In 2022, the Russo-Ukrainian conflict triggered a global energy crisis, which prompted countries worldwide to recalibrate their energy development strategies and accelerate the deployment of renewable energy. Amid the influx of renewable energy from primary sources like wind and solar onto the grid, energy storage has played a crucial role in alleviating the strain on the grid. This role has led to explosive growth in demand for installed capacity. However, a shortage of shipping capacity and labor force in Europe has impeded the full release of energy storage installation demand in 2022. As the cost of energy storage systems drops in 2023 and as various countries roll out a wide range of incentives, TrendForce predicts a further growth in the global demand for energy storage installations.
