The United States is still the world's largest and fastest growing energy storage market, energy storage is the U.S. energy transition and grid construction under the immediate needs.

 

 

 

On February 12, the U.S. National Science and Technology Council released the 2024 version of the list of key and emerging technologies, clean energy and energy storage technology for the first time into the top ten, indicating that the U.S. government attaches importance to clean energy and energy storage technology.

 

 

 

Relevant organizations predict that in 2024, the U.S. new energy installed capacity will reach 62.8GW, a year-on-year growth of 55%; new energy storage installed capacity or 14.53GW, a year-on-year growth of 133.6%.

 

 

 

 

 

 

 

Chaodian believes that in 2024, the Federal Reserve interest rate cut probability increases, the U.S. energy storage industry chain, including batteries, PCS, temperature control, transformers, integration, etc., will benefit, bringing more investment and export opportunities for Chinese enterprises.

 

 

 

At the same time, the IRA Act incentives continue to empower, the United States residential solar energy prices, household storage installed capacity will also take this big increase in the future market space is still the world's largest. And with the core and other supply-side cost reductions, coupled with the U.S. grid backlog phenomenon gradually get policy channeling, the U.S. large storage installed boom upward.

 

 

 

Coupled with the iterative updating of technology, the cost continues to dip, the U.S. energy storage market in 2024 ushered in a period of high-speed development opportunities. Chinese enterprises can further utilize channel resources and market influence, innovative business models such as household storage aggregation, energy trading, energy storage leasing, etc., while paying attention to the United States in a timely manner in the trade barriers, subsidy policy, net metering policy policy changes.

 

 

 

Household Storage

 

 

Saving electricity costs and safeguarding electricity is the core motivation for U.S. users to equip household storage.

 

 

 

The U.S. household storage shipments are currently the second largest in the world, second only to Europe. But the U.S. consumer power, demographic structure, housing area, etc. are better than Europe, started later than Europe, so the future market space is still the world's largest.

 

 

 

 

 

 

 

In 2023, the U.S. household storage market by the impact of interest rate hikes and NEM3.0 policy, household PV, energy storage installed willingness to decline, 2024 is expected to end the interest rate hike, the U.S. market still has greater growth potential.

 

 

 

U.S. household storage installation is more concentrated, California accounted for the big head, Hawaii state for the country's second largest market, followed by Texas, Florida, Arizona and so on.

 

 

 

Relevant organizations calculated that, in order to achieve the U.S. net zero emissions target, is expected in 2021-2030 years the U.S. energy storage market, the overall demand for space for 600GWh, of which household energy storage is about 72GWh, accounting for 12%.

 

 

 

Battery energy storage

 

 

With technological advances and large-scale production, the cost of battery energy storage has dropped significantly, and it has a competitive advantage in terms of economy. The United States has nearly 70% of the battery energy storage system project with PV, wind and other new energy supporting, driving the rapid growth of installed energy storage.

 

 

 

With the innovative exploration of mainstream battery companies, battery technology is constantly iterating and upgrading, with the expansion of the industry scale, the cost of energy storage batteries further decline.

 

 

 

Related data show that U.S. developers plan to install 15GW of new utility-scale battery storage in 2024.

 

 

 

In 2023, the U.S. grid added 6.4GW of battery storage capacity, a 70% increase over 2022. Organizations expect the U.S. to set a record for annual battery storage capacity additions in 2024, with Texas projected to be 6.4GW and California projected to be 5.2GW.These two states alone will account for 82% of the U.S.'s new battery storage capacity.

 

 

 

The Gemini solar facility in Nevada, which is scheduled to begin operations in 2024, has a planned installed PV capacity of 690MW and battery storage capacity of 380MW, and is expected to be the largest solar project in the country at that time.

 

 

 

Large Storage

 

 

The U.S. is the world's main market for large storage, with abundant project reserves.

 

 

 

Unlike Europe, which is dominated by household energy storage, the U.S. large storage development speed is strong. Active layout of overseas, leading technology and have the opportunity to cut into the U.S. large storage supply chain enterprises are expected to benefit.

 

 

 

 

 

 

 

In the first three quarters of 2023, the U.S. large storage installed capacity accumulated new 2158MW, up 71% year-on-year. Despite the impressive growth rate, the grid connection process is relatively cumbersome and the grid transformation cost is high.

 

 

 

In July 2023, the U.S. Federal Energy Regulatory Commission (FERC) released reform policies related to renewable energy grid integration processes and protocols, simplifying the U.S. renewable energy grid integration process. Large storage grid-connected projects are expected to increase rapidly in 2024, with more than half of the new utility-scale installations to be located in Texas (35%), California (10%), and Florida (6%).

 

 

 

Notably, large storage in the U.S. has shown a trend of continued growth in configuration hours, with the average length of development and projects under construction already exceeding three hours. The development of energy storage to the long period of time is the inevitable trend of large storage to serve the grid regulation and operation, increasing the demand for the total capacity of energy storage.