The US energy storage industry collectively deployed 476MW / 764MWh in a single three-month period between July to September, with analysis firm Wood Mackenzie Power & Renewables describing the record-breaking performance as a “sign of things to come”.
China deployed 533.3MW of new electrochemical energy storage projects in the first three quarters of 2020, an increase of 157% on the same period in 2019.
The US industry deployed 168MW / 288MWh of energy storage in the second quarter of this year, the second highest quarterly figures on record, according to Wood Mackenzie Power & Renewables.
This article looks at the current status of each of these end-markets and where there are similarities and differences in how the markets have developed, along with future opportunities.
Analysis firm Wood Mackenzie has held onto its forecast that the US will deploy around 7GW of energy storage annually by 2025 and found that 97.5MW / 208MWh of storage was installed during the first quarter of this year.
While pumped hydro plants still account for around 96% of installed capacity of stationary energy storage worldwide, there will be more than 28GW of lithium batteries deployed for stationary storage applications by the year 2028, Navigant Research has predicted.
This year has already seen “significant acceleration” of activity in the global grid-connected energy storage market, with 4.3GW expected to be deployed this year, analysis firm IHS Markit has said.
Energy storage enjoyed another record-breaking year of deployments in the US in 2018, while the residential segment is now “moving beyond early adopters” and into commercial viability, a report from Wood Mackenzie Power & Renewables claims.
Energy storage projects were under construction across four provinces of China, amounting to 340.5MW of new capacity during the first half of this year in the country, according to the China Energy Storage Alliance (CNESA).
Australia’s energy and environment minister has hailed the country’s accelerating residential energy storage sales as a report has emerged from Chief Scientist Dr Alan Finkel which says the “financial equation is straightforward” for adding batteries to home PV systems.
