The U.S. vitality storage market set new set up data in Q3 2024, in accordance with the newest “U.S. Energy Storage Monitor” report launched by the American Clear Energy Affiliation’s (ACP) and Wooden Mackenzie.
50-MW vitality storage system on the Golden Triangle II undertaking in Mississippi. Credit score: Origis Power
That is the very best report for third-quarter installations, with a complete of three.8 GW and 9.931 GWh deployed — 3,431 MW and 9,188 MWh coming from grid-scale deployments.
Grid-scale vitality storage deployments in each Texas and California have been strong in Q3, as the 2 markets proceed to embrace storage as a grid resolution. Texas tripled installations in comparison with the earlier quarter with almost 1.7 GW added, and California produced the very best gigawatt-hours of installations with almost 6 GWh added, because of its concentrate on longer period crops. Arizona, Colorado, Florida, and Vermont additionally noticed installations in Q3, displaying an urge for food for grid-scale storage deployment throughout the nation.
“We’re seeing the vitality storage trade fill an actual want throughout the nation to supply reliability in an reasonably priced and environment friendly method for communities,” mentioned John Hensley, SVP, Markets and Coverage Evaluation for ACP. “With 64 GW of latest vitality storage anticipated within the subsequent 4 years, the market sign continues to be clear that vitality storage is a vital element of the grid transferring ahead.”
“The fast vitality storage deployment we’re seeing in the US not solely enhances reliability and affordability but additionally drives financial enlargement. This extra storage capability helps meet growing vitality demand and is supporting rising industries like manufacturing and knowledge facilities,” mentioned Noah Roberts, ACP’s VP of Power Storage. “Power storage is essential for vitality safety and to assist outpace rising demand.”
The residential market set an all-time excessive with a record-breaking 346 MW of residential storage put in in Q3 2024, a 63% improve over the earlier quarter. California, Arizona and North Carolina led progress, putting in 56%, 73% and 100% extra residential storage in Q3 than in Q2 – regardless of residential battery provide shortages.
Neighborhood-scale, business and industrial (CCI) remained regular, with 29 MW put in, a slight 4% lower from year-ago numbers.
The grid-scale and residential segments will proceed to guide the market, with grid-scale installations projected to greater than double by 2028 to achieve a cumulative quantity of 63.7 GW, and residential putting in 10 GW of storage in the identical time interval.
“Now we have seen constant progress out there this yr, particularly within the grid-scale phase,” mentioned Nina Rangel, senior analysis analyst at Wooden Mackenzie. “Total, storage installations will develop 30% in 2024, signaling the trade’s strongest yr but. Nevertheless, it will likely be tough to maintain this tempo. Between 2025 and 2028 we’re projecting an annual common progress fee of 10%, as early-stage growth constraints proceed.”
Allison Weis, world head of storage of Wooden Mackenzie famous that whereas constant progress is anticipated, there are some uncertainties with the brand new presidential administration, as adjustments to sure tax credit and protectionist measures within the type of elevated tariffs may come into play.
“Whereas there is likely to be potential alternatives in a brand new pricing atmosphere for home producers by way of competitors, any main shifts in tax incentives or elevated tariffs may outweigh advantages and have an effect on new undertaking growth,” Weis mentioned.
Information merchandise from WoodMac
Trending Merchandise
