Analysis of trends in the European energy storage market 2024
By the end of 2023, the cumulative installed capacity of battery energy storage system design in Europe will reach 35.9GWh, with Germany and Italy contributing more than 50% of the market
By the end of 2023, the cumulative installed capacity of battery energy storage system design in Europe will reach 35.9GWh, with Germany and Italy contributing more than 50% of the market share.
Countries like Germany, the Netherlands, and Portugal have either increased their renewable energy ambitions or moved their initial targets earlier. This will increase the demand for battery energy storage systems during the forecasted period.
Chinese energy storage equipment manufacturers are rapidly expanding their business from residential energy storage to large-scale storage, and the development rate is faster than expected. The combination of battery storage and green energy is becoming an important means to improve energy security, economy and sustainability in Europe.
Industrial and commercial energy storage is expected to grow steadily during this period, increasing its share to 25%. This trend shows that although the growth rate of household energy storage has slowed, the growth of large-scale energy storage will make up for this shortfall and promote the continued expansion of the market.
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