By Gabby Chen

(JW Insights) May 6 -- China took the lead as the world's largest installer of energy storage batteries in 2022, with a total of 5.6 GW newly installed - a 2.3 times increase from 2021. This figure represents 34% of the world's total installed capacity, according to a Nikkei report translated into Chinese.

China is promoting the development of renewable energy on a nationwide scale. The country accounted for 62% of the world's lithium battery production capacity in 2022.

In the electric vehicle battery sector, Chinese battery giant CATL claimed the top spot as the world's largest manufacturer, showed data released by the International Energy Agency (IEA).

Global energy storage battery production capacity is set to reach 30 GW in 2023, marking an 87% increase from the previous year and a ten times growth in size within five years.

Meanwhile, the global battery storage capacity is expected to reach 87 GW by 2030, nearly triple that of 2023. The industry is projected to expand at an average annual rate of 23% from now until 2030, entering a period of widespread usage, said the Nikkei report.