Woodmac says value of US storage market will increase 737% by 2024

The U.S. energy storage market continued its growth streak in the third quarter of 2019, with a 93% year-over-year increase in megawatt-hours of storage deployed.

But the dollar value of the market is set to explode by more than 700% over the next five years, according to the newest Wood Mackenzie U.S. Energy Storage Monitor, released Tuesday.

WoodMac expects increased utility procurement of energy storage as well as rising interest in battery storage for resiliency during extreme events, including the California wildfires, which will help propel storage deployment in the 2020s.

But even as residential and non-residential customers in California install more behind-the-meter projects, WoodMac projects that front-of-the-meter projects like utility-scale storage will grow even faster.

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