What drives energy storage investment?

Much of the growth in energy storage investment is being driven by mandates and targeted subsidies, ranging from solar and wind co-location mandates in China, to the Inflation Reduction Act and state-level policies in the US. New support schemes are also emerging across Europe, Australia, Japan, South Korea, and Latin America.

Will energy storage reshape the automotive industry in 2024?

Energy storage used to be the cute companion nipping at the heels of solar and wind. Now it’s increasingly a main attraction, reshaping both the power grid and the automotive industry, and 2024 was easily the sector’s biggest year yet.

What will energy storage be like in 2024?

In 2024, the global energy storage is set to add more than 100 gigawatt-hours of capacity for the first time. The uptick will be largely driven by the growth in China, which will once again be the largest energy storage market globally.

Is energy storage boosting reliability and lowering costs?

“As we have electric grids dealing with historic growth in demand for energy along with weather-related stressors — historic summer heat, volatile winter storms — energy storage is really delivering at boosting reliability while simultaneously lowering costs,” said Noah Roberts, vice president of energy storage at ACP.

Which state has the fastest growing grid storage market?

California, still leading in total installed capacity, passed the symbolic milestone of 10 gigawatts, but Texas stole the show by becoming the fastest-growing, most dynamic market for grid storage. In both places, when extreme weather events hit, batteries were able to shore up the grid and lower energy costs for customers.

How many gigawatts will energy storage add in 2024?

Last year’s record global additions of 45 gigawatts (97 gigawatt-hours) will be followed by continued robust growth. In 2024, the global energy storage is set to add more than 100 gigawatt-hours of capacity for the first time.