1. The US energy storage market reached record deployment levels in Q4 of 2023, with over 4,200MW/12,300MWh installed, a 100% increase from the previous quarter.
2. Grid-scale segment deployments exceeded 3GW in one quarter for the first time, with nearly 4GW deployed, representing a 358% increase from the same period in 2022.
3. The residential segment saw a record installation of 218.5MW, led by California, while the Community, Commercial, and Industrial segment remained steady with 33.9MW installed in Q4.
The US energy storage market saw record-breaking deployment in the final quarter of 2023, with 4,236MW/12,351MWh installed, representing a 100% increase from the previous quarter. The grid-scale segment alone deployed nearly 4GW, showing a significant growth trend in energy storage capabilities to address grid resilience and stability. The residential segment also saw strong growth, with deployments reaching 218.5MW, mainly driven by installations in California.
The Community, Commercial, and Industrial (CCI) segment showed stagnant growth in Q4, with 33.9MW installed, split among California, Massachusetts, and New York. Overall, total deployments in 2023 across all segments reached 8,735MW and 25,978MWh, representing an 89% increase over 2022. Distributed storage exceeded 2GWh for the first time, indicating a growing trend in decentralized energy storage solutions.
Looking ahead, the residential market is expected to continue booming with over 9GW to be installed in the next five years. The CCI segment is forecasted to have less cumulative volume installed, but with a growth rate over double that of the residential market. Additionally, the US Energy Information Administration predicts an 89% increase in battery storage capacity by the end of 2024 if planned projects reach commercial operation on schedule, with developers planning to expand capacity to over 30GW.