AIDC Power Equipment Industry Chain Monitoring Report
In April, the International Energy Agency (IEA) released a report titled “Energy and Artificial Intelligence”, which mentioned that driven by artificial intelligence, the power demand of data centers will be greatly increased in the future. By 2030, the power demand of global data centers is expected to more than double from 2024 to 945TWh. In terms of regions, the power demand of data centers in the United States will reach 420TWh in 2030 (an increase of 133% from 2024), China will reach 275TWh in 2030 (+175%), Europe will reach 115TWh in 2030 (+64%), and Japan will reach 35TWh in 2030 (+75%).
Affected by multiple factors, the bidding and construction progress of the domestic main grid and UHV in 2024 is slightly lower than expected. In 2025, the demand for the main grid is expected to maintain a relatively fast growth, and UHV is expected to achieve “5 DC and 3 AC” bidding, setting a new record. With the continuous increase in the proportion of new energy installed capacity, flexible DC is expected to gradually replace conventional DC, driving the value of converter valves to increase significantly. With the continuous access of new elements and the gradual maturity of new models, the energy and information flow of the distribution network is gradually shifting from the current “one-way” to “two-way”, and the demand for distribution network upgrade and transformation is becoming increasingly urgent; driven by equipment updates, domestic demand, and rural power grid transformation, my country’s distribution network investment is expected to usher in a new round of boom cycle in 2025. Changes in the main grid and distribution network have put forward higher requirements for the intelligence of the power grid. In 2025, the new generation of dispatching systems, line/substation monitoring and inspection, communication system upgrades, and distribution network perception capabilities are expected to usher in a demand inflection point.
Lithium Battery Industry Chain Data Tracker
New Energy Vehicles: The vehicle trade-in policy has been extended, paving the way for strong NEV (new energy vehicle) sales growth in 2025. The National Development and Reform Commission (NDRC) and the Ministry of Finance have expanded the scope of vehicle scrappage subsidies to include China IV vehicles and introduced additional subsidies for vehicle replacements. These supportive policies are expected to significantly boost domestic NEV sales in 2025. NEV sales in April are likely to show stable month-on-month improvement, and attention should be paid to new model launches at the April Shanghai Auto Show, which may stimulate future market demand.
Batteries: Battery production remained largely stable month-on-month in April. Continued attention is warranted on how the auto show may drive downstream demand.
Cathodes: Production of ternary cathodes and lithium cobalt oxide continued to recover in April, while some producers of lithium iron phosphate experienced a slight production decline.
Anodes: Anode production showed steady recovery in April. On the cost side, short-term price increases in petroleum coke impacted profitability. However, anode prices are expected to rise in response to higher raw material costs.
Electrolytes: Industry profitability is expected to rise steadily. Overall profitability of electrolyte manufacturers remained stable in April. From a production perspective, output continued to increase month-on-month. With improving capacity utilization, electrolyte manufacturers are expected to see steady profitability growth in Q2 2024.
Separators: The sector continues to face competitive pressure. Separator production showed a slight month-on-month increase in April. However, prices continued to decline throughout 2024, and separator manufacturer profits have dropped significantly—by 70–80% compared to the end of 2023. The industry is expected to remain under competitive pressure for some time.
Solid-State Batteries: Since March, the solid-state battery industry has seen a series of new developments as follow:
- Voyah launched its third-generation solid-state battery technology. The new battery system maintains an energy density of 300Wh/kg, supports a charging rate of 3–5C, contains 0% liquid electrolyte, and operates across an ultra-wide temperature range.
- Enpower Technology announced that its subsidiary Nanfu Battery plans to establish a joint venture with the Nanping Green Industry Fund and High Energy Era to build and operate a 300MWh sulfide-based all-solid-state battery pilot line.
- Sunwoda launched the 10C semi-solid data center battery PU200.
- BASF announced a partnership with the Yangtze Delta Physics Research Center and Weilan New Energy to co-develop next-generation solid-state battery packs.
- Zhonglun New Materials announced that its subsidiary Changsu Industrial successfully developed a specialized BOPA film for solid-state batteries.
Sodium-Ion Batteries: Since March, several domestic enterprises have advanced their sodium-ion battery projects:
1. HiNa Battery launched the world’s first commercial vehicle solution using sodium-ion batteries in Anhui. The solution includes four models—Haixing K150, K210, K280, and K350—designed for different scenarios. The battery cells achieve an energy density of 165Wh/kg, support 100% fast charging in 20–25 minutes, maintain over 8,000 cycles in fast-charging mode, and achieve SOC estimation accuracy within 2%.
2. SVOLT’s 130,000-ton sodium-ion anode project passed regulatory filing.
3. Zhongna Energy signed a strategic cooperation agreement with Maolüe Technology to jointly demonstrate sodium iron sulfate-based storage systems in scenarios such as grid-side storage, temporary power expansion, system frequency regulation, and base station backup, accelerating the commercialization of sodium-based energy storage systems.
Sodium-Ion Batteries: Since March, several domestic enterprises have advanced their sodium-ion battery projects:
1. HiNa Battery launched the world’s first commercial vehicle solution using sodium-ion batteries in Anhui. The solution includes four models—Haixing K150, K210, K280, and K350—designed for different scenarios. The battery cells achieve an energy density of 165Wh/kg, support 100% fast charging in 20–25 minutes, maintain over 8,000 cycles in fast-charging mode, and achieve SOC estimation accuracy within 2%.
2. SVOLT’s 130,000-ton sodium-ion anode project passed regulatory filing.
3. Zhongna Energy signed a strategic cooperation agreement with Maolüe Technology to jointly demonstrate sodium iron sulfate-based storage systems in scenarios such as grid-side storage, temporary power expansion, system frequency regulation, and base station backup, accelerating the commercialization of sodium-based energy storage systems.
Energy Storage Industry Chain Data Tracker
In April, the Zhongguancun Energy Storage Industry Technology Alliance released the 2025 White Paper on the Energy Storage Industry.
During the first four years of the 14th Five-Year Plan (2021–2024), China’s new-type energy storage experienced a compound annual growth rate (CAGR) of 121%. Looking ahead to 2025, newly installed capacity is projected to exceed 30 GW, with the CAGR for the entire 14th Five-Year Plan period expected to surpass 100%. Entering the 15th Five-Year Plan period, the market is anticipated to shift from “policy-driven” to “market-driven”.
In a conservative scenario, China’s cumulative new-type energy storage capacity is forecast to reach 236.1 GW by 2030, reflecting a CAGR of 20.2% from 2025 to 2030. In an ideal scenario, the cumulative capacity could reach 291.2 GW by 2030, with a CAGR of 24.5% during the same period.
Internationally:
In the U.S., large-scale energy storage added 534 MW of new grid-connected capacity in February, marking a year-over-year increase of 1,387%. For January–February 2025, cumulative installations reached 750 MW, up 258% YoY. According to planning data, the EIA projects 19.7 GW of new large-scale storage capacity for the full year of 2025, representing an 89% increase YoY.
In Europe, large-scale storage continues strong growth, while residential storage demand remains weak. In February, Germany added 401 MWh of new storage capacity, with MoM/YoY changes of +16%/-7%. Front-of-the-meter installations reached 135 MWh, surging +1674% MoM and +127% YoY. However, residential storage installations remain sluggish, with MoM/YoY drops of -20%/-30%.
Looking ahead, home energy storage battery system demand is expected to recover. On one hand, stabilized electricity prices will support demand restoration; on the other hand, Germany has released a draft fiscal package that proposes €500 billion in debt financing for infrastructure investments such as transport and power grids. Of this, €100 billion will be allocated to the Climate and Transformation Fund to support energy transition and climate protection.
New-Type Energy Storage Industry Data Tracker
China’s energy storage installed capacity data: Under the conservative scenario, China’s new energy storage installed capacity is expected to be 33.6GW in 2025, a year-on-year decrease of 23%. Under the ideal scenario, China’s new energy storage installed capacity is expected to be 47.4GW in 2025, a year-on-year increase of 8%.
China’s energy storage bidding data: According to the bidding information summary of Polaris Energy Storage Network, the bidding capacity of domestic energy storage system projects in 2024 is 115GWh, a year-on-year increase of 39%. The bidding capacity of domestic energy storage system projects in March 2025 is 10GWh, a year-on-year increase of 41%. The cumulative bidding capacity of domestic energy storage system projects from 2025 to date is 32GWh, a year-on-year increase of 56%. Average winning bid price: The average winning bid price of domestic large-scale energy storage systems in April 2025 is 0.57 RMB/Wh.
Overseas inverter export data: According to the data from the General Administration of Customs, the export value of domestic inverters in February 2025 was US$450 million, up 1% year-on-year, and the export volume in February 2025 was 2.297 million units, down 25% year-on-year. The average export price of inverters in February was US$197.7 per unit, up 35% year-on-year and 57% month-on-month.
Large-scale energy storage installed capacity in the United States: In February, the United States added 534MW of large-scale energy storage connected to the grid, a year-on-year increase of 1,387%. The cumulative installed capacity in January-February 2025 was 750MW, a year-on-year increase of 258. Planning data shows that EIA expects the United States to have 19.7GW of large-scale energy storage installed capacity in 2025, a year-on-year increase of 89%.
