– The energy storage industry has continued to grow in 2023, but is facing hurdles such as global interest rate rises and changes in local regulations that are expected to delay projects.
– Supply chain disruptions due to the COVID-19 pandemic have mostly been resolved, allowing for more lithium carbonate to be devoted to energy storage projects, and more manufacturers are entering large-scale battery production.
– The industry’s main priorities in 2024 should be education for authorities having jurisdiction, a paradigm shift in political and regulatory communities to acknowledge the importance of storage, and increasing community acceptance of storage systems.
As 2023 came to a close, industry figures shared their insights on the past year and expectations for 2024 in the energy storage sector. Despite growth in the industry, challenges such as global interest rate rises have hindered progress in the US. Supply chain constraints caused by the COVID-19 pandemic have mostly been resolved, leading to more lithium carbonate availability for energy storage projects. Continued innovation in battery production and technology is anticipated to enhance project flexibility and efficiency.
Industry experts highlight the importance of education for AHJs, political and regulatory changes, and community acceptance as key priorities for 2024. Emphasis is placed on the need for storage systems to have priority grid access and a variety of market applications to attract developers economically. The recognition of the significance of storage systems in the transition to a low carbon society is a motivating factor for professionals in the industry.
In conclusion, incremental gains in lithium-ion technology are expected to have a significant impact on energy storage advancements. The industry must address challenges and advocate for policy changes to fully realize the potential of storage systems in the coming year.