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In 2023, the outlook for small and large-scale energy storage capacities in China, the United States and Europe varied. Summarizing the first half of the year, installation growth rates differed: China and Europe exceeded expectations, while the US faced slow administrative progress despite generous IRA subsidies.

Looking ahead to the second half of the year, increased battery production capacity lowered lithium carbonate prices to CNY 200,000 per ton (equivalent to approximately $27,360 (US) per ton, exchange rate: CNY 1≈ USD 0.368) by September 2023, boosting demand. China is expected to lead with a potential 39 GWh for the year, driven by its large battery cell production.

The US, with substantial domestic demand and strong legislative subsidies, may reach 25.5 GWh, despite longer installation processes. Europe’s residential storage inventory issues, declining electricity prices, and the cessation of Italian subsidies could dampen market demand compared to the previous year’s second half, resulting in estimated installation levels similar to the first half at 17 GWh.

Overall, it is estimated that the global energy storage installation scale for the entire year of 2023 is likely to reach 100 GWh, with approximately 78 GWh from large-scale installations and around 22 GWh from commercial and residential sectors.

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