The first quarter of 2024 saw declines in US utility-scale energy storage deployments and revenues for US-based or focused system integrators, but the long-term pipeline and outlook remains healthy.
Tesla made ‘all-time high’ energy storage deployments in the first quarter of this year, ‘leading to record profitability’ for its energy business line, CEO Elon Musk has said this week.
The US energy storage industry enjoyed another quarter of record growth in Q2 2023, with 1,680MW/5,597MWh of new installations tracked by Wood Mackenzie.
The energy storage market in Italy doubled in capacity in the first half of the year, though Q2 saw the first slowdown in nine quarters and that could be repeated in H2, according to the country’s renewable energy trade body.
EV and energy storage giant Tesla saw a slight quarter-on-quarter dip in energy storage deployments in Q2 to 3.7GWh, although annual growth was strong at 222%.
Some 710MW of battery storage came online in the US in the first three months of the year, of which around 70% was in the ERCOT, Texas market, S&P Global said.
More than 14-fold increase is forecast to 2025, from 523MW recorded in 2019, with the “sharp scale-ups” both regionally and nationally to be driven primarily by a combination of “utility procurements and the accelerating residential market,”
With energy storage deployments in the US up almost 50% year-on-year, according to GTM Research analysis, the next big question for the industry might be who gets to own all of the assets.
