Enterprises entering energy storage in 2025

How did energy storage grow in 2022 & 2023?

The US utility-scale storage sector saw tremendous growth over 2022 and 2023. The volume of energy storage installations in the United States in 2022 totaled 11,976 megawatt hours (MWh)—a figure surpassed in the first three quarters of 2023 when installations hit 13,518 MWh by cumulative volume.

Does energy storage balance intermittency?

According to TrendForce, the cumulative installed capacity of global renewable energy in 2021 stood at 3,064 GW. This highlights the pressing need for energy storage to balance intermittency. In 2021, the global energy storage market maintained a high growth rate. Newly installed capacity was 29.6 GWh, up 72.4% year on year, said TrendForce.

How many states have energy storage policies?

Around 15 states have adopted some form of energy storage policy, including procurement targets, regulatory adaption, demonstration programs, financial incentives, and/or consumer protections. Several states have also required that utility resource plans include energy storage.

Should energy storage projects have multiple construction contracts?

Construction risks: It is common practice to see multiple equipment supply, construction, and installation contracts rather than one turnkey engineering, procurement, and construction (EPC) contract for energy storage projects.

Can technology improve energy-storage costs?

There is also a plausible best-in-class scenario in which market-leading energy-storage manufacturers and developers deliver a step change in cost improvement: additional process-efficiency gains and hardware innovations could reduce the cost of an installed system by more than 70 percent (Exhibit 2).

Can energy storage be supercharged?

Policymakers in the United States and Europe continue to put forth measures meant to supercharge the sector toward a promising future. Even with near-term headwinds, cumulative global energy storage installations are projected to be well in excess of 1 terawatt hour (TWh) by 2030.