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Battery Energy
Storage Growth
Opportunities
Re n ewe d G o ve r n m e ntal
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Indian School of Business
A l re ad y Fast - g rowin g
I n d u str y
Global Energy & Environment Research

Team at Frost & Sullivan
The Growth Pipeline™ Company MGDE-27

Powering clients towards a future shaped by growth
February 2023
Contents
Section Slide Number

Strategic Imperatives 8
 Why is it Increasingly Difficult to Grow? 9
 The Strategic Imperative 8™ 10
 The Impact of the Top 3 Strategic Imperatives on the Battery Energy Storage Industry 11

 Growth Opportunities Fuel the Growth Pipeline Engine™ 12
 Key Findings 13
 Scope of Analysis 14
Trend Analysis 15
 Key Trends in Battery Energy Storage 16
 Trend 1. R&D for New Chemistries Continues, but the Market is Still Not Diversified 18
 Trend 2. Merchant BES Is on the Rise 19
 Trend 3. Lithium, is it the Limiting Factor? 20
 Trend 4. Solar plus Storage Is the Perfect Match 22
 Trend 5. Flow Batteries, How Much Longer Should We Wait? 23
 Trend 6. AI-based Software Platforms for BES 24
MGDE-27 2
Contents (continued)

 Trend 7. Circular Economy is Benefitting BES 25
 Trend 8. Transport Electrification is Driving Stationary BES Businesses 27
 Trend 9. Supply Chain Localization 28
 Trend 10. 24-7 Clean Electricity 29

 Trend 11. Beyond MW and MWh Counts, Innovative Business Models to Drive Higher Revenue
30
from BES
 Trend 12. Co-located BES 31
 Growth Opportunities Snapshot 33
Growth Opportunity Analysis 34
 BES Use Cases 35
 Market Attractiveness Assessment by Segment and Region 36
 What do Attractive Markets for BES Have in Common? 37
 Value Chain Analysis—Front-of-the-Meter BES 39
 Key Competitors—Front-of-the-Meter BES 40
 Value Chain Analysis—Behind-the-Meter BES 41
MGDE-27 3

 Key Competitors—Behind-the-Meter BES 42
 Growth Metrics 43
 Growth Drivers 44
 Growth Restraints 45

 Forecast Assumptions 46
 Cumulative Power Capacity Forecast 47
 Annual Power Capacity Forecast 48
 Annual Energy Capacity Forecast 49
 Revenue Forecast 50
 Capacity and Revenue Forecast Analysis 51
Segment Analysis—Residential BES 52
 Growth Metrics—Residential 53
 Annual Energy Capacity Forecast—Residential 54
 Unit Forecast—Residential 55
 Forecast Analysis—Residential 56
MGDE-27 4

Segment Analysis—Commercial and Industrial BES 57
 Growth Metrics—Commercial and Industrial 58
 Annual Energy Capacity Forecast—Commercial and Industrial 59
 Power Capacity Forecast—Commercial and Industrial 60

 Forecast Analysis—Commercial and Industrial 61
Segment Analysis—Grid-scale BES 62
 Growth Metrics—Grid-scale 63
 Annual Energy Capacity Forecast—Grid-scale 64
 Cumulative Annual Power Capacity Forecast—Grid-scale 65
 Forecast Analysis—Grid-scale 66
Regional Analysis—Europe 67
 Cumulative Power Capacity Forecast by Segment—Europe 68
 Cumulative Power Capacity Forecast by Country—Europe 69
 Forecast Analysis—Europe 70
Regional Analysis—North America 71
 Cumulative Power Capacity Forecast by Segment—North America 72
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 Cumulative Power Capacity Forecast by Country—North America 73
 Forecast Analysis—North America 74
Regional Analysis—Asia 75
 Cumulative Power Capacity Forecast by Segment—Asia 76

 Cumulative Power Capacity Forecast by Country—Asia 77
 Forecast Analysis—Asia 78
Regional Analysis—Latin America, Middle East and Africa 79
 Cumulative Power Capacity Forecast by Segment—Latin America, Middle East and Africa 80
 Cumulative Power Capacity Forecast by Region—Latin America, Middle East and Africa 81
 Forecast Analysis—Latin America, Middle East and Africa 82
Key Country Snapshots 83
 Key Country Analysis—Germany 84
 Key Country Analysis—Italy 85
 Key Country Analysis—United Kingdom 86
 Key Country Analysis—United States 87
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 Key Country Analysis—Canada 88
 Key Country Analysis—China 89
 Key Country Analysis—India 90
 Key Country Analysis—Australia 91

 Key Country Analysis—Japan 92
Growth Opportunity Universe 93
 Growth Opportunity 1: Energy Storage-as-a-Service for C&I Customers 94
 Growth Opportunity 2: Mobile Energy Storage Rentals for Grid Enhancement 96
 Growth Opportunity 3: Optimization and Trading Platforms to Maximize Value for Merchant
98
Storage
 Growth Opportunity 4: EV’s Second-life Batteries for Stationary Storage 100
 Growth Opportunity 5: Grid-Interactive Low-Carbon Data Centers 102
 Growth Opportunity 6: Gas Turbines/Generators + Storage Retrofits 104
 List of Exhibits 106
 Legal Disclaimer 108
Author: Maria Benintende

MGDE-27 7
Strategic Imperatives
MGDE-27

8
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™: Factors Creating Pressure on Growth

Source: Frost & Sullivan
MGDE-27 9
The Strategic Imperative 8™
Innovative Customer Value Transformative

Internal Challenges
Business Models Chain Compression Mega Trends
A new revenue model that Customer value chain Global forces that define the The internal organizational
defines how a company compression as a result of future world with their behaviors that prevent a
creates and capitalizes advanced technologies, far-reaching impact on company from making
economic value, typically internet platforms, and other business, societies, required changes.

impacting its value direct-to-consumer models economies, cultures, and

proposition, product offering, that enables reduction in personal lives.
operational strategies, and friction and the number of
brand positioning. steps in customer journeys.
Competitive Intensity Geopolitical Chaos Disruptive Technologies Industry Convergence
A new wave of competition Chaos and disorder arising New, disruptive technologies Collaboration between
from start-ups and digital from political discord, natural that are displacing the old, previously disparate
business models that calamities, pandemics, and and significantly altering the industries to deliver on
challenge the standing social unrest that impact way consumers, industries, or whitespace cross-industry
conventions of the past, global trade, collaboration, businesses operate. growth opportunities.
compelling established and business security.
industries to re-think their
competitive stance.
MGDE-27 10
The Impact of the Top 3 Strategic Imperatives on the Battery Energy
Storage Industry
SI8
Transformative Mega Trends Disruptive Technologies Geopolitical Chaos
Cloud computing, Big Data, analytics, artificial

The decarbonization imperative drives
intelligence (AI), blockchain, and the Internet Once the effects of the COVID-19 pandemic

increased investment in intermittent
of Things (IoT) are among the technologies seemed to have faded from the energy
renewable energy (RE) technologies behind

enabling the digital transformation of the industry and markets started to bounce
Why
(BTM) and in front of the meter (IFM).

power sector. When applied for BES systems back, the Russo-Ukrainian War sparked a
While RE is great for the planet, it introduces
optimization, these technologies help global energy crisis bringing high and volatile
instability to energy systems requiring flexible
maximize the value of energy storage energy prices, supply chain constraints, and
assets like battery energy storage (BES) to
assets with multiple grid service provisions, energy supply risks across the world.
balance supply and demand.
improving the business case for BES.
Among the implications of the

The increased spread of digital technologies
BES deployment is on the rise across the Russo-Ukrainian War is the realization
and software platforms brings higher value
world, given its proven ability to provide from nations of the need to achieve energy
Frost Perspective
to the entire life cycle of storage projects,

grid flexibility and pave the way for a self-sufficiency and reduce dependency on
from design stages to intelligent control and
decarbonized and decentralized grid. Driven volatile internationally-indexed energetics.
optimization. BES software platforms are fast
by long-term falling costs, technological RE deployment coupled with flexible energy
becoming a crucial component of the global
improvements, and governmental support, storage stands as the best commercially-
BES market revenue and a key investment area
BES deployment has an exceptional growth ready solution, especially when
for hardware providers looking for
forecast for the 2020 decade. decarbonization commitments are part of
differentiation strategies
the equation.
MGDE-27 11
Growth Opportunities Fuel the Growth Pipeline Engine™
The Innovation Generator™ The Growth Pipeline Engine™

Perspectives
Analytical
MGDE-27 12
Key Findings
2022 has been a historic turning point in the clean energy transition. A mix of geopolitical, economic, and climate factors
pushed governments to scale the extent and pace of climate action. Governments formed policies and plans with long-term
1 effects for RE and battery energy storage (BES), a critical element to provide the much-needed flexibility and resilience that
modern energy systems require.
The fast growth in related clean energy industries, such as electric mobility and RE, has brought considerable challenges for
2 BES. Constraints around the supply of key minerals and materials, shipping, and sitting and permitting processes put pressure
on battery system prices and cause project delays, restraining BES deployment in the short and mid-term.

Despite these growing pains, stationary BES is a rapidly growing sector, further accelerated by supportive policies and
regulations. Frost & Sullivan estimates global annual capacity to expand about six-fold by 2030, from 17.54 GW/38.26 GWh
3 in 2022 to 104.15 GW/301.01 GWh in 2030, becoming a $71.98 billion market with a cumulative capacity of 499.10
GW/1,340.00 GWh by 2030.
Market expansion is bringing higher sophistication and specialization through the value chain and diversification of business
models and opportunities around BES systems. Frost & Sullivan expects considerable growth around AI-based software platforms,
4 multi-technology PPAs, second-life applications, and increasing use of batteries in hybrid systems, data centers, fast charging
infrastructure, power retailers’ net-zero homes programs, and VPPs.
BES opportunities are set to remain uneven and highly concentrated in countries with supportive policies and advanced
market designs, which allow batteries to participate in wholesale markets and stack value. Almost 80% of power capacity additions
5 deployed between 2022 and 2030 will be concentrated in China, the United States, Australia, Germany, India, and the United
Kingdom.
MGDE-27 13
Scope of Analysis
Coverage Global
Study Period 2019–2030

Base Year 2022
Forecast Period 2023–2030
Monetary Unit US Dollars

• Residential
Market

• Commercial and industrial (C&I)
Segmentation
• Grid-scale
• North America: United States and Canada
• Europe: Germany, United Kingdom, France, Italy, Spain, Netherlands, Austria, Switzerland,
Nordics, and Rest of Europe
• Asia: China, India, South Korea, Japan, Australia, The Commonwealth of Independent States
Geographic
(CIS), and ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Segmentation
Philippines, Singapore, Thailand, and Vietnam)
• Middle East
• Africa
• Latin America
• Revenue analysis provides an understanding of the evolution of total capital costs allocated to grid battery
storage systems, including key cost components, such as power conversion systems, battery systems, casings,
enclosures, control systems, and assembly, shipping, installation, testing, and commissioning.
• Short, medium, and long terms refer to 1–2, 3–4, and 5–8 years.
MGDE-27 14
Trend Analysis
MGDE-27

15
Key Trends in Battery Energy Storage

1. R&D for new chemistries
3. Lithium, is it the limiting

continues, but the market is still 2. Merchant BES is on the rise
factor?
not diversified
4. Solar plus Storage is the perfect 5. Flow batteries, how much 6. AI-based software platforms
match longer should we wait? for BES
Image Source: Getty Images Source: Frost & Sullivan
MGDE-27 16
Key Trends in Battery Energy Storage (continued)

8. Transport electrification is driving

7. Circular economy is benefitting BES 9. Supply chain localization
stationary BES businesses
11. Beyond MW and MWh counts,

10. 24-7 clean electricity innovative business models to drive 12. Co-located BES
higher revenue from BES
Image Source: Getty Images Source: Frost & Sullivan
MGDE-27 17
Trend 1. R&D for New Chemistries Continues, but the Market is Still
Not Diversified
Novel battery technologies dispensing lithium are expected to change the market by the end of the decade. However, lithium-ion chemistry still
overwhelmingly dominates installations. The roadmap below discusses technologies and their year-wise status.
Research & Technology Market Cost Mass

Technology Status
Development Demonstration Introduction Reduction Production
Lithium-ion Mass Production
Cost Reduction

Technology Technology Demonstration
Lithium-sulphur Mass Production
Demonstration Market Introduction

Technology Demonstration Cost Reduction
Sodium-ion Mass Production
Market Introduction
Potassium-air R&D Technology Demonstration Market Introduction
Magnesium-sodium R&D Technology Demonstration Market Introduction
Technology Market
Graphite dual‐ion R&D
Demonstration Introduction
Technology
Aluminium-air R&D Market Introduction
Demonstration
Technology Technology Demonstration Cost Reduction
Nickel-zinc Mass Production
Demonstration Market Introduction
Zinc-Bromine (Flow) Mass Production
Market Introduction
Vanadium Redox (Flow) Mass Production
Market Introduction
Year 2020 2022 2024 2026 2028 2030
MGDE-27 18
Trend 2. Merchant BES Is on the Rise
• Unlike contracted BES projects with guaranteed revenue streams, merchant storage drives revenues (or most
of them) from wholesale markets through ancillary services, capacity supply (power), and energy arbitrage.
• As BES matures, more countries allow its participation in wholesale markets to provide different services,
creating new growth avenues.
• Revenue maximization for merchant BES entails strategic sitting to capture value from grid congestion,
participation in day-ahead and real-time market bids, and quick operational adjustments to react to unexpected
market events. The use of optimization and bidding software becomes a crucial element to help in that
endeavor.

Battery Energy Storage: Key Markets for Merchant BES Opportunities, Global, 2021

UK
United States
• ISO-NE
• NYISO
• PJM Australia
• MISO AEMO
• ERCOT
• CAISO
United Kingdom
National Grid
ESO
MGDE-27 19
Trend 3. Lithium, is it the Limiting Factor?
There is growing concern about whether lithium supply can keep up with the rising demand from cell and cathode manufacturing.
• Lithium is the key material for a net-zero Battery Energy Storage: Lithium Demand Forecast
(in 1,000 Metric Tons of Lithium Carbonate
energy industry, whether for transport Equivalent), Global, 2021 and 2030
electrification or stationary energy storage.
While supply has increased significantly during 2,500.0

(in Thousand Metric Tonne)
the last few years, demand has grown faster.

2,000.0
• Even when there is enough lithium on Earth to
Demand
1,500.0
accomplish the energy transition, it is uncertain 1,000.0 2,100.0
if mining development will be able to keep up 500.0

with the expanding battery industry. Tight 470.0
0.0
balances are expected from 2025 onward. 2021 2030
Year
The challenge for growing the battery industry
and supply chain during the current decade is to
develop natural resource projects to grant supply 18.1% CAGR
of lithium, nickel, and cobalt. In Lithium Demand Growth
Source: Statista; Redefining Energy Podcast; Jade Cove Partners; Frost & Sullivan
MGDE-27 20
Trend 3. Lithium, is it the Limiting Factor? (continued)
What can be Expected from this Lithium Supply and Demand Imbalance Horizon?
Expansion to new types and lower-grade resources

Massive investment for new natural resource
in different, previously considered unattractive,
projects (in the order of dozens of billions)
locations
Geographical diversification for mining and Further technological innovation for natural

processing locations resource processing

Increased lithium production from legacy Focus on less environmentally impactful
operations serving other industries techniques like direct lithium extraction (DLE)
Vertical integration and higher participation from

The continued ramp-up in the price of raw
cell and cathode manufacturers in raw material
materials
supply
New initiatives for supply chain development and

Possible cancellations of lithium-ion battery
better alignment between governments,
gigafactories due to supply constraints
companies, and the financing community
MGDE-27 21
Trend 4. Solar plus Storage Is the Perfect Match
In all market segments, solar PV and battery combination is one of the key growth areas for BES commercialization.
Front-of-the Meter
Solar will remain the predominant technology for hybridization with
batteries, with several utility-scale projects developed and announced in
the United States, Australia, India, China, and Europe. Given the former
investment tax credit for storage, including stand-alone assets, high price
spreads, and state-level incentives and programs, the United States

became a hot spot for grid-scale solar-plus-storage power plants, with

almost 60% of planned batteries paired with solar.

Behind-the-Meter
Solar-plus-storage installations help consumers to protect against
higher and more volatile energy prices, reduce emission levels, and have
a reliable power supply. With ongoing changes in DG incentive schemes
and retail electricity tariffs toward models supporting self-consumption
and continued decrease in BES costs, the growth of distributed solar is
leading to wide-scale storage adoption.
Solar-plus-storage is rapidly becoming a standardized proposition
for residential and C&I customers in the most developed countries.
In Western European countries, Australia, and some states in the United
States, the average cumulative attachment rate for BES plus storage
is expected to jump from approximately 10% to surpass 20% by
mid-decade.
Image Source: Getty Images Source: EIA; Frost & Sullivan
MGDE-27 22
Trend 5. Flow Batteries, How Much Longer Should We Wait?
Flow batteries are rapidly emerging as a safer alternative to lithium-ion batteries. They are better suited to meet the future power grid
requirements for large-scale, long-duration energy storage.
Technology Overview Vendor

• CellCube • Redflow
Flow batteries have various technical advantages over lithium-ion • ESS Inc. • Schmid Group
batteries, including virtually unlimited life cycles, multiple deep • H2 Inc. • Sumitomo Electric
• Invinity Energy Industries
discharges, and separate liquid tanks granting higher safety, driving Systems • UniEnergy
considerable interest in the technology. Vanadium redox flow batteries • Jena Batteries Technologies
• Largo Inc. • Vionx Energy

(VRFB) are the most mature and commonly used flow batteries. Other
• Lockheed Martin • Vizn Energy
emerging chemistries include zinc-bromide, polysulfide-bromide,

Corporation • VRB Energy
iron-chromium, all iron RFB, and organic RFB. • Primus Power
Impact on Energy Storage Market Impact in Figures

Large-scale installations can cater to a range of long-duration energy storage Announcements of pilot projects using flow
applications. Larger the storage tanks, the more the flow battery’s capacity. batteries with successful results continue to
Utility-scale is becoming a well-established market for flow batteries, especially for pile up, but the share in the total market is
firm capacity and backup power as main applications. Market confidence about this still under 5%. However, flow batteries are
chemistry as an alternative to lithium-ion batteries drives the adoption rate of flow poised to grow rapidly, as they can cater to
batteries. The highly competitive nature of the Li-ion battery market ecosystem, with long-duration storage needs and mitigate
several participants in multiple applications, has shifted the attention from flow lithium-ion battery sustainability, supply
batteries, as they are used only in the energy storage market. chain, and security challenges.
Key Applications
Renewable capacity Frequency and voltage
Energy arbitrage Load levelling Backup power
firming regulation
MGDE-27 23
Trend 6. AI-based Software Platforms for BES
BES software platforms can help automate and drive critical insights to cover the entire
project life cycle, supporting multiple stakeholders across the value chain.
AI-based
software Project Pre-feasibility BES System Bidding, Asset Management and
platforms are Analysis Operation, and Control System Optimization
rapidly becoming • Identification of FTM • Operation, monitor, and • Modelling operational
a crucial and BTM applications control strategies based on
component of • Optimization of system • Pricing forecasting revenues and risk

BES systems, both sitting and sizing • Bidding • Optimization of bid
• Analysis of interaction • Integration with

BTM and FTM, strategies
and a growing between assets scheduler • Economic and
area of revenue. • Modelling future • OEM warranty environmental
Participants from revenue streams compliance optimization
different • Project valuation • Preventive and
backgrounds, predictive maintenance
such as software
development, Top Software Platform Providers for BES Optimization, Global, 2022
power trading, • Arenko • Fluence IQ • Next Kraftwerke
battery • Ascend Analytics • Geli • Origin Energy
manufacturing, • Autogrid • GridBeyond • Sonnen
and integrators, • DNV • Habitat Energy • Stem
are flocking into • E2M • Kiwi Power • Sympower
this niche. • EDF PowerShift • Limejump • Tesla Autobidder
• Enbala Energy & Meteo • Lumenaza • Wärtsilä
MGDE-27 24
Trend 7. Circular Economy is Benefitting BES
When EV batteries reach their end of life, 50% to 80% of their capacity is still available, creating opportunities for repurposing on
secondary or even tertiary applications with reduced costs and emissions.
EV Battery Reuse and Recycling

• Off-grid micro and
mini-grids
• Residential and C&I

Battery Reuse Second-life backup power Key Predictions

50%–80% Capacity Applications • Grid-scale BES
• Telco towers • In the short term,
• Forklifts battery recycling
remains a more
EV Battery lucrative destination.
End of second life Li Ni Co
End of First Life • By 2025, 9.5 GWh
(8–10 Years) Material Recovery will be available for
Up to 70% emission recycling, increasing to
reduction in mining, 605 GWh by 2030.
Recycling transportation, and • More than 4 GWh
refining of raw capacity will be available
• Pyrometallurgy
materials for second-life use by
Depleted Battery • Hydrometallurgy
2025.
Less than 50% Capacity
Disposal
Source: Frost & Sullivan Mobility Team
MGDE-27 25
Trend 7. Circular Economy is Benefitting BES (continued)
Battery Energy Storage: Top Automotive EV OEM Plans and Alliances, Global, 2022
Reuse Approach Number
of
Recycling Approach Stationary Mobility
Projects/
Partner- Residential/ Grid Telecom Forklift/ Partner- Analyst
OEM ships Self Backup Power Tower AGV Others ships Rating
Volkswagen       6+

Daimler      6+

BMW      6+
Hyundai     6+
Tesla    4+
RNM        6+
Stellantis      4+
General
Motors   1+
(GM)
 Future  Current Low Medium High
Source: Frost & Sullivan Mobility Team
MGDE-27 26
Trend 8. Transport Electrification is Driving Stationary BES Businesses
There is a growing trend of pairing BES with fast-charging infrastructure to avoid grid constraints, especially during peak times.
Key Applications Key Benefits of Using BES Key Requirements
• Industrial fleets • Faster charging • Plug-and-play integrated

solution
• Commercial fleets • Lower demand charges
• Modular and scalable

• Car rental agencies • Faster deployment of EV

charging • Relocatable
• Bus depots
• Major grid upgrades are • High energy density and
• Public charging stations
avoided compact design
• EV charging networks
• Backup power during outages • Reliable
• Reduced energy costs with • Customizable configurations
energy arbitrage
• Interoperability
• Potential to integrate onsite RE
• Grid interactivity
• Digitally monitored and
controlled
Source: ABB; Frost & Sullivan
MGDE-27 27
Trend 9. Supply Chain Localization
Supply chain constraints and the European energy crisis have triggered policies and incentives seeking to regionalize battery industry chains.
Battery Energy Storage: Battery Manufacturing Cumulative Capacity, Key Geographies, 2021 and 2030
1,300
1,200

3,500

120 China will continue to
100 be the leader in global
2021 2030 474 battery
2021 2030
Europe manufacturing
United 100 2021 2030 capacity. The
States China European and United
With new and 2.3 States push to
expanded tax credits, establish local supply
2021 2030 will make China lose
the IRA boosted the
United States market India some of its market
attractiveness for share from almost
transport By the end of 2022, Europe had 1.5 TWh of 80% in 2021 to 60%
electrification and manufacturing projects to come online by by 2030.
2030. Germany, Great Britain, Norway, Italy, The Indian government has
energy storage and as
Sweden, and Spain are leading the pack. New an ambitious plan to become
a new preferred
incentives are expected to be released to a manufacturing hub for EV
destination for
compete with other destinations, mainly the and energy storage batteries
investments across
United States and China. supported by funding and
the complete cycle of
incentives.
battery production.
Note: Figures are in GWh Note: All figures are rounded. The base year is 2021. Source: Frost & Sullivan
MGDE-27 28
Trend 10. 24-7 Clean Electricity
A growing number of companies are pushing the boundaries of their decarbonization strategies and committing to around-the-clock
clean electricity, which requires opting for multi-technology PPAs and solutions that combine intermittent renewable generation,
software, and flexible assets.
Company to Action:
Google is committed
to running 24-7 on

carbon-free energy
Biofuel

by 2030. The company

Advanced Biogas Enhanced Emergency Optimization Grid Smart
has signed clean Nuclear Geothermal Power Platforms Software Contracts
energy PPAs with
Engie in Germany Flexible Baseload Digital Solutions
and AES Corp. in the
United States, which
include BES-backed 24-7 Clean Power
wind and solar. Intermittent RE Building Blocks BTM Flexibility
This model's
implementation is
expected in other Solar Wind Run-of-the-
Storage V2G Demand
river Hydro
countries where the Response
company has data H2

centers.
Green
Hydrogen BES
MGDE-27 29
Trend 11. Beyond MW and MWh Counts, Innovative Business Models
to Drive Higher Revenue from BES
Batteries are a versatile building block that, in combination with other technologies, enables new business models that provide higher
customer value and more revenue streams.
VPPs
By aggregating BTM BES with other Ultra-fast Charging
DERs and controllable loads using The combination of on-site BES, Zero-Carbon Power
power conversion systems and Home BES is becoming vital for

software, VPPs balance the grid
software provides retailers, fleet energy retailers to differentiate by

without investing in ancillary power

generation plants. owners, and utility companies delivering competitive smart rates
Company to action: Tesla and PG&E with a fully-integrated charging and zero-carbon home solutions
solution that helps avoid grid to customers.
infrastructure challenges at lower Company to action: Octopus
capital and operating cost. Energy and Powervault
Company to action: FreeWire
Peer-to-peer Energy Transactions
Using blockchain platforms, a shared
BES can be used in apartment
buildings or industrial clusters,
enabling prosumers with rooftop Microgrids
solar to trade power with each other Co-located storage with on-site generation and energy management
through the battery. systems grants power security to commercial, institutional and industrial
Company to action: Powerledger customers, allowing them to provide services to the grid.
Company to action: Schneider Electric
MGDE-27 30
Trend 12. Co-located BES
Besides solar PV, hybridization with batteries is gaining traction across a range of power generation technologies, offering higher value
than stand-alone configurations.

Engines +

Wind + Gas Turbines +
Solar + Hydro +
Battery Energy Storage
Village and Island Commercial and Industrial

Electrification Utility-scale
(On-grid and Off-grid)
MGDE-27 31
Trend 12. Co-located BES (continued)
Operation Optimization
Reduced CAPEX
Dispatchability, firm capacity,
Project design, shared
Key reliability, recovery of clipped
equipment, labor, installation,
energy

permits, and interconnection Advantages
ASSIGN of

savings Hybridization
with Batteries
ALIGN
Reduced OPEX Multiple Revenue Streams

Joint operation and maintenance, utility Value stacking, ancillary
bill savings, and reduced load costs (for services, and energy
distributed schemes) arbitrage
Benefits for Society and Grid Operations: Cost-effective grid usage, deferred grid
expansion investment, reduction of power and voltage peaks, and curtailment.
MGDE-27 32
Growth Opportunities Snapshot
S. No. Growth Opportunity Brief Description
Energy storage-as-a- OPEX-based business models can be used to overcome the typical adoption
1.
service for C&I customers barriers for clean energy technology investment in the C&I sector.
Mobile energy storage

The temporal aspect of BES rentals makes it a better fit for distribution
2. rentals for grid
grid deferral applications.
enhancement

Optimization and trading
platforms to maximize Unlike traditional power bidding and operation, battery optimization
3.
value for merchant requires advanced forecasting and powerful AI-based software.
storage
EV’s second-life batteries Re-purposed EV batteries can help reduce demand for battery materials
4.
for stationary storage and make the eMobility industry more sustainable.
Grid-interactive low- Besides backup power and power quality, batteries in hyperscale data
5.
carbon data centers centers provide grid flexibility services.
Retrofits with batteries allow spinning reserves without needing an extra

Gas turbines/generators
6. turbine or generator to operate and burn fuel, which reduces operating
and storage retrofits
costs and GHG emissions.
MGDE-27 33
Growth Opportunity Analysis
MGDE-27

34
BES Use Cases
Battery Energy Storage: Use Cases by Segment and Timescale, Global, 2022
Segment Timescale
Millisecond Second Minute Hour Day

Front-of-the-Meter
Frequency Response (FR) Renewables Integration
Firm Capacity
Energy Time-shift/arbitrage

Grid-Scale
Operating Reserve

Voltage Support
Transmission/distribution Deferral
Solar PV Self-consumption
Backup Power
C&I Demand Charge/time-of-use Management
Behind-the-Meter
Demand Response (DR) Services
Power Quality
Solar PV Self-consumption
Backup Power
Residential
Time-of-use Cost Management
DR Services
Source: Greening the Grid; Frost & Sullivan
MGDE-27 35
Market Attractiveness Assessment by Segment and Region
Behind-the-Meter Front-of-the-Meter
Residential C&I Grid-scale
Arizona
ASEAN Countries
Australia
California
Canada
China

France

Germany
India
Italy
Japan
Latin America
Netherlands
Nevada
Nordics
New York
South Korea
Spain
Texas
United Kingdom
Rating Scale High Medium-high Medium Medium-low Poor
MGDE-27 36
What do Attractive Markets for BES Have in Common?
Fast-growing BES markets often have a mix of policy tools and power market factors that make them attractive to owners and investors.
Front-of-the-meter
Factor Example
High RE penetration and intraday energy spreads California, United Kingdom, Australia, Texas

Several energy services in which batteries can participate Texas, California, United Kingdom, Australia

Capacity auctions (allowing batteries) Italy, France
Resource adequacy requirements California
Few interconnections to other countries/markets Ireland, United Kingdom, Italy, Texas
BES auctions (co-located or stand-alone) India, Italy
BES targets Spain, Italy, China, New York, Victoria (Australia)
Co-location requirements China, Australia
Transmission constraints Germany, Colombia

MGDE-27 37
What do Attractive Markets for BES Have in Common? (continued)
Fast-growing BES markets often have a mix of policy tools and power market factors that make them attractive to owners and investors.
Behind-the-meter
Factor Example
Growing or mature PV distributed generation market Germany, California, Brazil

Incentives (rebates, grants, funding, tax credits) to install
Italy, United States, Austria, Switzerland, Australia

batteries paired with PV systems
High demand charges Ontario (Canada), California, China
A considerable gap between power retail tariffs and the
Italy, Germany, United Kingdom
cost of PV self-generation
A considerable gap between peak and off-peak tariffs Brazil (some states)
Prosumer-friendly electricity tariffs United Kingdom
Poor grid reliability Texas, California, Africa, Latin America

Texas, California, Florida, Puerto Rico, Caribbean
Frequent extreme weather events
Islands, India, Africa, Japan, ASEAN Countries
MGDE-27 38
Value Chain Analysis—Front-of-the-Meter BES
Grid-scale Battery Energy Storage: Value Chain Analysis, Global, 2022
Power Electronics/
Cell and Module Battery Management
Power Conversion
Manufacturers System Suppliers
System Suppliers

System Suppliers/

Integrators
Optimization and Trading

Developers/Owners/Operators
Software Suppliers
Utilities TSOs/DSOs IPPs
Key: TSO: Transmission system operator; DSO: Distribution system operator; IPP: Independent Power Producer.
MGDE-27 39
Key Competitors—Front-of-the-Meter BES
Developers/Owners/Operators
Rest of World North America Europe Asia
• Eskom • NextEra • Tesla • EDF • Centrica • Maoneng

• AES Energy • Strata Solar • Enel • Anesco • SB Energy
• ACWA Power • LS Power • E.ON • ENGIE • Ørsted • Mitsubishi
• Enel • Terra-Gen • Enel • NW Groupe • RWE • State Grid Corporation
• DEWA • AES • PG&E • Total • Drax • Origin Energy

• Masdar • Broad Reach • Recurrent • Amarenco • Kiwi Power • Neoen

• ENGIE Power Energy • ResTech • InterGen • AGL
• Sonnedix • Convergent • Westbridge • Valorem • Neoen • Tesla
• NRStor • 8minute • Sonnedix • Vattenfall • CEP Energy
• Duke Energy • Statkraft
• GlidePath • LEAG
• Eneco
Cell and Module Manufacturers (Global) System Integrators (Global)

• Bolloré Group • Higee Energy • Rongke Power • Nidec • GE • ENGIE
• BYD • Hitachi Chemical • Saft • Wärtsilä • LSIS • Doosan
• CALB • LG Chem • Samsung SDI • Powin Energy • ABB • Risen Energy
• CATL • Narada • Schneider • RES • Hyundai • Recurrent Energy
• CRRC • NEC Energy • Sonnen • Fluence • Tesla • Ingeateam
• Enersys Solutions • Sony • BYD • Belectric • Honeywell
• Farasis Energy • NGK Insulators • Sumitomo • LG Chem • Sungrow • Con Edison
• Fluence • Northvolt • Tesla • Leclanché • Kelong • ZTT
• Gotion • Panasonic • Tianneng Power • NEC Energy • NR Electric • CYG
• Guoxuan High-tech • REPT BAttery • URE Solutions • NextEra • EVE
MGDE-27 40
Value Chain Analysis—Behind-the-Meter BES
Residential and C&I Battery Energy Storage: Value Chain Analysis, Global, 2022
Inverter and EMS Cell and Module PV Kit Component

Suppliers Manufacturers Suppliers

System Integrators
Distributors
Installers
Residential Commercial Industrial
MGDE-27 41
Key Competitors—Behind-the-Meter BES
System Integrators/Distributors
Rest of World North America Europe Asia
• ABB • ABB Solutions • ABB • Senec • ABB • Panasonic

• BYD • Alpha ESS • Powerflex • Alpha ESS • SOLAX • Alpha ESS • Pylon Tech
• Generac • Eaton • Powin • Ampere • Sonnen • BYD • Samsung
• Huawei • Enphase Energy • BYD • Varta • Growatt • Solax

• LG Chem • FlexGen • Pylon Tech • E3/DC • Wärtsilä • GS Yuasa • Sonnen

• Pylotech • Fluence • Sonnen • FIAMM • Huawei • Tabuchi
• Solax • Generac • Saft • Fluence • Kyocera • Tesla
• Hitachi • Sunverge • Growatt • LG Chem • Wärtsilä
Energy • Tesla • Huawei • NEC • EVE
• Honeywell • 8minute • LG Chem • Next Energy
• Leclanché • Wärtsilä • Moixa
• LS Energy • Powervault
• Pylon Tech
• RCT Power
MGDE-27 42
Growth Metrics
Battery Energy Storage: Growth Metrics, Global, 2022
Annual Additions
Annual Additions Revenue for Last Year
Life Cycle Stage Revenue for Last Year of Study
(GW) of Study Period
Period (GW)
Growth $15.85 B 17.54 $71.98 B 104.15

(2022) (2022) (2030) (2030)
Base Year Growth Compound Annual Compound Annual

Number of Degree of
Rate Growth Rate Growth Rate
Competitors Technical Change
(Revenue) (Revenue) (Annual Additions)
51.8% 20.8% 24.9% >30 8

- (active market competitors (scale:1 [low] to 10 [high])
(2022) (2022–2030) (2022–2030) in 2022)
Note: All figures are rounded. The base year is 2022. Source: Frost & Sullivan
MGDE-27 43
Growth Drivers
Battery Energy Storage: Growth Drivers, Global, 2023–2030
Driver 1–2 Years 3–4 Years 5–8 Years
Low-carbon electrification commitments and energy security concerns

intensify the Deployment of Variable RE Generation capacity, requiring High High High
grid-scale storage solutions to alleviate grid congestion and balance load.
Advancements in the EV market and expansion of battery production

capacity translate into Battery System Performance Improvements and High High Medium

Cost Reduction.
Government Incentives and Evolving Market Regulations, including

time-of-use tariffs, ancillary services markets, and DG rules incentivizing
Medium High High
self-consumption, help amplify the business case and revenue streams for
grid-scale, C&I, and residential batteries.
As markets and applications mature, so does Funding Availability for BES

Medium Medium High
manufacturing and deployment.
High Electricity Prices improve decentralized solar economics and

Medium Medium Medium
associated battery storage for C&I and residential consumers.
The increasing occurrence of Weather Events and Grid Disruptions

encourages the search for backup power by C&I and residential Medium Medium Medium
customers.
MGDE-27 44
Growth Restraints
Battery Energy Storage: Growth Restraints, Global, 2023–2030
Restraint 1–2 Years 3–4 Years 5–8 Years
In most electricity markets, Flat Electricity Tariffs, Net Metering Schemes,

and Lack of BES Access to Wholesale Markets make the business case
High High Medium
challenging for front and behind-the-meter installations, pending further
modernization initiatives.

BES System Costs are still high for widespread adoption in commercial,
High Medium Medium
industrial, and residential segments in countries without any incentives.
Supply Chain Constraints, driven by the EV market acceleration causing

higher prices in construction materials, metals, and critical minerals, and
High Medium Low
exacerbated by the Russo-Ukrainian War, put cost pressure on BES
projects, deferring or even canceling a few of them.
The Global Energy Crisis, sparked by the War, brings uncertainty and high
fuel prices lead to Inflationary Pressures, hampering economic growth, Medium Low Low
lowering consumers’ power, and increasing financing costs.
In competitive markets, merchant storage projects are still refrained from

Medium Low Low
due to considerable Uncertainty on Revenues.
MGDE-27 45
Forecast Assumptions
Greater Intermittent Renewables Expansion

1 Till 2030, annually, there will be an average global addition of 320 GW of large-scale and 132 GW
of distributed generation intermittent renewable capacity.
Favorable Policy Environment

Electricity market regulations evolve favorably for battery storage installations as governments
2 and regulators recognize the strategic role of BES for RE and distributed generation resources
(DER) expansion, albeit at different paces.

Decreasing BES Costs
The downward trajectory of BES costs stopped in 2022 due to supply chain strains and higher
3 prices for critical minerals and metals. Higher prices will continue during the short term and
decline by almost 40% from 2024 to 2030 in the face of value chain development, innovation,
and performance improvements.
Increasing E/P Ratio

Power-centered projects have been prevalent in most grid-scale battery storage markets.
4 However, the energy-to-power (E/P) ratio will increase during the forecast period, as costs
continue to decline and new use cases (e.g., firm capacity and energy arbitrage) are untapped.
For residential and C&I applications, the E/P ratio will rise slightly.
The Russo-Ukrainian War

5 While most governments’ responses favor accelerated clean energy development, high fossil fuel
prices lead to high inflation and economic loss in the short term.
MGDE-27 46
Cumulative Power Capacity Forecast
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, Global, 2019–2030
CAGR, 2022–2030 = 33.9%
600,000
500,000

Cumulative Power Capacity (MW)
400,000

300,000
200,000
100,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 CAGR
Grid-scale 7,516.7 10,870.9 18,512.6 30,880.1 46,929.8 66,289.6 91,711.8 125,261.3 168,169.9 220,642.1 284,998.1 362,273.6 36.0%
C&I 1,719.2 2,599.1 3,695.2 5,195.4 7,221.7 9,980.9 13,660.9 18,405.7 24,403.5 31,853.5 41,000.3 52,305.4 33.5%
Residential 3,518.9 5,717.8 8,546.7 12,209.6 16,531.4 21,653.8 27,916.3 35,533.2 44,701.9 55,867.1 69,004.8 84,521.9 27.4%
Year
Note: All figures are rounded. The base year is 2022. Source: Frost & Sullivan Battery Energy Storage Growth Generator
MGDE-27 47
Annual Power Capacity Forecast
Battery Energy Storage: Annual Power Capacity Forecast by Segment, Global, 2019–2030
CAGR, 2022–2030 = 24.9%
120,000
100,000

Annual Power Capacity (MW)
80,000

60,000
40,000
20,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 CAGR
Grid-scale 1,974.9 3,354.2 7,641.8 12,367.5 16,049.7 19,359.8 25,422.2 33,549.5 42,908.6 52,472.3 64,356.0 77,275.5 25.7%
C&I 685.5 883.8 1,096.1 1,500.2 2,026.3 2,759.1 3,680.0 4,744.9 5,997.7 7,450.1 9,146.7 11,305.2 28.7%
Residential 1,241.8 2,209.1 2,840.0 3,676.3 4,337.8 5,140.1 6,282.0 7,640.2 9,196.7 11,198.8 13,178.0 15,565.5 19.8%
Year
MGDE-27 48
Annual Energy Capacity Forecast
Battery Energy Storage: Annual Energy Capacity Forecast by Segment, Global, 2019–2030
CAGR, 2022–2030 = 29.4%
350,000
300,000

250,000
Annual Energy Capacity (MWh)

200,000
150,000
100,000
50,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 CAGR
Grid-scale 3,370.2 6,005.0 16,653.1 28,436.5 39,114.5 48,897.2 65,699.6 92,338.6 120,817.6 154,430.1 197,516.1 247,152.4 31.0%
C&I 1,370.4 1,747.0 2,169.0 2,994.2 4,066.4 5,606.1 7,495.7 9,713.4 12,509.3 15,717.7 19,396.0 24,076.1 29.8%
Residential 2,450.0 4,340.5 5,482.9 6,824.3 8,160.2 9,700.3 11,961.9 14,647.0 17,688.2 21,584.6 25,291.0 29,778.4 20.2%
Year
MGDE-27 49
Revenue Forecast
Battery Energy Storage: Revenue Forecast by Segment, Global, 2019–2030
CAGR, 2021–2030 = 20.8%
80,000.0
70,000.0
60,000.0

Revenue ($ Million)
50,000.0
40,000.0
30,000.0
20,000.0
10,000.0
0.0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 CAGR
Grid-scale 1,211.5 2,058.0 5,614.9 9,876.8 14,064.2 17,405.3 21,419.4 27,546.1 33,251.6 38,781.7 46,002.5 50,462.1 22.6%
C&I 907.9 1,093.4 1,278.0 1,790.2 2,535.7 3,502.1 4,367.6 5,281.3 6,358.8 7,451.6 8,571.9 9,919.0 23.9%
Residential 1,810.8 2,994.8 3,545.3 4,179.7 4,691.8 5,182.5 6,056.3 7,024.2 8,057.1 9,330.2 10,380.1 11,603.3 13.6%
Year
MGDE-27 50
Capacity and Revenue Forecast Analysis
• Global BES capacity deployment is set to expand from 17.54 GW/38.26 GWh in 2022 to 104.15 GW/301.01 GWh
in 2030, fueled by the expansion of intermittent renewables, supportive policies, and cost declines.
• BES energy capacity growth is higher than power capacity, recording 29.4% and 24.9% CAGRs, respectively, due
to an increase in grid-scale project duration. Maximum grid-scale storage projects have been designed primarily
to supply quick power for frequency regulation services, requiring high-power and short-duration batteries.

However, BES will continue to have an increasing role in energy arbitrage, time shifting, and capacity firming,

requiring higher energy capacity.
• Market revenue will grow almost five-fold, from $15.85 billion in 2022 to $71.98 billion by 2030, a slightly lower
growth rate than for installations due to the downward trajectory of technology costs, expected to resume from
2024 onward.
• The grid-scale sector will remain the leading sector in growth, accounting for three-quarters of installations by
2030, while the less-developed C&I sector will experience higher growth than residential batteries, reaching
similar levels of energy capacity.
MGDE-27 51
Segment Analysis—Residential BES
MGDE-27

52
Growth Metrics—Residential
Residential Battery Energy Storage: Growth Metrics, Global, 2022
Annual Energy
Revenue for Last Year
Life Cycle Stage Revenue Units Additions of Study Period
(GWh)
Growth $4.18 B 772,137 6.82 $11.60 B

(2022) (2022) (2022) (2030)
Base Year Growth Compound Annual

Number of Degree of
Rate Growth Rate Average Price per Unit
(Revenue) (Revenue)
17.9% 13.6% ~30 6 $5,413

(2022) (2022–2030) (2022)
in 2021)
MGDE-27 53
Annual Energy Capacity Forecast—Residential
Residential Battery Energy Storage: Annual Energy Capacity Forecast by Region, Global, 2019–2030
CAGR, 2022–2030 = 20.2%
35,000
30,000
25,000

20,000
15,000
10,000
5,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Latin America 4.4 5.3 6.3 7.6 9.1 11.9 13.5 18.9 26.4 37.0 51.8 72.6
Africa 15.6 20.3 22.3 26.8 32.1 35.3 38.9 46.6 56.0 67.2 80.6 96.7
Middle East 36.4 47.3 52.1 62.5 81.2 105.6 137.2 178.4 231.9 301.5 391.9 509.5
North America 596.1 1,287.0 1,591.1 1,860.9 2,327.9 3,026.3 4,082.5 5,307.2 6,639.1 8,305.5 9,617.9 11,188.1
Europe 850.2 1,422.9 2,061.7 2,850.0 3,379.5 3,818.4 4,368.0 5,007.4 5,732.7 6,834.0 7,892.3 9,139.1
Asia 947.4 1,557.8 1,749.4 2,016.5 2,330.3 2,702.8 3,321.8 4,088.4 5,002.1 6,039.4 7,256.4 8,772.3
Year
MGDE-27 54
Unit Forecast—Residential
Residential Battery Energy Storage: Units Forecast in Top 10 Countries, Global, 2022 and 2030
CAGR, 2022–2030 = 20.3%
2022 2030

Germany 193,700 United States 908,071

United States 152,100 Germany 672,770
Japan 151,872 Japan 337,497
Italy 87,000 China 317,404
Australia 34,000 Italy 226,976

772,137 UK 20,625 3,397,445 Australia 206,388
Installations China 20,280 installations UK 100,229
Austria 14,700 S. Korea 78,964
S. Korea 13,800 India 61,120
India 6,430 Austria 59,469
Rest of the World 77,630 Rest of the World 428,556
MGDE-27 55
Forecast Analysis—Residential
• The residential BES market is relatively nascent, with 772,137 systems installed in 2022. Given that the potential
addressable market is many times that number, there is plenty of space for future growth. Frost & Sullivan
estimates annual capacity to jump from 3.68 GW/6.82 GWh in 2022 to 15.57 GW/29.78 GWh by 2030.
• A mix of supportive policies and incentives driving solar self-consumption coupled with soaring electricity prices,
intensified by the global energy prices, and extreme weather events is leading residential consumers to invest in
solar-plus-storage systems.

• Europe is the most developed region for residential BES and the first to surpass the 1 GW landmark in annual

installations in 2021. However, opportunities are still largely concentrated in a handful of leading countries.
Germany has the biggest residential market, with almost 200,000 annual installations in 2022, while Italy, in the
second position, with 87,000 new systems, is expanding fast due to government incentives.
• By the end of the forecast period, considerable growth in installations in the United States, China, Japan, and
Australia will split the residential BES market evenly among the 3 regions of North America, Asia, and Europe.
North America will outpace Europe in energy capacity deployment, as system sizes tend to be bigger, but not in
installations.
• The growth in Latin America, Africa, and the Middle East is expected to be limited unless governments offer solid
incentives. With lower GDP and power demand per capita, relatively low or subsidized energy prices, import
taxes for batteries, and traditional net metering policies refraining from PV self-consumption, it is hard for
residential batteries to make a business case.
MGDE-27 56
Industrial BES
Segment Analysis—Commercial and
MGDE-27

57
Growth Metrics—Commercial and Industrial
Commercial and Industrial Battery Energy Storage: Growth Metrics, Global, 2022
Annual Power Annual Energy

Life Cycle Stage Revenue Additions Additions of Study Period
(GW) (GWh)
Growth $1.79 B 1.50 2.99 $9.92 B

(2022) (2022) (2022) (2030)

Number of Degree of
Rate Growth Rate Average Cost per KWh
(Revenue) (Revenue)
40.1% 23.9% >20 7 $597.9

(2022) (active market competitors (scale:1 [low] to 10 [high])
(2022–2030) (2022)
in 2022)
MGDE-27 58
Annual Energy Capacity Forecast—Commercial and Industrial
Commercial and Industrial Battery Energy Storage:
Annual Energy Capacity Forecast by Region, Global, 2019–2030
CAGR, 2022–2030 = 29.8%
30,000
25,000
20,000

15,000
10,000
5,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Middle East 10.5 26.5 31.5 42.0 52.5 63.0 69.3 76.2 83.9 92.2 101.5 111.6
Africa 23.3 30.8 30.0 50.0 57.5 66.1 76.0 87.5 100.6 115.7 133.0 153.0
Latin America 70.0 80.0 112.5 135.0 162.0 194.4 244.9 308.6 388.9 490.0 617.4 777.9
Europe 100.4 184.8 210.3 304.1 393.8 588.6 752.1 1,004.7 1,466.9 2,013.1 2,579.3 3,315.7
North America 364.0 433.0 556.4 814.4 1,127.2 1,655.6 2,385.2 3,188.1 4,262.3 5,381.9 6,598.6 8,100.8
Asia 802.2 992.0 1,228.2 1,648.7 2,273.5 3,038.3 3,968.2 5,048.3 6,206.7 7,624.8 9,366.2 11,617.2
Year
MGDE-27 59
Power Capacity Forecast—Commercial and Industrial
Commercial and Industrial Battery Energy Storage:
Power Capacity Forecast in Top 10 Countries, Global, 2022 and 2030
CAGR, 2022–2030 = 28.7%
2022 2030
1,500.2 11,305.2
MW MW

China 625.2 2% 1% 7% China 3,981.7
13%

1% United States 252.0 United States 2,604.1
2%
2%
Canada 104.0 Canada 948.8
2% 35%
87.5 3% India
India 852.1
42%
2% Japan 76.0 4% Australia 737.9
3% Australia 50.0 Italy 460.4
5% 7%
Germany 32.4 Germany 374.2
Italy 31.2 8% Japan 232.6
6%
S. Korea 29.0 S. Korea 165.8
7%
UK 15.0 8% UK 119.6
23%
17% Rest of the World 197.9 Rest of the World 827.9
MGDE-27 60
Forecast Analysis—Commercial and Industrial
• The C&I market is the least developed BES segment, with only 1.50 GW of capacity installed during 2022.
Compared to residential applications, C&I BES projects usually require more complex and customized designs
tailored to unique challenges. They also need smart and proven controls to conciliate rate structures, incentive
programs, and backup capabilities. In addition, as happens with C&I distributed solar, sales cycles are longer and
highly technical. Besides, governmental incentives and off-the-shelf project financing are not as common as in
the other 2 segments.

• Starting from a small base, growth in the sector will be considerable. Frost & Sullivan estimates annual
capacity to go from 1.50 GW/2.99 GWh in 2021 to 11.31 GW/24.08 GWh by 2030. Initial growth will continue
to be concentrated around markets with high DG penetration and self-consumption incentives, markets with
considerable differences between peak and off-peak tariffs, high demand charges, and/or unreliable power
supply. The US, Canada, Australia, China, and India are some hot spots for C&I reuniting those characteristics.
• ESG commitments are expected to play an increasing role in driving BES adoption to replace diesel and gas
gensets. In that aspect, in the short to mid-term, the most prominent end users will be data centers and mining
operations. Data centers are well-known for being big energy guzzlers, accounting for more than 1% of the
global electricity demand, but also highly committed to carbon reductions. Mining companies are investing in
on-site RE and looking for batteries to provide a steady and reliable power supply to electrify operations.
Fast-charging infrastructure for fleet electrification will drive growth in the C&I sector, but opportunities must
be on a project basis.
MGDE-27 61
Segment Analysis—Grid-scale BES
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62
Growth Metrics—Grid-scale
Grid-scale Battery Energy Storage: Growth Metrics, Global, 2022
Annual Power Annual Energy

Life Cycle Stage Revenue Additions Additions of Study Period
(GW) (GWh)
Growth $9.88 B 12.37 28.44 $50.46 B

(2022) (2022) (2022) (2030)

Number of Degree of
Rate Growth Rate Average Cost per KWh
(Revenue) (Revenue)
75.9% 22.6% >20 8 $347.3

(2022) (2021–2030) (2022)
in 2022)
MGDE-27 63
Annual Energy Capacity Forecast—Grid-scale
Grid-scale Battery Energy Storage: Annual Energy Capacity Forecast by Region, Global, 2019–2030
CAGR, 2022–2030 = 31.0%
300,000
250,000

200,000

150,000
100,000
50,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Latin America 19.2 28.8 489.6 528.0 1,155.0 1,246.0 1,628.2 1,988.8 2,226.0 2,550.0 2,986.0 3,617.8
Africa 96.1 135.3 140.0 315.0 385.0 647.5 810.3 1,045.3 652.8 1,033.1 1,136.4 928.0
Middle East 186.0 252.0 675.0 1,230.0 1,382.5 1,499.8 1,277.9 1,355.8 1,461.1 1,386.4 1,512.6 1,575.7
North America 360.8 1,772.5 8,955.0 13,780.3 17,383.6 21,551.2 30,464.0 40,560.2 52,543.2 63,434.6 77,478.9 88,389.1
Europe 451.2 852.2 1,882.2 5,610.3 7,417.6 7,219.4 8,055.5 11,417.9 13,941.6 17,034.6 22,185.7 26,731.5
Asia 2,257.0 2,964.2 4,511.4 6,973.0 11,390.8 16,733.4 23,463.6 35,970.6 49,992.9 68,991.3 92,216.6 125,910.3
Year
MGDE-27 64
Cumulative Annual Power Capacity Forecast—Grid-scale
Grid-scale Battery Energy Storage: Cumulative Power Capacity Additions Forecast by Geography, Global, 2023–2030
Total
331.39 GW

Note: Figures are in GW. All figures are rounded. The base year is 2022. Source: Frost & Sullivan Battery Energy Storage Growth Generator
MGDE-27 65
Forecast Analysis—Grid-scale
• The grid-scale market is poised for accelerated growth, remaining the undisputable leader segment
of the global BES market. Annual power capacity jumped from 7.64 GW in 2021 to 12.37 GW in
2022, and 2023 is expected to be another great year, with 16.05 GW coming online.
• Frost & Sullivan estimates grid-scale annual capacity to reach 77.28 GW/247.15 GWh by 2030,

becoming a $50.46 billion market. Despite project delays and higher battery system prices, demand

for BES is clear, fueled by the expansion of intermittent RE and supportive policies. Grid-scale
projects are expected to expand in number, size, and duration as the global market BES transitions
from a frequency response/grid balancing provision role to integrating renewables, firming
capacity, and energy shifting.
• The world is forecasted to add 331.39 GW of power capacity between 2023 and 2030. China and
the US will be the major destinations of those additions, accounting for 63.5% of added power
capacity. At the same time, India, Australia, and the United Kingdom are expected to surpass 15
GW of additions in the same period. Major electricity markets have passed national or subnational
(or both) regulations incentivizing BES development.
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Regional Analysis—Europe
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67
Cumulative Power Capacity Forecast by Segment—Europe
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, Europe, 2019–2030
CAGR, 2022–2030 = 29.2%
120,000
100,000


80,000
60,000
40,000
20,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Grid-scale 1,650.8 2,307.5 3,661.7 7,133.7 11,611.1 15,789.3 20,367.7 26,071.8 32,913.0 40,541.1 49,311.1 59,668.0
C&I 111.0 207.1 322.1 467.5 655.8 908.2 1,231.6 1,663.6 2,226.5 2,961.3 3,906.7 5,127.2
Residential 1,481.4 2,379.9 3,694.3 5,600.3 7,817.7 10,367.8 13,328.3 16,766.8 20,755.6 25,537.6 31,109.5 37,606.0
Year
MGDE-27 68
Cumulative Power Capacity Forecast by Country—Europe
Battery Energy Storage: Cumulative Power Capacity Forecast by Country, Europe, 2019–2030
CAGR, 2022–2030 = 29.2%
120,000
100,000
80,000

60,000

40,000
20,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Rest of Europe 209.1 426.4 1,105.0 2,069.4 3,073.1 4,142.1 5,324.8 6,769.5 8,516.7 10,605.7 12,979.0 15,899.1
Nordics 52.9 106.3 185.8 286.6 413.8 584.1 798.4 1,072.7 1,420.7 1,865.4 2,427.5 3,142.7
Switzerland 31.3 43.3 58.9 79.9 107.2 140.0 178.7 227.1 286.1 359.3 447.1 554.2
Austria 127.1 213.3 338.9 519.6 766.5 1,092.8 1,514.3 2,054.8 2,738.3 3,589.0 4,633.5 5,901.1
Netherlands 60.9 109.5 176.6 275.9 398.1 548.1 729.6 947.4 1,200.7 1,509.4 1,876.4 2,298.7
Spain 37.3 66.2 103.3 153.8 210.1 329.0 444.1 599.0 809.5 1,095.8 1,564.2 2,304.9
Italy 202.6 285.3 554.8 1,470.2 2,437.0 3,506.7 4,758.8 6,292.1 8,173.3 10,488.0 13,228.2 16,640.6
France 60.6 108.9 248.0 498.2 953.9 1,368.3 1,863.3 2,500.7 3,231.1 3,999.5 4,772.7 5,477.4
UK 974.9 1,337.4 1,857.2 3,654.4 6,157.6 8,208.6 10,095.2 12,199.0 14,547.2 16,742.9 19,194.6 21,936.2
Germany 1,486.6 2,197.8 3,049.7 4,193.6 5,567.3 7,145.6 9,220.5 11,840.0 14,971.4 18,785.1 23,204.0 28,246.3
Year
MGDE-27 69
Forecast Analysis—Europe
• In 2022, Europe installed 5.52 GW of BES, doubling 2021 additions. In 2023, the region is forecast to add another
6.88 GW of new installations reaching 20.09 GW of cumulative capacity. The regional battery market is expected
to grow fast during the decade as the need for flexibility increases to achieve climate ambitions and RE targets
and guarantee the security of supply. Like in other regions, BES supply chain issues, higher prices, and shipping
delays increase the risk level of projects and defer deployment, restraining market growth in the short and
medium term until a new supply meets demand levels.

• The Russo-Ukrainian War has been a turning point in the energy strategy of the EU and the United Kingdom.

Although it does not address BES directly, the REPower EU Plan, launched in May 2022, establishes more
aggressive targets for RE energy (from 40% to 45% by 2030 and doubling solar capacity by 2025) and speeds up
permitting procedures.
• BES market growth is guaranteed to support such levels of intermittent renewables. However, the pace will
depend on how fast state members introduce the rules still needed to facilitate value stacking under schemes
that provide certainty to investors for long periods. In addition, if the EU decides to do away with fossil fuel
generation for backup, BES installations to replace gas peakers could have a much larger impact on the market.
• The present context is pushing BES regulation and incentives to the policymakers’ agenda (at the country and EU
level), and further measures will come to light shortly, driving growth in installations in the mid to long term. By
the end of the forecast period, Europe is expected to have an 18.07 GW BES annual market, with a cumulative
capacity of 102.40 GW.
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Regional Analysis—North America
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71
Cumulative Power Capacity Forecast by Segment—North America
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, North America, 2019–2030
CAGR, 2022–2030 = 37.5%
180,000
160,000
140,000

120,000

100,000
80,000
60,000
40,000
20,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Grid-scale 1,100.0 1,815.0 5,145.0 9,608.0 15,098.5 21,955.3 31,456.1 44,012.2 59,871.4 79,055.6 101,931.7 128,627.4
C&I 310.0 500.0 742.0 1,098.0 1,591.2 2,317.0 3,366.3 4,770.1 6,648.6 9,018.4 11,918.3 15,471.1
Residential 428.7 908.9 1,502.2 2,196.1 3,064.3 4,192.9 5,715.1 7,694.0 10,170.1 13,268.6 16,859.8 21,041.3
Year
MGDE-27 72
Cumulative Power Capacity Forecast by Country—North America
Battery Energy Storage: Cumulative Power Capacity Forecast by Country, North America, 2019–2030
CAGR, 2022–2030 = 37.5%
180,000
160,000
140,000

120,000

100,000
80,000
60,000
40,000
20,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Canada 182.8 261.3 386.9 558.7 877.3 1,429.6 2,407.9 3,884.7 5,914.0 8,552.1 11,981.6 16,439.9
United States 1,655.9 2,962.6 7,002.3 12,343.3 18,876.6 27,035.6 38,129.7 52,591.6 70,776.2 92,790.5 118,728.2 148,700.0
Year
MGDE-27 73
Forecast Analysis—North America
• North America, mainly the US, is the most attractive destination for battery storage in the 3 segments driven by
fast intermittent RE penetration, grid reliability issues, and supportive policies at the state and federal levels. The
Inflation Reduction Act (IRA), signed into law in August 2022, is regarded as the most transformational clean
energy policy in the history of the US. The extended and new tax credits improve the economics of battery
storage in all segments, bringing more certainty and dynamism to an already rapidly growing market. To level the
playing field with its neighbor, Canada launched similar incentives expected to wake up a still incipient market.

• In the short to mid-term, the exponential growth in installations will be restrained by project delays due to long
interconnection queues, supply chain restraints, and raw material shortages. However, such obstacles are
expected to ease during the forecast period with the development of new mining and manufacturing facilities
and new regulations speeding up transmission deployment and permitting procedures.
• In 2022, North America installed 5.51 GW of BES, and 2023 is expected to be another record year with 6.85 GW.
Spurred by the new supportive policies, the region is expected to reach the end of the decade with more than
34.4 GW of new installations and more than 165 GW of cumulative power. The growth in energy capacity will be
higher given the increase in longer-duration systems deployment, jumping from an annual market of 16.46 GWh
in 2022 to 107.68 GWh in 2030.
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Regional Analysis—Asia
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75
Cumulative Power Capacity Forecast by Segment—Asia
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, Asia, 2019–2030
CAGR, 2022–2030 = 34.6%
250,000
200,000


150,000
100,000
50,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Grid-scale 4,360.9 6,209.4 8,748.9 12,516.4 17,763.2 25,118.6 35,399.8 49,434.7 68,402.9 92,682.5 123,851.8 162,405.8
C&I 1,198.9 1,735.8 2,403.0 3,307.7 4,539.7 6,186.5 8,332.4 11,046.6 14,367.2 18,426.5 23,379.6 29,486.0
Residential 1,560.6 2,354.5 3,246.4 4,274.5 5,465.5 6,850.4 8,554.9 10,655.7 13,230.4 16,345.9 20,098.6 24,646.6
Year
MGDE-27 76
Cumulative Power Capacity Forecast by Country—Asia
Battery Energy Storage: Cumulative Power Capacity Forecast by Country, Asia, 2019–2030
CAGR, 2022–2030 = 34.6%
250,000
200,000

150,000

100,000
50,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
CIS 130.6 212.4 359.2 678.6 1,097.6 1,529.2 2,026.6 2,646.8 3,398.4 4,266.4 5,284.6 6,496.2
Asean 229.1 333.8 415.2 605.5 814.9 1,065.2 1,362.8 1,647.0 1,942.8 2,294.1 2,757.1 3,258.2
India 347.0 440.0 553.0 787.0 1,293.8 2,210.0 3,628.2 5,719.9 8,607.1 12,338.6 17,134.9 23,767.6
Australia 910.2 1,354.4 1,947.2 2,704.2 3,670.2 4,894.5 6,608.5 9,008.1 12,319.1 16,498.1 21,588.3 28,163.6
Japan 1,401.5 1,948.0 2,566.6 3,265.1 4,101.8 5,125.8 6,315.9 7,689.9 9,287.7 10,994.5 12,943.0 15,174.3
S. Korea 1,555.8 1,661.8 1,784.0 1,921.7 2,087.1 2,290.1 2,539.6 2,846.1 3,223.1 3,701.8 4,310.0 5,082.9
China 2,546.3 4,349.3 6,773.3 10,136.6 14,703.1 21,040.7 29,805.4 41,579.2 57,222.3 77,361.5 103,312.0 134,595.5
Year
MGDE-27 77
Forecast Analysis—Asia
• Asia’s cumulative BES storage capacity is expected to exceed 200 GW by 2030, concentrating 44.0% of the
world’s installed capacity. Except for Australia, Japan, and South Korea, which have a few considerable residential
markets, grid-scale projects will concentrate most of the opportunities.
• Being a large hub for the mining and manufacturing industry, the region presents good prospects for BES in the
C&I segment. Unlike Europe and North America, where residential capacity dominates the BTM market, in Asia,

the C&I sector will dominate deployment, reaching 29.49 GW of cumulative power capacity by 2030.

• China will continue to dominate deployment, accounting for 62.2% of BES cumulative power capacity by the end
of the forecast period, given its power market size and the RE deployment needed to fulfill decarbonization
goals. The country is deeply committed to advancing its green economy and battery energy storage, with
provinces mandating its deployment to integrate and firm intermittent RE generation.
• By 2025, when the current announcement of projects and closed bids starts to materialize, Australia and India
will consolidate as the second and third-largest markets in installed capacity, surpassing Japan, which is growing
in BTM systems but struggling to make a case for large installations.
MGDE-27 78
Middle East and Africa
Regional Analysis—Latin America,
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79
Cumulative Power Capacity Forecast by Segment—Latin America,
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, Rest of World, 2019–2030
CAGR, 2022–2030 = 28.0%
16,000
14,000
12,000

10,000
8,000
6,000
4,000
2,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Grid-scale 405.0 539.0 957.0 1,622.0 2,457.0 3,426.5 4,488.3 5,742.6 6,982.6 8,363.0 9,903.6 11,572.3
C&I 99.3 156.2 228.2 322.2 435.0 569.2 730.6 925.3 1,161.0 1,447.2 1,795.7 2,221.2
Residential 48.2 74.5 103.7 138.8 183.9 242.6 318.0 416.6 545.8 715.1 937.0 1,228.0
Year
MGDE-27 80
Cumulative Power Capacity Forecast by Region—Latin America,
Battery Energy Storage: Cumulative Power Capacity Forecast by Region, Rest of World, 2019–2030
CAGR, 2022–2030 = 28.0%
16,000
14,000
12,000

10,000
8,000
6,000
4,000
2,000
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Middle East 248.3 368.6 634.6 1,095.8 1,556.4 2,067.7 2,534.4 3,047.3 3,620.7 4,211.4 4,864.5 5,598.3
Africa 96.3 149.6 201.6 311.6 444.6 656.1 918.0 1,251.6 1,478.3 1,819.8 2,197.7 2,524.0
Latin America 207.9 251.6 452.7 675.5 1,074.9 1,514.6 2,084.5 2,785.7 3,590.4 4,494.1 5,574.0 6,899.2
Year
MGDE-27 81
Forecast Analysis—Latin America, Middle East and Africa
• Grid battery storage deployment is growing at a healthy rate in the Middle East, Africa and Latin
America, but from a negligible base. In 2022, these regions accounted for 4.6% of the world’s BES
power capacity additions, and no major changes are expected in positions through 2030.
• The reasons for such limited BES capacity include economic and regulatory issues. The lack of

regulatory frameworks and incentives to foster BES, slower deployment of renewables and grid

modernization initiatives, and subsidized fossil fuels generation hinder market growth.
• The outlook for this group of regions is not very promising. Still, some exceptions exist in countries
such as Chile, Israel, South Africa, and the United Arab Emirates (UAE), where BES could become
mainstream by the end of the forecast period.
• With lower GDP and power demand per capita, relatively low or subsidized energy prices, and
traditional net metering policies, it is hard for residential BES to disrupt these markets. Overall,
opportunities will remain limited to specific C&I and grid-scale installation projects of backup
power, transmission deferral, RE integration, and ancillary service applications.
MGDE-27 82
Key Country Snapshots
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83
Key Country Analysis—Germany
Overview Annual Power Capacity Forecast
• The residential segment is the primary BES market in Germany, with more than 190,000
systems to be deployed in 2022, equivalent to 54% of the total European residential 2030
market. Today, about 70% of home solar PV in Germany is installed with BES attached. 2029
The ongoing expansion of the residential PV market, driven by high retail prices, and 2028
increasing interest in energy resilience, self-sufficiency, and energy security, will 2027
continue to propel the German residential battery storage market, reaching more than 2026
670,000 units annually by 2030. 2025
Year
• After the initial strong growth from 2016 to 2018 driven by frequency control reserve 2024
application, the deployment of front-of-the-meter BES declined with market saturation. 2023
The so-called grid boosters, BES projects to relieve grid congestion, are expected to
2022

incentivize medium- and long-term deployment. By the end of 2022, BNetzA, the
2021
German Network Agency, had approved 3 grid booster systems totaling 350

2020
MW/350MWh, to be deployed by 2025. Initially, grid boosters will provide transmission
reinforcement to a few select lines and wind farms, with plans to extend gradually to 2019
cover the whole transmission grid by 2030. 0 1,000 2,000 3,000 4,000 5,000 6,000
• Launched in April 2022, the Osterpaket mandates 80% of energy consumption to be Annual Power Capacity (MW)
supplied with renewables by 2030. Such a goal means doubling RE share, and
accelerating opportunities for battery storage, especially in combination with wind and
solar farms in the medium to long term. Together with ongoing revisions to the relevant
regulatory framework for BES, these developments are expected to spur grid-scale Forecast Annual
Annual Additions
installations. Additions
1,143.9 MW/ 5,042.3 MW/

Opportunity Annual Power Cumulative Power 1,877.6 MWh 10,513.4 MWh
Key Use Cases
Level Capacity 2022 Capacity 2023–2030
(2022) (2030)
Transmission deferral, FR,
Grid-scale 200.0 MW 8,133.4 MW
energy time-shift
Revenue
Revenue
C&I 32.4 MW 1,338.0 MW
PV self-consumption, demand CAGR
charge management
Residential 911.5 MW 14,581.3 MW PV self-consumption, DR $1,059.8 M 15.2%

services
(2022) (2022–2030)
MGDE-27 84
Key Country Analysis—Italy
• As with Germany, high electricity prices and lower feed-in tariffs in Italy encourage
investment in storage for self-consumption. Residential installations boosted in 2021 as 2030
a response to the Superbonus 110% (an energy-efficiency retrofit tax credit covering 2029
grid-tied PV systems and associated BES up to almost $48,000) expanded further in 2028
2022, reaching 87,000 systems installed that year. In addition, several Italian regions 2027
have introduced incentive schemes. The Superbonus extension to the end of 2025 and 2026
other factors will sustain growth during the forecast period. 2025
Year
2024
• The C&I sector presents considerable growth prospects with new announcements of 2023
manufacturing facilities installing BES, driven by high electricity prices. 2022

2021
• In the grid-scale segment, BES installations will continue to expand, driven by capacity 2020

market bids, fast reserve services, and RE integration. Italy is one of the few countries in

2019
Europe with a target for BES, aiming at 3 GW by 2030. Still, with fast RE penetration, few
interconnections to mainland Europe, and a vast territory, Frost & Sullivan forecasts the 0 1,000 2,000 3,000 4,000
target will be far exceeded, reaching nearly 8 GW of cumulative large-scale capacity by Annual Power Capacity (MW)
2030.
Forecast Annual
Annual Additions
Additions
915.4 MW/ 3,412.4 MW/

Key Use Cases
(2022) (2030)
Operating reserve, firm capacity,
Grid-scale 356.0 MW 7,418.8 MW
RE integration
Revenue
Revenue
C&I 31.2 MW 1,502.4MW PV self-consumption CAGR
Residential 528.2 MW 6,249.3 MW PV self-consumption $899.7 M 13.5%
(2022) (2022–2030)
MGDE-27 85
Key Country Analysis—United Kingdom
• In Europe, the United Kingdom is the most developed market for grid-scale BES. The
country is witnessing a considerable uptake in installations in the short term, driven by 2030
the possibility for battery operators to stack revenues from the provision of combined 2029
grid services, including dynamic containment and balancing mechanism, as well as 2028
intraday and day-ahead energy trading. With wind and solar installations continuing to 2027
increase as the United Kingdom looks to fulfill its decarbonization ambition, price 2026
spreads grant an attractive spot for merchant battery storage projects. A slowdown in 2025
Year
project announcements translates into a slight reduction in annual installations in the 2024
mid-term. 2023
2022
• The dynamism and depth of the market, ideal for battery technology, propelled the

2021
interest of aggregators, retailers, and optimizers, who combine smart controls with 2020

advanced forecasting and AI to drive revenues from participation in the capacity market, 2019
making a business case for BTM BES.
0 500 1,000 1,500 2,000 2,500 3,000
• The United Kingdom’s residential BES market is the third largest in Europe, behind
Germany and Italy, with more than 20,000 systems deployed in 2022. Despite removing
all types of subsidies for solar rooftops and storage systems (prosumers need to Residential C&I Grid-scale
negotiate export rates directly with the power retailers), the market continues to grow
through new PV systems paired with storage. Falling installation costs, the rising
difference in power retail price favored by the Smart Export Guarantee regulation, and Forecast Annual
Annual Additions
time of use tariffs structures are key factors sustaining growth. Additions
1,797.2 MW/ 2,741.7 MW/

Key Use Cases
(2022) (2030)
Operating reserve, firm capacity,
Grid-scale 1,710.0 MW 16,227.7 MW FR, energy time-shift
Revenue
PV self-consumption, Revenue
C&I 551 MW CAGR
15.0 MW backup power, DR/grid services
PV self-consumption, DR/grid $1,107.7 M 3.9%
Residential 72.2 MW 1,503.1 MW services
(2022) (2022–2030)
MGDE-27 86
Key Country Analysis—United States
• Despite supply chain constraints, price rise, and long permit and interconnection waiting
times causing project delays, the market is poised for strong expansion. The market
growth is driven by state-level clean energy and storage mandates and, most recently, 2029
the Inflation Reduction Act (IRA), which expands and sets new tax credits for BES and RE
in all 3 segments. Besides reducing capital expenditure and assuring tax credits will stay 2027
for at least a decade, the Act introduces incentives for virtually every stage of the value
2025
Year
chain, stacking one on top of the other, benefitting clean technology economics in the
country.
2023
• The grid-scale market will remain the most attractive segment, with California and
Texas as the main states. Year after year, the United States keeps breaking records in
2021

installations, with 2022 experiencing a 34% increase from 2021. Solar plus storage
continues to be a key driver, with over half of the planned energy storage capacity

2019

co-located. The new ITC for stand-alone storage will spur more installations but will not
stop hybrid power plants as they provide great value for energy shifting and resource 0 10,000 20,000 30,000 40,000
adequacy in markets with increasing solar penetration. Annual Power Capacity (MW)
• In a country with a high profile of power outages, the residential segment is expanding
fast, driven by the extension of solar ITC and an overall push toward self-consumption. Residential C&I Grid-scale
• Incentive schemes, demand charges, and mandates have been key for battery adoption
in the C&I segment, which still struggles to develop. However, it is expected to
experience the fastest growth, benefiting from the IRA incentives and the deployment Forecast Annual
Annual Additions
of batteries to support fast EV charging infrastructure. Additions
5,341.0 MW/ 29,971.7 MW/

Key Use Cases
(2022) (2030)
101,953.0 MW RE integration, FR, operating
Grid-scale 4,413.0 MW reserve, energy time-shift
Revenue
Demand charge management, Revenue
C&I 252.0MW 10,776.6 MW CAGR
backup power
PV self-consumption, backup $6,332.2 M 18.6%
Residential 676.0 MW 18,291.5 MW power
(2022) (2022–2030)
MGDE-27 87
Key Country Analysis—Canada
• At present, Ontario’s C&I segment is the largest opportunity for BES deployment in
Canada. The Global Adjustment Charge pricing regime charges large energy consumers a
higher tariff during peak times, which helps to make a business case for peak shaving 2029
with BES.
2027
• Canada is slowly but steadily enhancing its pipeline of grid-scale projects. Main
2025
Year
opportunities in the short to mid-term are concentrated in the provinces of Alberta in
installations paired with solar PV; and Ontario, where between 1.5 to 2 GW of storage
are to be contracted for deployment by 2027. 2023
2021

• In response to the US’s IRA, Canada introduced new tax credits for clean energy
technologies, improving financial and economic conditions for BES and bringing higher

2019

growth in 3 segments.
0 1,000 2,000 3,000 4,000 5,000
Forecast Annual
Annual Additions
Additions
171.9 MW/ 4,458.3 MW/

Opportunity Annual Power Cumulative Power 395.7 MWh 9,391.1 MWh
Key Use Cases
(2022) (2030)
RE integration, operating
Grid-scale 50.0 MW 11,731.0 MW reserve Revenue
Revenue
C&I 104.0 MW 3,596.5 MW Demand charge management CAGR
PV self-consumption, backup $228.0 M 35.9%

Residential 17.9 MW 553.7 MW power
(2022) (2022–2030)
MGDE-27 88
Key Country Analysis—China
• China aims to peak CO2 emissions before 2030 and become carbon neutral before 2060.
Battery storage is planned to be a key component to achieving those goals, helping to 2030
boost RE consumption and ensure grid stability. China's latest Five-Year-Plan (2021– 2029
2025) on renewables, launched in June 2022, establishes the goal to double renewable 2028
generation by 2025 from 2020 levels and a target of 30 GW of non-hydro storage. 2027
2026
• Besides the national ambition, China has other key actors setting aggressive targets 2025
Year
for storage. State Grid Corporation of China (SGCC), which accounts for 80% of China's 2024
grid infrastructure, plans to take battery storage to 100 GW by 2030, while a growing 2023
number of provinces are beginning to release storage deployment mandates for 2022

greenfield renewable projects, ranging from 5% to 20% of capacity, depending on the 2021
province. 2020

2019
• Distributed solar PV installations are planned to increase considerably owing to local 0 10,000 20,000 30,000 40,000
government incentives and the upcoming implementation of time-of-use tariffs, as Annual Power Capacity (MW)
recommended by China's National Energy Administration (NEA). This scale in solar PV Residential C&I Grid-scale
BTM installations and changes in market design are expected to drive paired-storage
systems driving growth, especially in the C&I sector.
Forecast Annual
Annual Additions
Additions
3,363.3 MW/ 31,283.5 MW/

Key Use Cases
(2022) (2030)
RE integration, firm capacity,
Grid-scale 2,660 MW 102,996.1 MW operating reserve
Revenue
Backup power, demand Revenue
C&I CAGR
625.2 MW 17,882.5 MW charge/time-of-use management
Residential 78.1 MW 3,580.3 MW PV self-consumption $1,826.8 M 31.2%
(2022) (2022–2030)
MGDE-27 89
Key Country Analysis—India
• To support the deployment of 500 GW of RE by 2030, India’s Central Electricity Authority (CEA)
estimates 27GW/108GWh of battery storage will be required by 2030. Frost & Sullivan’s forecasts 2030
show the county could come close to achieving that size. 2029
• To date, bids have been the main driver supporting the development of India’s grid-scale BES 2028
market. In 2019 and 2020, Solar Energy Corporation of India (SECI), the Indian government-owned 2027
agency, paved the way for grid-scale batteries with the celebration of several RE-plus-storage 2026
auctions that required round-the-clock RE power supply, contracting 1.7 GW of hybrid power 2025
Year
plants in total. During 2022, India launched new tenders for stand-alone storage that will add 2024
1,250 MW/4,500 MWh of batteries to provide firm renewable capacity and supply power during
2023
peak hours.
2022
• Besides co-located and stand-alone auctions, battery operators can access day-ahead and real-

2021
time markets to earn revenues with energy arbitrage. The ancillary services market is still not
2020

available for BES but is expected to be so in the short term. Further regulations are still pending
2019
for batteries to monetize their full value.
• Having started to work on its BES regulation about a decade ago, India is expected to become the 0 2,000 4,000 6,000 8,000
fifth-largest market by 2030. Other key applications for batteries are rural electrification and Annual Power Capacity (MW)
balancing services for DSO’s grid stability. The country poises good prospects for BES in the C&I
segment, coupled with rooftop solar for diesel genset hybridization and microgrids, driven by Residential C&I Grid-scale
increasing cost competitiveness, rising electricity tariffs, and frequent and long-duration power
outages.
Forecast Annual
• In 2022, global players in the energy storage market, such as Fluence and Powin Energy, entered Annual Additions
Additions
the Indian market through partnerships with major domestic RE companies.
234.0 MW/ 6,632.7 MW/

Opportunity Annual Power Cumulative Power 472.0 MWh 24,497.5 MWh
Key Use Cases
(2022) (2030)
120 MW 18,799.3 MW RE integration, firm capacity
Grid-scale operating reserve
Revenue
Revenue
C&I 87.5 MW 3,361.0 MW PV self-consumption, CAGR
backup power
Residential 26.5 MW $238.0 M 49.4%
820.3 MW Backup power
(2022) (2022–2030)
MGDE-27 90
Key Country Analysis—Australia
• In Australia, state governments are responsible for the electricity supply. Progressively,
they are getting more actively involved in the transition from coal and supporting the
2029
development of grid-scale BES through direct investment, funding, and PPAs. Victoria is
one of the states leading the way in installations, and in 2022 set a target to achieve
2027
6.3 GW of RE storage by 2035. Other important actors developing BES projects are
integrated utilities, such as AGL and Origin Energy, replacing coal generation with RE and
2025
Year
storage; grid operators, who have small BES projects to address network issues; and
mining companies. According to the Australian Energy Market Operator (AEMO), by
2023
mid-2022, the grid-scale BES project pipeline had reached 30 GW.
• To date, BES’s primary business opportunity is frequency control ancillary services 2021

(FCAS) provision. By the beginning of 2022, BES became the main technology providing

FCAS in Australia’s National Electricity Market (NEM). However, BES is gaining ground in

2019
the energy market, playing a growing role in energy arbitrage.
0 2,000 4,000 6,000 8,000
• Australia also has a considerable BES residential market, with about 10% PV attachment
rate and 34,000 systems expected to come online during 2022. State-level incentives, Annual Power Capacity (MW)
such as rebates, grants, and subsidized funding, drive the BES market. While the C&I Residential C&I Grid-scale
segment is poised for the highest growth, it will still represent a small fraction of the
entire market.`
Forecast Annual
Annual Additions
Additions
757.0 MW/ 6,575.3 MW/

Key Use Cases
(2022) (2030)
Grid-scale 15.0 MW 2,824.7 MW RE integration, operating
reserve Revenue
Revenue
C&I 76.0 MW 1,200.4 MW PV self-consumption, backup power, CAGR
demand charge management
607.5 MW
PV self-consumption, backup 697.0 M 30.9%
Residential 7,884.2 MW power
(2022) (2022–2030)
MGDE-27 91
Key Country Analysis—Japan
• Currently, Japan’s main market for BES is the residential sector. The ongoing rollback of
the feed-in-tariff scheme for rooftop PV and its replacement with a feed-in-premium,
coupled with subsidies for home storage, are driving self-consumption with batteries. 2029
With improving cost competitiveness, the power retail deregulation, increasing
2027
electricity prices, and backup need to help in the case of natural disasters, the
residential segment will remain the strongest, reaching more than 330,000 annual
2025
Year
installations by the end of the forecast period.
• Despite being a relevant player in lithium-ion battery manufacturing, Japan’s grid-scale 2023
BES market is scarce and limited to pilot projects. High costs and the lack of an ancillary
service market are significant restraints for large-scale deployments. 2021

• Taking into consideration Japan’s net zero target for 2050 and an ambitious GHG
2019

reduction goal of 46% to 2030 under the 2013 baseline, Japan will need BES to support
RE capacity and avoid curtailment, driving some growth in the FTM BES market. 0 500 1,000 1,500 2,000 2,500
Transmission grid constraints will increase Japan’s grid solar PV development’s Annual Power Capacity (MW)
dependence on battery storage co-location and meet TSO requirements for grid
balancing.
Forecast Annual
Annual Additions
Additions
698.5 MW/ 2,231.3 MW/

Key Use Cases
(2022) (2030)
Grid-scale 520.0 MW 18,252.7 MW FR, energy time-shift/arbitrage
Revenue
PV self-consumption, backup Revenue
C&I 50.0 MW 2,407.6 MW CAGR
power, DR
PV self-consumption, backup $888.4 M 46.0%
Residential 187.0 MW 4,799.1 MW power, DR
(2022) (2022–2030)
MGDE-27 92
Growth Opportunity Universe
MGDE-27

93
Growth Opportunity 1: Energy Storage-as-a-Service for C&I
Customers
Relevant End-user Industries for this Growth Opportunity Applicable Regions

Opp. Size $100 M–
in 5 Years $500 M
Manufacturing Mobility Metal & Mining
Information &
Energy & Chemicals &
Communications
Environment Materials North America Western Europe

Technologies

Timeline 1 to 3 Electronics & Agriculture, Govt and Public
for Action Years Semiconductors Food & Nutrition Sector
Healthcare &
Construction Education
Lifesciences Latin America Africa
Consumer Aerospace Hospitality

Base Year 2023
Banking & Central/
Retail Defense
Financial Services Eastern Europe Asia-Pacific
Frost & Sullivan Has Identified 10 Growth Processes that Serve as Levers for Determining and Evaluating New Growth Opportunities.
Customer & Branding Distribution Channel Geographic Expansion Vertical Market Expansion Competitive Strategy
Growth
Processes
Strategic Partnering Product Development Merger & Acquisition Product Launch Technology & IP
MGDE-27 94
Growth Opportunity 1: Energy Storage-as-a-Service for C&I
Customers (continued)
Context and Definition Call to Action
• Energy storage-as-a-service is an attractive market proposition to • To embrace this business model, partnerships between battery
overcome the typical adoption barriers for BES among C&I, such as suppliers, optimization software providers, and local ESCOs or

high upfront costs, high perceived risks, lack of technology awareness, equipment rental suppliers are recommended.

and competing investment priorities.
• Companies must assess markets and concentrate on geographical
• Depending on the tariff structure and market rules, customers can areas with a large base of industrial and commercial facilities, high
obtain significant savings while increasing resiliency and reducing demand charges, low power quality, and considerable spreads
carbon footprint if tied with a DG system. between peak and normal hours.
• The offering can be applied to all operation types, from mining and • To streamline customer acquisition, vendors should develop
chemicals to hospitals, condominiums, hotels, and shopping centers. simulation tools and provide consulting services in the local language.
• Some companies, such as Micropower in Brazil and Fotowatio • Service providers should consider including a leasing option for
Renewable in Mexico, are exploring this model. customers to acquire BES after a certain period and provide
comprehensive service packages.
MGDE-27 95
Growth Opportunity 2: Mobile Energy Storage Rentals for Grid
Enhancement

Opp. Size $100 M–
in 5 Years $500 M
Information &
Communications

Technologies

Healthcare &

Base Year 2023
Banking & Central/
Retail Defense
Growth
Processes
MGDE-27 96
Growth Opportunity 2: Mobile Energy Storage Rentals for Grid
Enhancement (continued)
• While energy storage assets’ lifespan can reach up to 20 years, the • Temporary BES is an attractive offering that grid service companies
need for them to meet different distribution deferral applications is and power and equipment rental companies can add to their portfolio.

usually shorter. To avoid costly stranded storage assets, mobile energy As DSOs look to decarbonize their operations footprint, BES gains

storage rentals present an attractive proposition for DSOs who need preference as a substitute for gas and diesel gensets.
to enhance the grid for reliability issues that typically last days or
• The use of advanced weather forecasting combined with grid models
weeks, such as high peaks during heat waves.
can help suppliers better target customers and even provide
• With the reduction in technology costs, BES rentals are expected to prescriptive insights to DSOs on grid reinforcement needs.
become a common offering, especially in geographies with lower
• This forecasting offering can be extended to institutional and C&I
distribution grid reliability, either due to extreme weather events,
customers to support them during maintenance and upgrade works in
insufficient investment, or both. EV Edison is one of the pioneers in
their electric infrastructure or to cover gaps between EV charging
developing this kind of service. The company offers mobile energy
infrastructure development and grid infrastructure deployment.
storage as a service to utilities on the East Coast, moving batteries
around to tackle seasonal grid challenges.
MGDE-27 97
Growth Opportunity 3: Optimization and Trading Platforms to
Maximize Value for Merchant Storage

Opp. Size $100 M–
in 5 Years $500 M
Information &
Communications

Technologies

Healthcare &

Base Year 2023
Banking & Central/
Retail Defense
Growth
Processes
MGDE-27 98
Growth Opportunity 3: Optimization and Trading Platforms to
Maximize Value for Merchant Storage (continued)
• The massive adoption of RE generation helps to drive lower marginal • Traditional human control for optimizing operations and bidding
costs and average prices, but on the flip side, it increases price becomes ill-equipped to maximize the value of stand-alone storage or

volatility and variability. hybrid power plants, requiring machine-driven forecasting,

optimization, and trading algorithms to help in this endeavor. In the
• Merchant BES project relies on such downsides to maximize revenues,
market, there are several AI-based software solutions available with
charging when RE is abundant (and power prices are cheaper) and
proven track records. As solutions are usually applied to a limited
discharging in periods of low solar and wind generation (and power
number of markets and differ in the extent and business model,
prices are higher).
owners and operators must study alternatives carefully.
• Merchant storage projects demand optimized operation based on
• Merchant storage increases the level of scrutiny from financiers and
forecasted future prices so that revenues are increased by taking
the importance of dispatch modeling and market simulations based on
advantage of price volatility without violating guarantees, technical
future price forecasts, which these software solutions can provide. In
and environmental constraints, and rules from owners or regulators.
addition, developers can increase the financeability of their projects
by using these platforms.
MGDE-27 99
Growth Opportunity 4: EV’s Second-life Batteries for Stationary
Storage

Opp. Size $500 M–
in 5 Years $1 B
Information &
Communications

Technologies

Healthcare &

Base Year 2023
Banking & Central/
Retail Defense
Growth
Processes
MGDE-27 100
Growth Opportunity 4: EV’s Second-life Batteries for Stationary
Storage (continued)
• The exponential growth in EV adoptions and the rise in spent • Developers, integrators, and EPC companies active in the grid storage
lithium-ion batteries challenge OEM’s waste management strategies market should liaise with EV OEMs and battery manufacturers to

but create opportunities for circular-economy businesses. explore possibilities of using second-life batteries in their offerings.

• Even if EV battery repurposing cannot solve the present raw materials • Logistics can be a barrier to geographic diversification plans as most
scarcity situation, it will help to reduce the peaking demand for countries lack EV-battery-specific guidelines and have regulations that
battery materials. ban the import of used batteries.
• Reused batteries can be applied to grid-scale, C&I, and residential • Companies must consider smart policy advocacy and targeted actions
segments, either stand-alone or with power generation technologies. through alliances and associations to uncover market opportunities in
A growing number of companies worldwide are working on such the short-to-medium term. Temporary import regimes can be an
applications. For example, in October 2022, Toyota, and the Japanese option in geographies where EV markets have not taken off.
utility, Jera, commissioned a 0.5 MW/1.3 MWh BES system using
second-life EV batteries of different chemistries.
MGDE-27 101
Growth Opportunity 5: Grid-Interactive Low-Carbon Data Centers

Opp. Size $100 M–
in 5 Years $500 M
Information &
Communications

Technologies

Healthcare &

Base Year 2023
Banking & Central/
Retail Defense
Growth
Processes
MGDE-27 102
Growth Opportunity 5: Grid-Interactive Low-Carbon Data Centers
(continued)
• Data centers are well-known for being big energy guzzlers, accounting • Data center developers, engineering companies, electrical equipment
for more than 1% of the global electricity demand. Fortunately, OEMs, energy services providers, and DSOs, among other participants,

hyperscale data center operators are committed to carbon reductions, can develop a powerful value proposition around decarbonization

leading the corporate RE PPAs and exploring low-carbon technologies services using batteries.
to reduce power demand.
• The use of batteries to offset diesel consumption is an attractive
• A key initiative pursued by Microsoft in Dublin and Google in Belgium business case worldwide. However, companies should prioritize
is using BES to replace diesel gensets. Besides backup power and geographies where data centers account for a larger share of power
power quality, batteries support grid flexibility services, helping to demand, such as the Netherlands, Ireland, and Singapore, as
store RE electricity that otherwise will need to be curtailed and authorities and utilities are likely to be more supportive in allowing
creating new revenue streams. participation in the grid services market.
• Service providers should include this offering as part of a more

comprehensive decarbonization program with energy management
software. As the technology and business model are new, providers
must be ready to invest in POC and pilots with utilities and customers.
MGDE-27 103
Growth Opportunity 6: Gas Turbines/Generators + Storage Retrofits

Opp. Size
< $100 M
in 5 Years
Information &
Communications

Technologies

Healthcare &

Base Year 2023
Banking & Central/
Retail Defense
Growth
Processes
MGDE-27 104
Growth Opportunity 6: Gas Turbines/Generators + Storage Retrofits
(continued)
• Slowly but steadily, the combination of gas turbines and generators • Turbine manufacturers must partner with battery storage integrators
with batteries is gaining ground in thermal power plants in utilities, oil and manufacturers to develop joint solutions for this application.

and gas, and industrial sites.
• To tackle adoption barriers, suppliers should provide robust metrics

• This hybrid setup provides increased flexibility, shorter start time, regarding emissions, maintenance hours, and cost reduction with the
faster ramp-up and black start, and islanding. In addition, batteries help of modeling software and field tests. As-a-service and guaranteed
support spinning reserves without needing an extra turbine or performance models are also advisable.
generator to operate and burn fuel, which reduces operating costs
• For customer prioritization, power generation with large gas-fired
and GHG emissions.
plants and remote and offshore oil and gas operations present the
• As economics get more favorable for batteries, with more restrictions most immediate and larger business opportunities.
on carbon emissions, and with the development of ancillary markets,
thermal power hybrid retrofits will continue to accelerate.
MGDE-27 105
List of Exhibits
Exhibit Slide Number

Battery Energy Storage: Key Markets for Merchant BES Opportunities, Global, 2021 19
Battery Energy Storage: Lithium Demand Forecast (in 1,000 Metric Tons of Lithium Carbonate Equivalent), Global,
20
2021 and 2030
Battery Energy Storage: Top Automotive EV OEM Plans and Alliances, Global, 2022 26

Battery Energy Storage: Battery Manufacturing Cumulative Capacity, Key Geographies, 2021 and 2030 28

Battery Energy Storage: Use Cases by Segment and Timescale, Global, 2022 35
Grid-scale Battery Energy Storage: Value Chain Analysis, Global, 2022 39
Residential and C&I Battery Energy Storage: Value Chain Analysis, Global, 2022 41
Battery Energy Storage: Growth Metrics, Global, 2022 43
Battery Energy Storage: Growth Drivers, Global, 2023–2030 44
Battery Energy Storage: Growth Restraints, Global, 2023–2030 45
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, Global, 2019–2030 47
Battery Energy Storage: Annual Power Capacity Forecast by Segment, Global, 2019–2030 48
Battery Energy Storage: Annual Energy Capacity Forecast by Segment, Global, 2019–2030 49
Battery Energy Storage: Revenue Forecast by Segment, Global, 2019–2030 50
Residential Battery Energy Storage: Growth Metrics, Global, 2022 53
Residential Battery Energy Storage: Annual Energy Capacity Forecast by Region, Global, 2019–2030 54
Residential Battery Energy Storage: Units Forecast in Top 10 Countries, Global, 2022 and 2030 55
MGDE-27 106
List of Exhibits (continued)
Exhibit Slide Number

Commercial and Industrial Battery Energy Storage: Growth Metrics, Global, 2022 58
Commercial and Industrial Battery Energy Storage: Annual Energy Capacity Forecast by Region, Global, 2019–2030 59
Commercial and Industrial Battery Energy Storage: Power Capacity Forecast in Top 10 Countries, Global,
60
2022 and 2030

Grid-scale Battery Energy Storage: Growth Metrics, Global, 2022 63

Grid-scale Battery Energy Storage: Annual Energy Capacity Forecast by Region, Global, 2019–2030 64
Grid-scale Battery Energy Storage: Cumulative Power Capacity Additions Forecast by Geography, Global, 2023–2030 65
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, Europe, 2019–2030 68
Battery Energy Storage: Cumulative Power Capacity Forecast by Country, Europe, 2019–2030 69
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, North America, 2019–2030 72
Battery Energy Storage: Cumulative Power Capacity Forecast by Country, North America, 2019–2030 73
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, Asia, 2019–2030 76
Battery Energy Storage: Cumulative Power Capacity Forecast by Country, Asia, 2019–2030 77
Battery Energy Storage: Cumulative Power Capacity Forecast by Segment, Rest of World, 2019–2030 80
Battery Energy Storage: Cumulative Power Capacity Forecast by Region, Rest of World, 2019–2030 81
MGDE-27 107
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Global Energy & Environment Research

The Growth Pipeline™ Company MGDE-27

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Author: Maria Benintende

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Innovative Customer Value Transformative

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Competitive Intensity Geopolitical Chaos Disruptive Technologies Industry Convergence

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Transformative Mega Trends Disruptive Technologies Geopolitical Chaos

Cloud computing, Big Data, analytics, artificial

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(BTM) and in front of the meter (IFM).

Among the implications of the

to the entire life cycle of storage projects,

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The Innovation Generator™ The Growth Pipeline Engine™

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Study Period 2019–2030

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11. Beyond MW and MWh counts,

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Research & Technology Market Cost Mass

Lithium-ion Mass Production

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Potassium-air R&D Technology Demonstration Market Introduction

Magnesium-sodium R&D Technology Demonstration Market Introduction

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• Even when there is enough lithium on Earth to

accomplish the energy transition, it is uncertain 1,000.0 2,100.0

if mining development will be able to keep up 500.0

Expansion to new types and lower-grade resources