The US battery storage market shattered deployment records across all segments in Q4 2023 – a 101% increase from the previous quarter.
The US battery storage sector saw 4,235 megawatts (MW) installed in Q4 2023, according to Wood Mackenzie and the American Clean Power Association’s (ACP) latest “US Energy Storage Monitor” report.
For the first time, the grid-scale segment exceeded 3 gigawatts (GW) deployed in one quarter and nearly topped 4 GW. With 3,983 MW of new capacity additions, the fourth quarter saw a 358% increase year-over-year.
John Hensley, ACP’s vice president of markets and policy analysis, said:
Energy storage has unique capabilities to address grid resilience, with the ability to serve as generation, load, and transmission.
These benefits to the grid have been evident, especially in recent years, as storage has provided reliability and stability during critical moments like historic heat waves. With a robust pipeline, the future for energy storage deployment is strong.
Vanessa Witte, senior analyst with Wood Mackenzie’s energy storage team, said:
Q4 2023 was extremely strong for the US energy storage market, helped by easing supply chain challenges and system price declines.
The quarter was commanded by deployments in the grid-scale segment, which recorded the highest quarter-on-quarter growth of any segment, ending the year with a 113% increase over Q3 2023.
California continued to lead installations in both MW and MWh terms, closely followed by Arizona and Texas.
For the US residential segment, deployments reached 218.5 MW, barely exceeding the previous quarterly installation record of 210.9 MW set in Q3 2023. Market gains in California were offset by a contraction in Puerto Rico, which follows a “roller-coaster” as incentive funds open and close.
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