The U.S. power storage market set a brand new report in 2024 with 12.3 GW of installations throughout all segments, based on the newest “U.S. Energy Storage Monitor” report launched by the American Clear Energy Affiliation (ACP) and Wooden Mackenzie. The report reveals a complete of 12,314 MW and 37,143 MWh deployed, representing will increase of 33% and 34% respectively over 2023 numbers.
Whereas This fall grid-scale power storage deployments had been down 20% in comparison with This fall 2023, this was primarily as a result of delay of two GW of initiatives in late-stage growth from This fall 2024 to 2025. Texas and California proceed to steer the market, with 61% of the whole put in capability in This fall, whereas the remaining 39% was put in throughout 13 states, increasing storage deployment past the main markets. Grid-scale storage installations are forecasted to succeed in 13.3 GW in 2025.
“After one other 12 months of report deployment, power storage is solidifying its place as a number one resolution for strengthening American power safety and grid reliability in a time of historic rising demand for electrical energy,” mentioned ACP VP of Power Storage Noah Roberts. “The power storage business has shortly scaled to satisfy the second and ship reliability and cost-savings for American communities, serving a crucial position firming and balancing low-cost renewables and enhancing the effectivity of thermal energy vegetation.”
The residential storage market exceeded 1,250 MW in 2024, marking its highest 12 months on report and 57% above 2023 totals. A record-breaking 380 MW of residential storage was put in in This fall 2024, a 6% enhance over the earlier quarter. In the meantime, 145 MW of community-scale, industrial and industrial (CCI) storage was put in in 2024, a 22% enhance over the earlier 12 months. California, Massachusetts, and New York accounted for 88% of put in CCI capability.
Forecasted installations for 2025 have elevated 7% over final quarter’s forecast. Throughout all segments, 15 GW of storage is anticipated to be put in this 12 months, marking a 25% enhance over 2024.
Credit score: e-STORAGE and UBS Asset Administration
“Exercise has been robust and our forecast for this 12 months has expanded,” mentioned Allison Feeney, analysis analyst at Wooden Mackenzie. “Nonetheless, attributable to coverage uncertainties, development will possible decelerate this 12 months and in subsequent years. Development will decide again up towards the top of the last decade, with a projected 81 GW complete installations from 2025 to 2029.”
Allison Weis, international head of storage of Wooden Mackenzie famous that the uncertainties surrounding the continuation of present tax incentives and the implementation of tariffs might change the long-term outlook.
“It’s nonetheless too early to find out the ultimate type of IRA tax incentives over the approaching 12 months,” mentioned Allison Weis, international head of storage for Wooden Mackenzie. “The mixture of latest tariffs on China and different nations with continued 45X and home content material bonus adder incentives would make US-based techniques extra competitively priced. Nonetheless, many home suppliers usually are not set as much as meet fast demand. If larger pricing is mixed with ITC tax incentives phasing out starting in 2028, it might decrease our five-year deployment outlook by as a lot as 19%.”
Information merchandise from Wooden Mackenzie
Trending Merchandise
