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In the context of carbon neutrality, the United States strongly supports the development of the energy storage industry, and ICT policy incentives have achieved significant results; The marketization mechanism of energy storage is mature and the economy is rapidly improving; The market space has been expanded year by year, with a forecast of over 52GWh in 2025

2050 carbon neutral target established to accelerate the development of renewable energy

The United States has set the goal of achieving carbon free power generation by 2035 and carbon neutral power generation by 2050. As a leading economy, the United States is a major carbon emitter. Reducing carbon emissions and accelerating energy transformation are imperative. Biden announced at the Leaders' Climate Summit that the United States will reduce greenhouse gas emissions by 50% by 2030 compared to 2005, achieve carbon free power generation through the transition to renewable energy by 2035, and achieve the carbon neutral goal by 2050; And calls on all countries to take resolute action to strive to control the increase in global average temperature compared to pre industrial levels within 1.5 degrees Celsius. State governments have also successively proposed 100% renewable energy plans, requiring that 100% clean energy power generation be gradually achieved between 2030 and 2050.

Electrochemical Energy Storage Becomes a New Engine for the Rise of the US Energy Storage Market

The installed capacity of energy storage in the United States has increased rapidly, with California being the largest energy storage market in the United States. According to BNEF statistics, the new scale of the global energy storage market will reach 5.3GW/10.7GWh in 2020. According to statistics by WoodMackenzie and ESA, the new installed capacity of energy storage in the United States in 2020 reached 1.46GW/3.48GWh, of which 1.1GW/2.6GWh of electrochemical energy storage was newly added, which was an important driving force for the increase, with a year-on-year increase of 207%. From the perspective of new installed capacity, electrochemical energy storage is gradually becoming the main force of development, accounting for more than 90% of the current new energy storage market, with lithium battery energy storage being the main energy storage, accounting for more than 90% of electrochemical energy storage.

Policy support and market-oriented maturity accelerate the development of the US energy storage industry

The federal government has issued policies to create conditions for the development of energy storage. The ITC policy has been extended to hybrid projects of new energy and energy storage, which can offset up to 30% of the initial investment, promoting the allocation of energy storage in new energy power plants. In 2018, FERC announced Act No. 841, requiring system operators to remove barriers to energy storage participating in capacity, energy, and ancillary services markets, so that energy storage can participate in electricity market in a competitive manner. On other hand, United States has a relatively complete market mechanism, creating good conditions for energy storage to participate in market competition and obtain economic benefits.

The US energy storage application scenarios include pre table and post table, with an estimated market space of over 52GWh in 2025

Important applications in the pre table market include peak shaving, frequency modulation, rotating standby, standby power supply, renewable energy power generation with excess storage, smoothing renewable energy output, and load management. We predict that the market space before the table is expected to reach 25.3GWh in 2025, including 19.3GWh of configured energy storage capacity for new energy power generation, 0.7GWh of frequency modulation capacity, and 5.3GWh of peak shaving capacity.

The aftermarket corresponds to the energy storage capacity installed in household and industrial and commercial applications. We predict that the market space behind the table is expected to reach 27.5 GWh in 2025, including 11.2 GWh of household energy storage and 16.3 GWh of industrial and commercial energy storage.

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