BOULDER, Colo.--(BUSINESS WIRE)--A new report from Guidehouse Insights examines the large and promising US state markets for utility-scale energy storage, providing an overview of market drivers, policies, and new projects in each of the 10 leading states.
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. Despite the rapid growth, however, the development of new utility-scale energy storage systems (ESSs) remains highly concentrated in a few states. Click to tweet: According to a new report from @WeAreGHInsights, California, New York, and Texas lead the top 10 US utility-scale energy storage markets.
“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,” says Alex Eller, senior research analyst with Guidehouse Insights. “While several states have seen a blossoming storage industry, many others have little to no utility-scale energy storage currently operating, however, this reality is expected to change quickly as the falling costs of batteries and other technologies allow utility-scale energy storage projects to compete directly with conventional fossil fuel systems.”
According to the report, while new states are emerging as strong markets, 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 expected to be critical for success in the energy storage industry.
The report, Leading US States for Utility-Scale Energy Storage, 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. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Leading US States for Utility-Scale Energy Storage, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.