Development and forecasting of electrochemical energy storage: An evidence from China

In this study, the cost and installed capacity of China's electrochemical energy storage were analyzed using the single-factor experience curve, and the economy of electrochemical energy storage was predicted and evaluated. The analysis shows that the learning rate of China's electrochemical energy storage system is 13 % (±2 %). The annual average growth rate of China's electrochemical energy storage installed capacity is predicted to be 50.97 %, and it is expected to gradually stabilize at around 210 GWh after 2035. Compared to 2020, the cost reduction in 2035 is projected to be within the rage of 70.35 % to 72.40 % for high learning rate prediction, 51.61 % to 54.04 % for low learning rate prediction. Additionally, according to an optimistic trajectory the Levelized Cost of Energy Storage is projected to reduce to 0.057$/kWh in 2027, reaching the economical price point.