Batteries as a “Game Changer” for the Energy Business
In 2015-2016, several research institutions predicted disruptive technologies in the energy sector, namely solar power plants (PLTS) and batteries (Black & Veath, 2015; E&Y, 2016). In a span of 10 years, solar energy grew 21 times or 200 percent per year, from only 23 GW in 2008 to 505 MW in 2018. Solar energy capacity continues to increase three times or equivalent to an additional 1,500 GW, so that the cumulative amount will exceed the capacity of gas-fired power plants in 2026 and new coal-fired power plants in 2027 (IEA, 2022).
On the one hand, the growth of batteries, especially lithium ion types, has also skyrocketed, initially growing only 1 percent in 2000 to more than 15 percent in the last fifteen years (Bloomberg, 2020). The largest battery market is of course electric vehicles, which currently have a population of more than 40 million units and dominate with a share of more than 85 percent. However, the need for batteries for energy systems or what is known as BESS (battery energy storage system) also continues to skyrocket by an average of 79 percent per year (IHS Markit, 2020).
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