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EV-a2z > News > US breaks record in battery storage deployment in Q4 2023
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US breaks record in battery storage deployment in Q4 2023

EV-a2zm
Last updated: 2024/03/22 at 8:17 PM
EV-a2zm Published March 22, 2024 4 Min Read
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The United States‘ battery storage market broke deployment records across all segments in the fourth quarter of 2023, according to WoodMac and ACP’s latest “US Energy Storage Monitor” report.

Contents
Battery storage deployment in the US – Q4 2023Grid-scale segmentResidential segmentCommunity, Commercial, and Industrial (CCI) segment

NEW: The U.S. energy storage market broke an installation record last quarter with over 4 gigawatts installed, a 100% increase from the third quarter. ACP & @WoodMackenzie’s Energy Storage Monitor shows that for the first time ever, grid-scale deployments exceeded 3 GW.🔋

Get… pic.twitter.com/OzzKJ2wI7Y

— American Clean Power (ACP) (@USCleanPower) March 20, 2024

Battery storage deployment in the US – Q4 2023

The report revealed that battery storage deployment in the US reached a total capacity of 4,236 megawatts (MW) from October to December 2023. Impressively, it indicated a 100% quarter-on-quarter growth from Q3 2023. 

US battery storage smashes deployment records in Q4 2023 https://t.co/5d5RMOnzRy pic.twitter.com/vsOJ5Pki3b

— Tech News Tube (@TechNewsTube) March 21, 2024

Grid-scale segment

The remarkable surge in battery storage deployment in the fourth quarter of last year is largely due to the growth in the grid-scale segment. According to the report, grid-scale battery deployment successfully surpassed 3 gigawatts (GW) and even almost crossed 4 GW of capacity for the first time in history.

The grid-scale battery storage segment’s deployment figure of 3,983 MW delivered an astounding year-on-year growth of 358%.

American Clean Power Association’s (ACP) Market and Policy Analysis Vice President commended this record-breaking growth in grid-scale battery storage installations in the US.

“Energy storage has unique capabilities to address grid resilience, with the ability to serve as generation, load, and transmission. These benefits to the grid have been evident, especially in recent years, as storage has provided reliability and stability during critical moments like historic heatwaves. With a robust pipeline, the future for energy storage deployment is strong.”

John Hensley, ACP’s Market and Policy Analysis Vice President

Wood Mackenzie’s (WoodMac) Senior Energy Storage Analyst noted the significant contribution of the grid-scale segment in the success of Q4 2023.

“Q4 2023 was extremely strong for the US energy storage market, helped by easing supply chain challenges and system price declines.

The quarter was commanded by deployments in the grid-scale segment, which recorded the highest quarter-on-quarter growth of any segment, ending the year with a 113% increase over Q3 2023.”

Vanessa Witte, WoodMac’s Senior Energy Storage Analyst

Residential segment

The residential battery storage installation in Q4 2023 barely surpassed the prior quarterly record of 210.9 MW with its 218.5 MW deployed capacity. Nonetheless, this figure must still be commended as it indicates growth rather than a decline in battery energy storage deployment. According to the report, a contraction in Puerto Rico caused by unstable incentive funds offset California’s market gains. 

Community, Commercial, and Industrial (CCI) segment

The battery storage installations of the Community, Commercial, and Industrial (CCI) segment in Q4 2023 remained stagnant from the previous quarter with 33.9 MW of capacity, divided relatively even among California, Massachusetts, and New York.

Overall, battery storage deployments last year across all segments reportedly hit 8,735 MW and 25,978 MWh. This record indicates a year-on-year growth of 89% from 2022. 

WoodMac and ACP now expect the residential segment to continue to progress over the following five years with over 9 GW of capacity in the pipeline. Meanwhile, they project the CCI segment to grow by 246% to 4 GW of capacity.

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TAGGED: Battery, BESS, USA
EV-a2zm March 22, 2024 March 22, 2024
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