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Jinko Solar, one of the largest producers of photovoltaic panels globally, has projected that its energy storage shipments will double this year, driven by rising electricity prices in key markets like the Asia-Pacific region.
The company plans to deliver 10 GWh of energy storage systems in 2026, compared to 5.2 GWh in the previous year and 1.2 GWh in 2024, according to Vice President Dany Qian during an industry summit yesterday. She emphasized that the company will focus on higher-margin projects from its substantial order backlog with high growth potential.
While the financial report for 2025 did not offer specific earnings figures for its energy storage division, it indicated that the business remains unprofitable and that over 80 percent of overseas shipments contribute to the total.
“Last year marked the first year of notable growth for our energy storage division,” Qian remarked.
The segment is expected to continue expanding over the next five years, with the Asia-Pacific, Middle East, and Latin America emerging as primary markets. The high electricity prices prevalent across much of Asia-Pacific significantly contribute to increased demand, she explained.
Pakistan has notably risen into the top five markets worldwide, mainly due to its extremely high energy costs. The Middle East also presents substantial opportunities, particularly in data centers, power demand, and energy transition initiatives, thanks to its abundant solar resources, low land costs, and strong economic fundamentals.
According to BloombergNEF data, the global new installed capacity for energy storage reached 112 GW/307 GWh last year, an increase of 48 percent from 2024, with expectations to grow another 41 percent this year to 158 GW/459 GWh. The projection is that by the end of 2036, the global capacity will be ten times what it was in 2025.
Regarding the competitive landscape, Qian noted that since 2022, the market has become more active, but some competitors have exited due to losses stemming from irrational competition within the industry.
“The overall number of manufacturers in the energy storage sector is decreasing,” she stated. “The old approach of competing mainly on scale, production capacity, and manufacturing is no longer effective. Going forward, companies will compete primarily on their technological innovation, solutions, and global service capabilities.”
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