– ACP’s market report found that grid-scale clean energy deployments in the US reached 17,027MW/45,588MWh by the end of 2023.
– Wood Mackenzie’s US Energy Storage Monitor reported a record-breaking 3,983MW of new grid-scale projects completed in Q4 2023.
– The US energy storage industry is forecasted to see a significant growth with 59GW of grid-scale deployments by 2028, aided by the Inflation Reduction Act (IRA).
The US energy storage market is experiencing significant growth, with deployment records being broken and grid-scale projects increasing in capacity. Despite challenges, the industry is seeing easing constraints and improvements in supply chain issues. Forecasts predict a substantial increase in grid-scale deployments by 2028, with the cost of battery energy storage systems decreasing to make them more accessible.
However, risks to the US market exist in the form of changing policies, particularly trade policies and potential election outcomes. The potential impact of policy changes on incentive mechanisms could affect pricing and demand for battery components, leading to potential supply chain complications.
Community engagement in energy storage project development is crucial, with examples such as local opposition to projects based on safety concerns. In California, community meetings are being held to address concerns about a proposed large-scale battery storage project, reflecting the importance of community buy-in for successful project implementation.
In Europe, regulatory changes, such as the EU Batteries Regulation, are driving the energy storage industry to consider end-of-life management and procurement practices more closely. Despite challenges, expectations are high for the growth of the energy storage market, particularly in Spain, where companies like Sungrow are showcasing their latest energy storage solutions.