Wood Mackenzie has forecast that the US energy storage industry will install around half a terawatt-hour of new capacity over the next five years.

Europe’s annual battery storage deployments doubled in 2023, but the pace of adoption is still much slower than required, according to SolarPower Europe.

According to Wood Mackenzie, energy storage deployment numbers in the US broke records for three successive quarters with previous records “shattered” to finish the year.

Financial commitments into utility-scale battery storage in Australia plummeted to just 13MW in Q3, although roughly ten times as much large-scale storage in megawatts have been commissioned so far this year compared to last.

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 US saw roughly triple the amount of grid-scale battery storage installed in the second quarter of this year as it did in the preceding quarter, in megawatt terms.

The US’ installed base of utility-scale battery energy storage systems (BESS) increased by 80% in 2022, as the industry had a record-breaking year.

Corporate funding activity into battery storage companies in the first quarter of 2023 fell considerably year-on-year and quarter-on-quarter, according to research from Mercom Capital.  

Nearly double the megawatt-hours of large-scale BESS under construction in Australia by the end of 2022 compared to 2021.

The Australian market for residential battery storage grew by an estimated 55% in 2022 from the previous year, according to SunWiz.