Critical Minerals and Energy Intelligence

Q1 News Highlights for the Energy Storage Market

Some highlights from around the world in the energy storage market for this past quarter.

Global Energy Storage Market Nearly Tripled: The global energy storage market saw its largest year-on-year gain on record in 2023, nearly tripling in size.

U.S. Energy Storage Deployments Surge: The U.S. energy storage industry experienced an 84% increase in deployments in Q1 2024 compared to the same period in 2023, with 1,265 MW/3,152 MWh of additions across all market segments.

Residential Energy Storage Sets New Record: The residential segment in the U.S. set a record for quarterly installations at 250 MW in Q1 2024, an 8% increase over the previous record set in Q4 2023.

Corporate Funding in Energy Storage Rises: Corporate funding in the energy storage sector rose by 432% in Q1 2023, driven by significant investments in battery manufacturers and the growing need for long-duration storage technologies

Battery Costs Decline Significantly: The cost of battery storage for energy is expected to decline by up to 40% by 2030, facilitating a faster transition to renewable energy sources.

G7 Targets Sixfold Expansion of Electricity Storage: G7 countries plan to set a global target to enhance electricity storage capacity six times by 2030 to support the transition to renewable energy sources like wind and solar power

Tesla Expands Megapack Production: Tesla announced a new “Megafactory” in Shanghai to manufacture Megapacks, aiming to produce about 10,000 packs per year. The factory started low-rate initial production in late 2024

Investment in Battery Energy Storage Hits Record High: Global investment in battery energy storage is expected to exceed USD 35 billion in 2023, based on the existing pipeline of projects and new capacity targets set by governments

Energy Storage Market Outlook Updated: Wood Mackenzie’s Q1 2023 market outlook update provides critical annual deployment data and supporting information on global stationary energy storage deployments from 2022 out to 2032

U.S. Energy Storage Market Sets Q1 Capacity Installation Record: The U.S. energy storage market set a first-quarter record for capacity installed in Q1 2024, with 1,265 MW deployed across all segments, marking the highest storage capacity ever installed in a first quarter in the United States.

Anthony Milewski

Chairman, Nickel 28 Capital

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