According to the American Clean Power Association’s (ACP) and Wood Mackenzie’s latest “U.S. Energy Storage Monitor” report, in the second quarter, the U.S. market for energy storage grew rapidly, with the grid-scale segment leading the way with 2,773 MW and 9,982 MWh installed. Moreover, Texas, Arizona, and California contributed to 85% of the installations.
Annual U.S. Solar Energy Market Outlook
The overall energy storage installations in the United States rose by 42% between 2023 and 2024. This performance is according to Wood Mackenzie’s five-year estimate for the sector. However, capacity additions will level off as deployments rise with an average annual growth rate of 7.6% between 2025 and 2028. Furthermore, across all segments, the industry forecasted to deploy 12.8 GW/36.9 GWh in 2024. Explore the best energy storage option for your home & business.
The prediction for grid-scale segment is to rise 32% year-over-year with 11 GW/32.7 GWh deployed by year-end, and 62 GW cumulatively from 2024-2028. Also the goal is to install12 GW of distributed storage in the next five years. 80 % of the distributed power capacity installations will be in the residential sector, with an additional 10 GW of storage capacity added between 2024 and 2028. Between 2024 and 2028, the CCI segment is expected to deploy 2.5 GW of storage, a slight decrease from earlier projections.
Vanessa Witte, senior analyst with Wood Mackenzie’s energy storage team said, “This quarter showed massive growth compared to year-ago levels and the grid-scale segment continues to be the main driver. The CCI segment continues to experience high barriers to growth including the complexity of developing these projects and the limited availability of financial value streams.”
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