Global battery energy storage (BES) deployment grew 51.8% in 2022 from 2021, with 17.54 GW/38.2 GWh commissioned. 2022 was a historic turning point in the clean energy transition.
• Despite constraints in the supply of critical minerals and materials, shipping, and sitting and permitting processes, battery energy storage is a burgeoning technology poised for accelerated growth.
• Battery energy storage sector expansion is bringing higher sophistication and specialization through the value chain, leading to the diversification of business models and opportunities in battery energy storage systems.
• Considerable growth is expected in artificial intelligence(AI)-based software platforms, multi-technology power purchase agreements (PPAs), second-life applications, and increasing use of batteries in hybrid systems, data centers, fast charging infrastructure, power retailers’ net-zero homes programs, and virtual power plants (VPPs).
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