The U.S. energy storage market share has been surging year-on-year as renewable energy deployment comes to the forefront, replacing fossil fuel energy sources and supporting renewable energy projects. According to experts, energy storage can become a market disruptor as it is fast emerging as a new technology with enhanced capabilities and cost saving that no incumbent technology can even begin to approach.
According to Global Market Insights, 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 result: energy storage capacity across the U.S. seemingly surpassed 1,000 megawatt-hours in 2017, which is a record in itself and has nearly doubled in 2018 adding another 1,000 megawatt-hours of capacity.
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. Recent instances of contracts signed in the U.S. such as the NV Energy in Nevada and Xcel Energy in Colorado have also helped in furthering the prospects for U.S. energy storage industry.
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 states have mandated utilities to procure storage systems. As consumers have come to realize that pairing batteries or energy storage with renewable energy projects improves reliability of power supply without creating greenhouse emissions.
Lowered cost for renewable energy resources and state 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.
Filed Under: Energy storage, News
