Report : Europe Batteries for Solar Energy Storage Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Battery Type (Lead acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, and Industrial), and Connectivity (Off-Grid and On-Grid)
At 20.0% CAGR, the Europe Batteries for Solar Energy Storage Market is speculated to be worth US$ 1,737.31 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe batteries for solar energy storage market was valued at US$ 583.18 million in 2022 and is expected to reach US$ 1,737.31 million by 2028, registering an annual growth rate of 20.0% from 2022 to 2028. Surging awareness about renewable energy and supportive government incentives and regulatory policies and reducing prices of lithium-ion batteries.
Renewable energy sources play a crucial role in securing sustainable energy with lower emissions. The growing awareness for saving energy has been promoted among citizens to increase the use of solar, wind, biomass, waste, and hydropower energies. It is evident that clean energy is less harmful and often cheaper. Solar energy storage systems are devices that reserve energy for later consumption after sundown or during energy demand peaks. Hence, developed and developing economies are strongly promoting and adopting solar energy as an alternative to conventional energy sources. The growing awareness about renewable energy sources among consumers is reflected in the increase in demand for solar energy. As per the data published by International Renewable Energy Agency (IRENA), the increase in installed capacity of solar energy by PV modules every year is anticipated to further increase in coming years, which is augmenting the demand for storage solutions. The rise in demand for solar energy is driven by an increase in environmental pollution and the provision of government incentives & tax rebates to install solar panels. Supportive government policies and regulations for installing solar panels are driving the market. Thus, supportive regulations, policies, and incentive schemes are propelling solar energy usage, further aiding the demand for battery storage solutions.
On the contrary, raising initial investment in battery manufacturing.
- Based on battery type, the Europe batteries for solar energy storage market is segmented into lead acid, lithium-ion, nickel cadmium, and others. The lithium-ion segment held 91.8% market share in 2022, amassing US$ 535.44 million. It is projected to garner US$ 1,593.29 million by 2028 to expand at 19.9% CAGR during 2022–2028.
- Based on application, the Europe batteries for solar energy storage market is segmented into residential, commercial, and industrial. The industrial segment held 47.0% market share in 2022, amassing US$ 274.07 million. It is projected to garner US$ 781.88 million by 2028 to expand at 19.1% CAGR during 2022–2028.
- Based on connectivity, the Europe batteries for solar energy storage market is segmented into on-grid and off-grid. The off-grid segment held 73.9% market share in 2022, amassing US$ 431.11 million. It is projected to garner US$ 1,272.18 million by 2028 to expand at 19.7% CAGR during 2022–2028
- Based on country, the Europe batteries for solar energy storage market has been segmented into France, Germany, the UK, Italy, Russia, and Rest of Europe. Our regional analysis states that Germany captured 25.0% market share in 2022. It was assessed at US$ 146.00 million in 2022 and is likely to hit US$ 429.48 million by 2028, exhibiting a CAGR of 19.7% during the forecast period.
Key players dominating the Europe batteries for solar energy storage market are EnerSys; LECLANCHE; LG Electronics; Samsung SDI Co., Ltd.; Kokam; E3/DC GmbH; Alpha ESS Co., Ltd. among others.
- In 2022, Sonnen has completed the acquisition of WEBATT ENERGIA S.L., PV and energy solution company, Spain.
- In 2021, Leclanche has successfully developed Lithium-ion battery modules for e-transport applications such as marine, railway and commercial vehicle. The company has also announced the opening of new production line in Europe for high production volumes.
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