New u s energy outlook for transportation energy storage professionals

Will energy storage grow in 2024?

Allison leads our global research into energy storage. Another record-breaking year is expected for energy storage in the United States (US), with Wood Mackenzie forecasting 45% growth in 2024 after 100% growth from 2022 to 2023.

Will solar power increase electricity consumption in 2024?

After almost two decades of relatively little change, electricity consumption grew by 2% in 2024, and we forecast it will continue growing by 2% in both 2025 and 2026, mostly as a result of demand from new semiconductor and battery manufacturing factories and from data centers. Solar power will supply most of the increase in electricity consumption

Will solar power supply most of the increase in electricity consumption?

Solar power will supply most of the increase in electricity consumption Note: Battery storage net generation is close to zero, reflecting the net effect of charging and discharging. Solar power supplies most of the increase in generation in our forecast.

Why are annual storage installations growing faster than wind and solar?

Annual storage installations are growing faster than wind and solar as the sector races to keep up with the growing need to balance renewables and support grid resiliency. The storage market is also supported by falling module costs and IRA tax incentives.

Will solar power grow in 2025 & 2026?

We expect the electric power sector to add 26 gigawatts (GW) of new solar capacity in 2025 and 22 GW in 2026. We expect these capacity additions will increase U.S. solar generation by 34% in 2025 and by 17% in 2026. Global oil consumption growth remains below its pre-pandemic average

Will crude oil production increase in 2026?

U.S. crude oil production growth begins to level off in 2026 After reaching an annual record of 13.2 million b/d in 2024, U.S. crude oil production is forecast to average 13.5 million b/d this year. We expect crude oil production to be largely unchanged in 2026 as drilling and completion activity slows.