The U.S. energy storage market is no longer in its infancy. According to GTM Research and the Energy Storage Association’s (ESA) newly released U.S. Energy Storage Monitor 2017 Year-in-Review, 100 MWh of grid-connected energy storage were deployed in the fourth quarter of the year, marking 1,080 cumulative MWh deployed between 2013 and 2017.
Even more impressive, GTM Research expects that the U.S. market will almost double this total in 2018 alone, with more than 1,000 MWh of energy storage forecast to be deployed this year.
Market grew 46% quarter-over-quarter (QOQ), from 42.5 MW in Q3 2017 to 62 MW in Q4 2017, but market declined 56% year-over-year, mostly thanks to the record set in Q4 2016 by the Aliso Canyon projects
Behind-the-meter (BTM) deployments accounted for 55% of total MW deployed in Q4 2017, up from last quarter’s share of 27%. The BTM market saw strong growth across multiple state markets in Q4 2017.
Deployments in MWh down 57% from previous year, although market grew 126% QOQ, from 24.9 MWh in Q3 2017 to 77 MWh in Q4 2017. This mainly resulted from a quadrupling of the non-residential market in MWh terms. BTM deployments made up 77% of deployments in MWh terms, up from last quarter’s share of 56%.
In 2017, the top energy storage markets were California, that rules the BTM market, and Texas that leads the FTM market.
U.S. energy storage annual deployments will reach 3.3 GW by 2023
According to the report, the U.S. energy storage market will grow 15x between 2017 and 2023. The annual market will almost cross the 1 GW threshold in 2019. BTM deployments (residential plus non-residential) will make up half the annual market by 2022
The U.S. storage market will grow 12x in dollar value between 2017 and 2023, crossing the threshold of $1B in annual value in 2019. In 2023, the U.S. energy storage market’s annual value will reach $3.8b.
Source: GTM Research