Frost & Sullivan: The integration of photovoltaics and storage accelerates, and competition in energy storage has entered a stage of comprehensive capability comparison

The most direct driving factor for current photovoltaic companies deploying energy storage is the intermittency and volatility of photovoltaic power generation, making energy storage a key supporting measure to ensure power balance, improve system utilization rates, and enhance power supply reliability. Photovoltaics and energy storage have natural synergies in energy production, management, and dispatching: the electricity generated by photovoltaics can be optimized through the energy storage system in terms of time and space, while the energy storage system can smooth out photovoltaic output fluctuations, improving power quality and terminal utilization efficiency. Looking ahead, it is expected that the global new photovoltaic installations will grow from 504.4 GW in 2024 to 1,040.4 GW in 2030, with an annual compound growth rate of 12.8% during this period. At the same time, the global installed capacity of energy storage systems is expected to increase from 187.2 GWh in 2024 to 922.0 GWh in 2030, with an annual compound growth rate of up to 30.4%. Photovoltaic- storage integration has not only become an inevitable choice for improving energy system efficiency but has also gradually formed a core track in the strategic layout of photovoltaic companies.

Currently, the energy storage sector presents a competitive landscape with diverse participants coexisting, including traditional energy storage system suppliers, new energy integrators, and rapidly growing technology startups. As photovoltaic companies enter the energy storage market, the pattern has changed significantly: on one hand, photovoltaic companies, with their mature photovoltaic production capacity, supply chain management capabilities, and existing customer networks, quickly penetrate the energy storage market, forming an upstream and downstream integration advantage from power generation to energy storage; on the other hand, the large-scale entry of photovoltaic companies has accelerated market integration and competition, promoting the standardization of energy storage products, cost reduction, and large-scale application, while also increasing the speed of technological iteration and overall industry service capabilities, putting existing energy storage companies under new competitive pressure and strategic adjustment needs.

In the future development of photovoltaic companies competing in the energy storage sector, the key factors determining success or failure mainly include technical capabilities, cost control, supply chain management, system integration and service capabilities, as well as market channel expansion. Technical capabilities determine the efficiency, lifespan, and reliability of energy storage systems and are at the core of product competitiveness; cost control and supply chain optimization affect the company's profit level and market price advantage; system integration and service capabilities are related to the implementation effect and customer stickiness of integrated photovoltaic- storage solutions; while a complete market channel and customer network can quickly achieve large-scale application. Companies should deploy comprehensively: first, increase investment in core energy storage technology research and product iteration to improve energy density, cycle life, and safety performance; second, establish a vertically integrated supply chain system to ensure the autonomy and controllability of key raw materials, core equipment, and production capabilities; third, promote the overall design and integration service capabilities of photovoltaic- storage systems to form an 'photovoltaic + energy storage + operation and maintenance' closed loop; fourth, rely on existing photovoltaic customer networks and overseas market layouts to accelerate large-scale implementation and achieve differentiated services, ensuring long-term advantages in competition.