
Published On: Oct 2022
Published On: Oct 2022
At 20.0% CAGR, the Europe Batteries for Solar Energy Storage Market is projected 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.
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.
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