全球ESS追踪2026年7月：中国储能出货量

Global ESS TRACKER - July 2026: China energy storage shipmentsreach a new high May 26 China ESS shipments reached a record high of 97.8GWh, representing 103%YoY and 5% MoM growth.Our industry model can be downloaded here (Link). Domesticshipments remained the key driver, doubled to 89.9GWh, while overseas shipmentsgrew even faster, tripled to 3.2GWh.For 2026TYD, China ESS shipments reached406.9GWh, up 107% YoY. Neil Beveridge, Ph.D.+852 2123 2648neil.beveridge@bernsteinsg.com Brian Ho, CFA+852 2123 2615brian.ho@bernsteinsg.com China ESS plant utilization remained at a high level, with production utilizationreaching 94%,up from 73% in the same period last year. This signals tightening near-termmarket 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, Hithiumand BYD also remained key suppliers.Monthly ESS battery shipment volumes reached97.8GWh in May, up 103% YoY.CATLshipped 21.0GWh of ESS LiBs in May, up 75% YoY,with an industry leading 2026YTD market share of 22.4%.EVEshipped 8.6GWh (+56%YoY), with 9.5% YTD market share andHithiumwhich shipped 8.5GWh (+55% YoY), alsowith 9.4% YTD market share are the closest rivals to CATL.BYDshipped 7.5GWh (+70%YoY), with 7.7% YTD market share, whileCALBshipped 6.2GWh (+55% YoY), with 6.7%YTD market share. Ganfeng, Great Power and Cornex have shown the fastest growth thisyear, with triple digit volume increase. China ESS monthly capacity reached 100.0GWh in May, increasing 61% YoY and 2%MoM.CATL remained the leading player with 20.8GWh of monthly capacity, representing20.4% of industry capacity in China. Ganfeng has the highest capacity growth rate with300% YoY to 5.0 GWh followed by Great Power with 138% YoY to 5.2GWh. China ESS tender activity remained strong in May, increasing 153%.Tenderbattery volume reached 54.9GWh, up 153% YoY, bringing 2026 YTD tender volumes to279.5GWh, up200% YoY. Winning bid (award) battery volumes reached 42.4GWh, whichwas 20% YoY and 76% MoM. Outside of China, U.S. ESS battery installations remained lower YoY according toEIA data.May U.S. ESS battery installations were 1.9GWh, down 56% YoY. For 2026 YTDas a whole, U.S. ESS battery installations reached 11.9GWh, which was down 24%YoY. German ESS installations continued to experience strong YoY growth in May, ledby large-scale storage deployment.Battery installations reached 0.6GWh in May, up28% YoY, with large-scale storage contributing 0.2GWh (+271% YoY), industrial storagecontributing 0.042GWh (+33% YoY), and residential storage contributing 0.41GWh (+3%YoY).For 2026 YTD, Germany ESS battery installations reached 3.4GWh, up 37%YoY. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS Record growth in energy storage deployment continued this month with monthly shipments reaching 97.8GWh which ismore than global EV sales. China demand is particularly strong driven by falling costs in battery costs and a more supportivepolicy environment which makes the economics of energy storage more attractive. Year to date shipments in China reached406.9GWh, up 107% YoY and higher than our 86% estimated growth of global ESS shipments for the year, although weexpect growth to moderate in the second half. China tendering activity also remained robust with tender battery volumesincreasing153% YoY to 54.9GWh, supporting a solid demand pipeline. While China dominates the storage market, internationaldemand is also accelerating. Germany showed strong growth, with battery installations up 28% YoY to 0.6GWh, led by large-scale storage at 0.14GWh (+271% YoY). US installations appear surprisingly weak -56%YoY, with EIA data showing lowshipment volumes in May. Among China battery makers, CATL retained its leading position with 21.0GWh of May ESS shipments(+75% YoY) and 22.4% YTD market share. CATL remains in our view the best way to play this theme. We rate CATL A-shareOutperform 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 •May China ESS shipments reached 97.8GWh, representing 103% YoY and 5% MoM growth. Utilization rate keep to94% in May, up from 73% in May 2025. China ESS tenders reached 54.9GWh, up 153% YoY, indicating a strong forwarddemand pipeline. •U.S. ESS installations reached 1.9GWh, down 56% YoY. Germany ESS installations reached 0.6GWh, up 28% YoY, supported by a strong rebound from February. EXHIBIT 1:Global monthly data of ESS 2. CHINA ESS OVERVIEW: 2026 YTD ESS SHIPMENT