U.S. grid-connected energy storage capacity this year is set for a twofold increase to 712 MW from 376 MW last year. What’s more, between 2019 and 2024, storage capacity will soar to almost 5 GW, of which 90 percent will be battery storage, IHS Markit said in a new report.

This will make the United States the country with the most energy storage capacity connected to the grid, ahead of the current global leader in this area, South Korea.

According to the market research company, there are several factors that will drive this development, and these include the falling costs of battery storage components and the solar investment tax credit introduced in 2006.

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