According to the Q1 2025 US Energy Storage Monitor from Wood Mackenzie Power & Renewables and the American Clean Power Association (ACP), energy storage installations surpassed 12GW in 2024.

A total 3.8GW/9.9GWh of energy storage was deployed in the US in the third quarter of 2024, according to Wood Mackenzie’s US Energy Storage Monitor.

Lithium iron phosphate (LFP) will be the dominant battery chemistry over nickel manganese cobalt (NMC) by 2028, in a global market of demand exceeding 3,000GWh by 2030.

Grid-connected energy storage deployments have enjoyed a compound annual growth rate (CAGR) of 74% worldwide in the years 2013 to 2018, with a “boom” in deployment figures expected over the next five years, analysis firm Wood Mackenzie has said.