Source: Institute for Energy Economics and Financial Analysis
The U.S. energy storage industry installed a record amount of power capacity in the first quarter of 2019.
The 148.8 megawatts of new grid storage capacity represented a 232 percent growth over Q1 2018, according to the latest edition of the Energy Storage Monitor report produced by Wood Mackenzie Power & Renewables and the Energy Storage Association. The ESM tracks storage in terms of instantaneous power capacity (megawatts) as well as energy capacity (megawatt-hours).
Historically, the first quarter tends to be the smallest of the year for storage activity, but Q1 2019 narrowly edged out the last quarter of 2016 for the title of most megawatts deployed.
This initial achievement sets the industry up for another record year. Installations in 2019 will more than double 2018, and 2020 deployments will triple 2019, Woodmac analysts predict. The five-year forecast culminates in 4,543 megawatts delivered in 2024, a meteoric rise compared to the scope of the industry today.
As for dollar signs, the overall value of the U.S. storage market is expected to double this year to nearly $1 billion. It will rise to $4.837 billion in 2024, analysts predict.