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EIA: Monthly Update on Installation Forecasts for Energy Storage in the United States

published: 2023-11-03 16:31

EnergyTrend reports, in conjunction with EIA statistics, that the newly installed energy storage capacity exceeding 1MW in the United States reached 0.59GW in September, marking a 21% year-on-year increase and a 22% month-on-month increase. From January to September, the United States witnessed an impressive growth, with 4.37GW of new energy storage capacity exceeding 1MW installed, a 42% year-on-year increase.

Installations Forecasts for Energy Storage in 2023 and 2024
Looking ahead to the installation forecasts for energy storage in 2023 and 2024, EIA data reveals that from September 2023 through the end of 2024, the installed capacity for energy storage surpassing 1MW is anticipated to reach 19.14GW. To break it down further, the planned installed capacity is set to hit 4.18GW from October to December in 2023, indicating an expected total of 8.55GW for the year (slightly lower than last month's forecast of 9.13GW), translating to an impressive 107% year-on-year growth. In 2024, the projected installed capacity for energy storage stands at 14.96GW (revised from last month's forecast of 14.06GW), signaling a substantial year-on-year increase of 75%. These installation forecasts are subject to updates as more data becomes available.

Energy Storage is Becoming a Significant Growth Driver for Tesla
According to Wood Mackenzie’s projections, the United States is poised to attain an impressive 75GW in installed energy storage capacity. The U.S. not only stands as a significant and high-potential market for energy storage development but also serves as a crucial battleground where global energy storage suppliers vie for supremacy. Consequently, numerous companies are strategically positioning themselves within the U.S. market.

In terms of energy storage policies, the United States has formulated long-term development goals and rolled out associated regulations and policies, encompassing measures that promote the versatile application of energy storage. The U.S. energy storage market and business models have matured and solidified, with the federal government emphasizing technical research and economic incentives to encourage large-scale adoption.

Energy storage has been earmarked as a pivotal sector for support, with the United States bolstering the industrial chain through increased investment in technology and the independent research and development and manufacturing of new energy storage technologies for comprehensive applications. This approach lays the foundation for localized development in the future. The Inflation Reduction Act introduces additional tax credits for energy storage systems that meet specified localization criteria, underscoring the government’s commitment to fostering localized manufacturing.

In today's global context, achieving carbon neutrality has become a shared goal. As countries worldwide rally behind the development of clean energy, energy storage technology is flourishing, driven by market dynamics and policy incentives. As a cornerstone of new energy technology localized development, the U.S. federal government is actively enhancing the competitiveness of energy storage technology. Beyond the prevalent lithium battery energy storage, the future holds promise for lead-carbon batteries, zinc-based batteries, hydrogen energy storage, and other technologies that are being demonstrated and promoted, offering diverse pathways for the energy storage market’s evolution.

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