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US Energy Storage Sector Booming, Says Wood Mackenzie

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Lower costs, better supply chains and steady demand are driving an energy storage boom in the United States, according to a new report from Wood Mackenzie.

Energy Storage Groundmount

Wood Mackenzie said in its latest report that battery energy storage deployments across the United States continue to surge, with data through the first quarter of 2024.

Across all segments, the US energy storage industry deployed 8.7 GW, a record-breaking growth of 90% year on year. The nation deployed 4.2 GW in the fourth quarter of 2023, and installations in California and Texas accounted for 77% of fourth-quarter additions, said Wood Mackenzie.

The US grid-scale storage market shattered previous quarterly installation records in the fourth quarter of 2023, deploying 3,983 MW/11,769 MWh, leading to an average duration of 2.95 hours. A combination of short-duration energy storage serving acute peak electricity demand times and four-hour grid-scale batteries are common configurations in today’s market.

The residential energy storage market reached a marginal record quarter in Q4, 2023, deploying 218.5 MW, beating the record set by the third quarter of of 210.9 MW. The community, commercial, and industrial (CCI) segment deployed 33.9 MW, with the most deployment occurring in California, Massachusetts, and New York, said Wood Mackenzie.

Annual comparison of energy storage deploylments

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