InfoLink Consulting research indicated that global energy storage cell shipments amounted to 114.5 GWh in the first half of 2024, with 101.9 GWh assigned to utility-scale (including C&I) storage and 12.6 GWh to small-scale storage (including communication). Despite an initial moderation in market sentiment, the sector witnessed a steady growth, rising by 33.6% year-on-year.
The top five energy storage cell manufacturers for the first half of 2024 were CATL, EVE Energy, REPT, Hithium, and BYD. CATL maintained its lead, driven by orders from major clients such as Tesla and Fluence. EVE Energy secured the second position, with orders covering a broad range of leading customers.
Competition remains intense, with industry concentration at an all-time high. The top 10 battery cell manufacturers accounted for 91% of total shipments in the first half of the year, marking a historic peak. The strong performance of these leading companies resulted in a five-firm concentration ratio (CR5) of 73.2%, up 1.8% from the first quarter. Among companies ranked sixth to tenth, CALB showed significant growth, nearing the top five. However, Korean manufacturers Samsung SDI and LG experienced low shipment volumes, with their combined market share dropping to around 5%.
In the utility-scale sector, the top five suppliers were CATL, EVE Energy, Hithium, REPT, and BYD. CATL led with over 40 GWh in shipments, while EVE Energy shipped nearly 15 GWh. The other three companies each shipped less than 10 GWh, with slight differences among them.
A rush to complete installations by June 30 drove utility-scale storage cell shipments in the first half of the year, resulting in a 44.3% year-over-year increase. Additionally, 300Ah+ products now make up nearly 30% of the global utility-scale storage market. Leading energy storage companies began shipping 300Ah+ products in the second quarter, with these products comprising over 50% of shipments for some manufacturers.
In the small-scale storage sector, the top five suppliers were EVE Energy, REPT, Ampace, BYD, and Gotion. Competition is intensifying in this segment, leading to a further decline in industry concentration. The CR5 decreased by 6.9% from the first quarter to 70.3% in the first half of the year.
EVE Energy captured over 25% of the market, maintaining its top position. REPT remained stable with nearly 20% market share. Companies ranked third to fifth each held a market share between 7% and 10%. Ampace's market share rebounded slightly, returning to the top three, while Gotion entered the top five thanks to its strong performance in the communication sector.
Global Energy Storage System Shipments
In the first half of 2024, global energy storage system (ESS) shipments reached 90 GWh. The top five AC-side BESS integrators were Tesla, Sungrow, CRRC Zhuzhou Institute, Fluence, and Envision, collectively shipping over 30 GWh. On the DC side, the top five BESS integrators were CATL, BYD, HyperStrong, RelyEZ Energy, and Narada Power, with combined shipments exceeding 20 GWh.
In both categories, the top two manufacturers dominated the market, leaving the rest trailing significantly behind.
On the DC side, CATL retained its global number one position and continued to enhance its system integration capabilities, gradually increasing the proportion of cell shipments dedicated to the DC side. BYD, with its strong global operational capabilities, saw balanced domestic and international shipment growth, securing the second spot. HyperStrong, a long-standing leader in system integration, held the third position and is expected to focus on expanding its international business in the second half of 2024.
On the AC side, Tesla took the top spot, driven by an aggressive pricing strategy since the start of the year, which helped secure more orders. Attention should be given to the progress of the Megapack factory in Shanghai in the second half of 2024. Sungrow, known for its robust supply chain management and extensive overseas channels, ranked second. CRRC Zhuzhou Institute secured third place, thanks to its strong performance in the Chinese market, with plans for international expansion in the latter half of the year.
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