U.S. Energy Storage Market Size to Exceed $4 Bn by 2024
According to a Global Market Insights research report, the US energy storage market will exceed $4 billion by 2024, growing from its current market value of more than $400 million. The researchers claim market share has been surging year on year as renewable energy utilization is finally coming to the forefront and replacing fossil fuel energy sources. According to experts, energy storage can become a market disruptor as it is quickly emerging as a new technology with enhanced capabilities and cost saving which no current technology has begun to approach. As a result, energy storage capacity across the US seemingly surpassed 1,000 megawatt-hours in 2017, which is a record and has nearly doubled in 2018 adding another 1,000 megawatt-hours of capacity.
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Key Highlights are:
–The U.S. energy storage market is anticipated to continue its exponential growth graph as storage continues to get cheaper, out-competing other resources, as a sea of change is registered in the mix of resources that run the power grid.
–Recently, NV Energy made headlines in US with a contract to build 1000 MW of solar energy with 100 MW of storage, Xcel Energy has set a new solar-plus-storage record with a median price of $36 per hour which is lower than the cheapest PV-plus-battery power-purchase agreement till date by as much as 20%.
–Lower costs for renewable energy resources and state policies will contribute towards the deployment of energy storage systems and consequently the expansion of US energy storage market.
–Concentration for residential deployment of energy storage systems have been most noticeable in two states, namely, California and Hawaii, which have together accounted for 72% of megawatt-hours in the last quarter of 2018.
–Lowered cost for renewable energy resources and US states’ policies will contribute toward the deployment of energy storage systems and consequently the expansion of U.S. energy storage market, with more batteries being installed in homes, businesses, and along the power grid.
With large storage systems for utilities capturing a major portion of the U.S. energy storage industry and more utilities including storage in their solicitations for solar projects, U.S. energy storage market is expected to witness robust growth over 2018-2024. The U.S. energy storage market has been evaluated to amount to $4 billion by 2024 – a commendable upsurge from the $400 million worth in 2017.
The U.S. energy storage market has received a major boost from the fact that storage system costs have decreased roughly by two-thirds over the last five years. In addition, more American states have mandated utilities to procure storage systems. More and more consumers have also come to realize that pairing batteries or energy storage with renewable energy projects improves reliability of power supply without creating greenhouse emissions.
