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Energy Storage Market Slows But Rebound Expected
Energy Storage Market Slows But Rebound Expected

According to the latest U.S. Energy Storage Monitor report by the American Clean Power Association (ACP) and Wood Mackenzie, the U.S. energy storage market added 2,145 MWh in the first quarter of 2023 across all industry segments. However, this figure represents a 26% decrease compared to the fourth quarter of 2022.

The grid-scale segment installed 1,553 MWh in the first quarter, marking a second consecutive quarterly decline and a 33% decrease compared to the same period in 2022. California and Texas remained the primary drivers of the energy storage market, accounting for 84% of activity in the first quarter. However, project delays have contributed to the decline.

John Hensley, ACP’s vice president of research and analytics, highlighted how storage development is closely tied to solar and wind projects and how trade and policy issues in those sectors impact storage deployment.

Wood Mackenzie’s forecast for 2023 anticipates additions from the grid-scale project pipeline at 8.9 GW and 10.5 GW across all segments. Although the forecasted capacity for 2023 slightly decreased quarter-over-quarter, total additions for all segments are still expected to double by the end of 2023 compared to 2022.

Vanessa Witte, senior analyst with Wood Mackenzie’s energy storage team, noted that supply chain issues and interconnection queue backlogs are hindering market growth. However, she remains optimistic about the storage sector, expecting it to experience strong growth through 2027, driven by increasing renewable generation.

In the first quarter of 2023, community, commercial, and industrial (CCI) installations rebounded after four consecutive quarters of below-average activity, installing a total of 203.3 MWh, the second-highest quarter on record and 145% higher than the previous year. Residential storage recorded its second-highest quarter at 388.2 MWh but experienced a decline compared to the fourth quarter of 2022, marking the first quarterly decline for the residential sector in nearly two years.

Despite the recent slowdown, experts, including Vanessa Witte, believe that the energy storage market will continue to grow in the coming years, driven by the increasing need for storage due to the growth of renewable generation.

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