- What factors are driving the utility-scale energy storage market in the US?
- Which states will see the most utility-scale energy storage capacity built in the next 10 years?
- What are the most notable new energy storage projects in the US?
- Which states should project developers and vendors target for new projects?
- How has the COVID-19 pandemic affected the growth of energy storage in the US?
2Q 2020
Leading US States for Utility-Scale Energy Storage
The US utility-scale energy storage market has been the world’s largest and fastest growing since 2015 and is projected to maintain that position through 2023. In the US, utility-scale energy storage has quickly transformed from an expensive and poorly understood niche technology to a major source of new investment with thousands of megawatts of new projects being developed.
However, the US market is highly fragmented with only a few US states accounting for most activity. New states are emerging as strong markets, but each state has varying market structures, regulations, economic applications for projects, and other considerations. Understanding the differences between states in terms of their market structures, utility processes, competitive landscape, and supportive policies is critical for success in the energy storage industry.
This Guidehouse Insights report is intended to highlight large and promising state markets, and explore the landscape of market drivers, policies, and new projects in each of the 10 leading states. Forecasts for new utility-scale energy storage deployments are provided for the top 10 US states and the country’s market in its entirety. This report also provides an update to US market forecasts considering recent changes, including the impact of the COVID-19 pandemic.
Pages
20
Tables | Charts | Figures
3
Key Questions Addressed
Who Needs This Report
- Energy Storage System Integrators
- Energy Storage Project Developers
- Wind Project Developers
- Solar Project Developers
- Independent Power Producers
- Utilities
- Engineering, procurement, and construction (EPC) firms
- Governments and energy regulatory agencies
- Investor community
Table Of Contents
Spark
Context
Recommendations
The US Utility-Scale Energy Storage Market Is Rapidly Growing
The US Utility-Scale Energy Storage Market Is Hitting Its Stride
State Procurement Targets Are the First Growth Step in Many Markets
Utility Procurements Are the Foundation of Many Business Models
Wholesale Market Opportunities Provide New Project Revenue Streams
California, New York, and Texas Lead Top 10 US Markets
Arizona Takes Advantage of Solar Resources
California Energy Storage Market Remains on Top
Florida Pursues Ambitious Solar Energy Goals
Hawaii’s Aggressive Renewal Generation Adoption Creates an Energy Storage Need
Massachusetts Has Strong Pipeline of New Projects and Favorable Project Economics
Nevada Adopts Solar Plus Storage to Expand Nascent Market
New Jersey Sustainability Plans Create Opportunity for Market Growth
New York Policies and Incentives Help Grow the Market
Texas Has a Complex Energy Storage Market
Virginia Makes the List Through Pumped Hydro Projects
Developments Are Required for Other States to Catch Up
Watch for Rapid Growth in New Mexico, Colorado, and Oregon
Expect Energy Storage to Become Competitive with Other Resources
Monitor Pending Regulatory Reforms That Will Unlock Regional Growth
Remain Flexible Facing Coronavirus Outbreak Challenges and Opportunities
List of Charts and Figures
- Annual Installed Utility-Scale Energy Storage Capacity by State, US: 2020-2029
List of Tables
- State Energy Storage Procurement Targets
- US Utility IRP Energy Storage Plans: 2018-1Q 2020
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