The battery energy storage system industry may just be one of the fastest-growing industries today. But cyber risks still weigh heavy on BESS owners and operators.
The battery energy storage system (BESS) industry is one of the fastest-growing markets.
Driven by the Inflation Reduction Act (IRA), the U.S. battery sector has grown exponentially over the past 12 months, with 26.5 gigawatts (GW) of pipeline capacity (up 58% on the pre-IRA figure) and expectations of further growth throughout 2023, according to the Energy Information Administration.
The biggest catalyst behind this is an investment tax credit for stand-alone battery storage projects that gives developers greater flexibility across their portfolios, encouraging higher-installed capacities and creating a buyers’ market for investors.
On a global scale, energy storage installations are projected to peak at a cumulative 411 GW or 1,194 GWh by the end of 2030 — a 15-fold increase over 2021 — according to a recent BloombergNEF report, with America and China at the forefront.
But as the technology becomes increasingly…
