As we gear up for an electrifying year ahead, we look back to 2023. Battery energy storage has emerged as the dominant and rapidly expanding source of energy storage in the United States in recent years. The proportion of battery storage in the country’s energy storage capacity has surged dramatically, climbing from a mere 3% in 2017 to a substantial 43% in 2023, according to EUPD Research estimates.
In the U.S., battery storage capacity additions have been dominated by utility-scale installations. The rise of intermittent energy sources like solar and wind has made utility-scale batteries increasingly important. The majority of planned utility-scale battery storage capacity is being installed alongside solar and wind facilities in the country.
According to the U.S. Energy Information Administration (EIA) projections, the utility-scale battery storage capacity in U.S. could see an increase of 89% by the end of 2024 if developers stick to their ambitious plans. Developers are currently planning to increase the utility-scale battery storage capacity to over 30 GW by the end of 2024. This projected capacity would surpass that of other energy sources such as petroleum liquids, geothermal, wood and wood waste, as well as landfill gas.
Warm up for the “10th IBESA U.S. Energy Storage Day” taking place on February 14, 2024 at the Boston Convention & Exhibition Center. Watch Markus A.W. Hoehner presenting the Market Segmentation & Business Opportunities in the Residential Segment during the 9th IBESA U.S. Energy Storage Day in Las Vegas last year.
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