The US grid storage market added 2,773MW in the second quarter of 2024, according to the latest data from the American Clean Power Association (ACP) and Wood Mackenzie.
The recent US Energy Storage Monitor report indicates that every segment of the country's energy storage market experienced growth compared to the same period last year, resulting in a total deployment of 3,011MW.
California, Arizona, and Texas accounted for 85% of the new installations. ACP Senior Vice President of Markets and Policy Analysis, John Hensley, noted, “Energy storage is becoming a mainstay of the power grid, delivering a more resilient and affordable grid.”
He emphasized that increased storage capacity is providing a cost-effective and reliable solution to challenges such as rising energy demand and the need for more overall capacity amidst volatile weather events. Hensley added, “To keep the trend going, it's important to find solutions for development challenges such as lengthy interconnection queues and permitting and siting.”
Vanessa Witte, a Senior Analyst with Wood Mackenzie's energy storage team, highlighted the impressive growth, stating, “This quarter showed massive growth compared to year-ago levels, and the grid-scale segment continues to be the main driver.”
Wood Mackenzie's five-year outlook for the US energy storage market projects that total deployments will grow by 42% between 2023 and 2024, though capacity additions are expected to stabilize, with an average annual growth rate of 7.6% from 2025 to 2028.
Overall, the industry is anticipated to deploy 12.8GW in 2024, with the grid-scale segment projected to increase by 32% year-over-year, reaching 11GW deployed by the end of the year and a cumulative total of 62GW from 2024 to 2028.
