全球储能追踪报告 - 2026年5月：中国发力推动三位数增长

Global ESS TRACKER - May 2026: Triple digit growth as Chinaturns on the power March 26 China ESS shipments reached 81.9GWh, representing 84% YoY and 30%MoM growth.Our industry model can be downloaded here (Link) Domestic shipmentsremained the key driver, increasing 82% YoY to 79.4GWh, while overseas shipmentsgrew even faster at173% YoY to 2.5GWh.For 1Q26, China ESS shipments reached215.9GWh, up 117% YoY, which is significantly above our full year estimates forglobal ESS shipments of 56% growth YoY. Neil Beveridge, Ph.D.+852 2123 2648neil.beveridge@bernsteinsg.com Brian Ho, CFA+852 2123 2615brian.ho@bernsteinsg.com China ESS plant utilization increased to record levels in March, with productionutilization reaching 97.4%, compared with 89.3% in the same period a year ago,signaling tight near-term conditions as demand growth catches up with industry capacity. Kelvin Yuan, Ph.D., CFA+852 2123 2612kelvin.yuan@bernsteinsg.com CATL retained its leading position in ESS battery shipments, while EVE, Hithium andBYD are also key suppliers.Monthly ESS battery shipment volumes reached 81.9GWhin March, up 84% YoY. CATL shipped 18.0GWh of ESS LiBs in March, up 50% YoY, with2026YTD industry leading market share of 22.9%. EVE shipped 7.2GWh (+44% YoY), with9.7% YTD market share and Hithium which shipped 6.5GWh (+23% YoY), also with 9.7%YTD market share are the closest rivals to CATL. BYD shipped 7.1GWh (+77% YoY), with7.4% YTD market share, while CALB shipped 5.0GWh (+39% YoY), with 6.8% YTD marketshare. Ganfeng, Great Power, Hithium and Cornex have shown the fastest growth this yearwith triple digit volume increase. China ESS monthly capacity reached 85.0GWh in March, increasing 37% YoY and10% MoM.China ESS monthly capacity reached 238.0GWh which is up 27% YoY. CATLremained the leading player with 19.2GWh of monthly capacity, representing 21.5% ofindustry capacity in China. Ganfeng has the highest capacity growth rate with 166% to3.3GWh followed by Great Power with 111% YoY to 4.6GWh. China ESS tendering and award activity remained strong in March.Winning bid(award) battery volume reached 42.6GWh, up 59% YoY and 5% MoM, supported bycentralized projects at 19.7GWh and standalone projects at 19.3GWh. Tender batteryvolume reached 59.5GWh, up 69% YoY and 80% MoM. Outside of China, U.S. ESS battery installations were surprisingly lower YoYaccording to EIA data, although monthly installations can be volatile.March U.S. ESSbattery installations were 2.5GWh, down 25% YoY, despite rising 77% MoM. For 1Q26 aswhole, U.S. ESS battery installations reached 5.4GWh, which was slightly down 7%YoY. German ESS installations saw strong MoM growth in March, led by large-scalestorage deployment.Battery installations reached 1.0GWh in March, up 58% YoY and177% MoM, with large-scale storage contributing 0.61GWh (+113% YoY), industrialstorage contributing 0.048GWh (+94% YoY), and residential storage contributing 0.38GWh(+10% YoY).For 1Q26, Germany ESS battery installations reached 2.1GWh, up 29%YoY. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS Record growth in energy storage deployment is driving strong momentum in battery stocks and the entire battery value chainamidst more lackluster EV growth. China demand is particularly strong driven by falling costs in battery costs and a moresupportive policy environment which makes the economics of energy storage more attractive. Year to date shipments in Chinareached 215.9GWh, up 117% YoY and significantly higher than our 56% estimated growth of global ESS shipments for theyear. China tendering activity also remained robust, with winning bid battery volume up 59% YoY to 42.6GWh and tender batteryvolume up 69% YoY to 59.5GWh, supporting a solid forward demand pipeline. While China dominates the storage market,international demand is also accelerating. Germany showed stronger momentum, with battery installations up 58% YoY to1.0GWh, led by large-scale storage at 0.61GWh (+113% YoY). While the US is also likely to grow quickly, EIA data appearsto show that installations are broadly flat for the year. Overall however, this data suggests that there is potential upside to ourestimated 50% growth in ESS demand in 2026. Among China battery makers, CATL retained its leading position with 18.0GWhof March ESS shipments (+50% YoY) and 22.9% YTD market share. CATL remains in our view the best way to play this theme.We rate CATL A-share Outperform and CATL H-share Market-Perform. DETAILS This report is a companion report to our monthly EV tracker. The data we use comes from various sources and our analysis looksat installation, shipment and production, figures from multiple sources. The database is updated on a monthly basis with a one-month lag. The following note is divided into 6 sections: 1. ESS OVERVIEW 2. CHINA ESS OVERVIEW 3. U.S. ESS OVEREVIEW 4. GERMANY ESS OVERVIEW 5. BATTERY COMPANIES OVERVIEW 6. ESS ESTIMATION AND FUTURE OUTLOOK 1. ESS OVERVIEW •March China ESS shipments reached 8