracts with three customers in China, Latin America, and the Asia Pacific region.

At present, the global energy storage market still shows a strong growth trend. Against this backdrop, Trina Solar's energy storage shipment target for this year is 8GWh, and next year's shipment target is planned to basically double on this year's basis. ”At the performance briefing for this year's third quarter report, Trina Solar revealed that the company has signed over 10 GWh of overseas orders and stated that it will continue to increase its efforts in signing orders in overseas markets in the future to support the expansion of energy storage business scale and improve profitability quality.

It's not just Trina Solar that has exploded in energy storage orders. In its third quarter report, Ates disclosed that from January to September 2025, the company's large-scale energy storage products shipped 5.8 GWh, a year-on-year increase of 32%. Among them, the shipment in the third quarter reached 2.7 GWh, a year-on-year increase of 50%. The energy storage sector made outstanding contributions to the overall performance of the company in the third quarter

Jingke Energy revealed at the third quarter performance briefing that the company shipped 3.3 GWh of energy storage systems in the first three quarters, with a sustained high growth in shipment volume. At present, the company has a 12GWh integrated and 5GWh battery cell production capacity, and the energy storage team has exceeded a thousand people. In the view of JinkoSolar, energy storage is expected to become the second growth curve.

Compared to photovoltaic module giants, inverter companies have a more impressive energy storage business. Gudewei's net profit attributable to the parent company for the first three quarters of 2025 increased by 837.57% year-on-year, exceeding market expectations. According to a research report by Dongwu Securities, the revenue of Gudewei energy storage inverters during the reporting period was between 700-750 million yuan, with approximately 78000 units shipped. Among them, approximately 45000 units were shipped in the third quarter, a month on month increase of approximately 86%, and the gross profit margin remained at around 43%.

Sunshine Power stated at the third quarter performance briefing that the company's energy storage shipments will increase by 70% year-on-year in the first three quarters of 2025, and is confident in achieving its energy storage shipment target of 40-50 GWh. Benefiting from the explosion of energy storage business and the steady growth of photovoltaic inverter business, Sunac Power not only delivered an impressive third quarter report, but also set new highs in stock price. As of the close on November 6th, the total market value of Sunac Power has reached 425.8 billion yuan, with a cumulative increase of 189% since August.

It is worth mentioning that the core driving force behind the sustained rise of the photovoltaic sector in recent times has shifted from the previous anti involution to energy storage. In the past five trading days, Dongfang Risheng, Deye Shares, Tianhe Solar, and Shangneng Electric, which are involved in energy storage concepts, have accumulated gains of 22%, 20%, 17%, and 14% respectively, leading the photovoltaic sector comprehensively. The high prosperity of the energy storage market is redefining the market value of photovoltaic enterprises.

Dual support of demand and policy

From the demand side, current energy storage is very similar to photovoltaics in 2021, and the significant decrease in the cost of energy storage systems is leading the industry into a period of explosive growth.

In terms of the domestic market, according to incomplete statistics from the CESA Energy Storage Application Branch, the actual demand for energy storage systems from January to September 2025 reached 321.2 GWh, a year-on-year increase of 178%.

In terms of overseas markets, EUPD expects the newly installed energy storage capacity in the top 19 European markets to reach 35.3 GWh by 2025, a year-on-year increase of over 75%; According to Wood Mackenzie data, the United States added 15.8GWh of energy storage capacity in the second quarter of this year, a year-on-year increase of 37% and a month on month increase of 214%. The full year guidance reached 52.5GWh, a year-on-year increase of 45%.

In the past two years, energy storage systems have benefited from a significant decrease in raw material prices and a significant improvement in economic efficiency. According to a research report by Xingye Securities, the price of energy storage lithium iron phosphate has dropped from 158000 yuan/ton in January 2023 to 32900 yuan/ton in August 2025, a decrease of 79%. As a result, the price of energy storage systems has significantly decreased. Taking domestic bidding as an example, the price of 2-hour lithium battery energy storage systems has dropped from 1.35 yuan/Wh in January 2023 to 0.48 yuan/Wh in July 2025, a decrease of 64%. According to calculations by Xingye Securities, when the abandonment rate is higher than 5.8%, the IRR equipped with energy storage systems is higher and more economical.

In addition to cost reduction, policy promotion is also indispensable. Domestically, the "Proposal of the Central Committee of the Communist Party of China on Formulating the 15th Five Year Plan for National Economic and Social Development" proposes to "vigorously develop new energy storage" and "accelerate the improvement of market and price mechanisms that adapt to the new energy system"; The Special Action Plan for the Large scale Construction of New Energy Storage (2025-2027) proposes that by 2027, the national installed capacity of new energy storage will reach over 180 million kilowatts. As of the end of June 2025, China's new energy storage installed capacity is approximately 95 million kilowatts.

On the foreign front, the European Photovoltaic Industry Association has proposed that by 2030, the total installed capacity of energy storage in Europe needs to be increased from the current about 50GWh to 500GWh-780GWh, achieving a growth of more than ten times, in order to meet its target of 45% renewable energy share and ensure grid stability and flexible scheduling.

We believe that the global energy storage market will maintain a relatively high growth rate next year, about 40% -50%. Firstly, the demand for new energy distribution and storage is increasing. Secondly, some overseas power grids have long service cycles, and there is also a demand for distribution and storage from the perspective of power grid safety and stability. Thirdly, the demand for dynamic electricity prices in Europe, driven by policies, is also exploding in the user side market. "Sunac Power analyzed at the third quarter performance briefing that after new energy reaches a certain proportion, it needs to rely on energy storage to balance, and the increase in energy storage brings new development space to new energy. The development logic of new energy and energy storage is basically a spiral upward trend, which has been interpreted in many markets such as Europe, the United States, and Asia Pacific.

The vast space of AIDC

In addition to photovoltaic energy storage, the development of artificial intelligence industry also has a significant impact on boosting the demand for energy storage market. Microsoft CEO Nadella previously stated that the problem facing the artificial intelligence industry is not an excess of computing power, but a shortage of electricity supply.

China Merchants Securities pointed out in its research report that AIDC (Artificial Intelligence Data Center) is becoming a major electricity consumer. In the past decade, the average annual electricity consumption in the United States has remained stable at around 3900TWh. In 2024, the annual electricity consumption will be 3937TWh, with an estimated data center electricity consumption of 142TWh, accounting for 3.6%. With the explosive growth of AIDC scale driven by AI, it is expected to reach 323TWh by 2030, accounting for over 8%.

According to analysis by China Merchants Securities, the rapid development of the artificial intelligence industry has further amplified the high load density and volatility characteristics of AIDC. Power supply issues are becoming an important challenge for the industry's development, and a large number of projects are queuing up due to grid connection problems. According to data, as of the end of 2024, the operating scale of AIDC in the United States is 34.7GW, and the current scale of grid connected projects has reached 100GW. Therefore, China Merchants Securities believes that energy storage systems may become a standard configuration for AIDC in the future.

It is worth mentioning that at the OCP conference held in October, Nvidia released a technical white paper titled "800 VDC Architecture for Next Generation Artificial Intelligence Infrastructure", which clarified the necessity of AIDC power storage and the next generation distribution solution: "Energy storage is an indispensable active component in power architecture".

We believe that AIDC will become one of the important incremental scenarios for the future growth of global energy storage demand. ”Huatai Securities predicts in its research report that there may be more than 12GW of AIDC connected to the grid in the United States by 2025. Based on the industry's expectations for the number of cards in the next two years, the corresponding data center installation capacity is estimated to be 20-30 GW/year. According to GGII's forecast, the global shipment of lithium batteries for data center energy storage will exceed 69GWh in 2027 and grow to 300GWh by 2030, with a compound annual growth rate of over 80% from 2024 to 2030. Keywords: Latest news on domestic new energy, new energy news, new energy information website

The explosion of the energy storage industry is reshaping the competitive landscape and value evaluation system of the photovoltaic industry. With the acceleration of global energy transition and the increasing demand for stable power supply from emerging technologies such as artificial intelligence, energy storage has risen from an auxiliary role to a key link in the energy system. For photovoltaic companies, seizing the opportunity of energy storage development not only means a short-term boost in performance, but also relates to the strategic position of the company in the future energy landscape. Driven by both demand and policy, energy storage is becoming an important force in promoting the value reconstruction of photovoltaic enterprises, opening a new chapter in the development of new energy. Editor/Xu Shengpeng