Report : Europe Lithium-Ion Battery Energy Storage Market Forecast to 2028– COVID-19 Impact and Regional Analysis– by Capacity (0-10 kW, 10-20 kW, 20-50 kW, and Above 50 kW), Connection Type (On-Grid and Off-Grid), and End-use (Residential, Commercial and Industrial, and Utility)
At 15.1% CAGR, the Europe Lithium-Ion Battery Energy Storage Market is speculated to be worth US$ 5,533.34 million by 2028, says Business Market Insights
According to Business Market Insights research, the Europe lithium-ion battery energy storage market was valued at US$ 2,739.99 million in 2023 and is expected to reach US$ 5,533.34 million by 2028, registering a CAGR of 15.1% from 2023 to 2028. Rising number of wind farms and growing establishment of solar plants are the critical factors attributed to the Europe lithium-ion battery energy storage market expansion.
Wind farms continue to improve the safety and performance of energy storage systems in terms of environmental impact by enhancing their quality, quantity, and reliability. Battery storage solutions are becoming more popular due to widespread support for renewable energy and carbon reduction. Batteries can be crucial in balancing the erratic nature of renewable energy sources, significantly boosting electricity consumers' demand for clean energy. Several manufacturers are focusing on establishing wind farms across the region. Vestas, a Danish firm, announced its plan to launch an onshore wind turbine tower with a hub height measuring 199 meters. The tower has been designed to be used by Vestas' V172-7.2MW turbine. In April 2022, Adani announced its plan to launch India's biggest wind turbine with technology from W2E Wind to Energy GmbH of Germany. Onshore wind technology continues to dominate the growth of wind capacity. Still, offshore wind technology is expected to grow in the coming years; 93% of 830 GW of installed wind power in 2021 was generated from onshore systems, with the remaining 7% from offshore wind farms. In contrast to offshore wind, which is still in the early stages of development and only has capacity in 19 nations, onshore wind is a mature technology used in 115 countries across the globe. However, with other nations preparing to build their first offshore wind farm, the offshore reach is anticipated to grow over the next few years. Thus, the growing number of onshore and offshore wind farms are increasing the demand for battery energy storage, which is further driving the growth of lithium-ion battery energy storage.
On the contrary, availability of alternative technology hampers the Europe Lithium-Ion Battery Energy Storage Market.
Based on capacity, the Europe lithium-ion battery energy storage market is segmented into 0-10 kW, 10-20 kW, 20-50 kW, and Above 50 kW. The 10-20 kW segment held 30.7% share of Europe Lithium-Ion Battery Energy Storage Market in 2023, amassing US$ 842.36 million. It is projected to garner US$ 1,659.64 million by 2028 to expand at 14.5% CAGR during 2023–2028.
Based on connection type, the Europe lithium-ion battery energy storage market is segmented into on-grid and off-grid. The on-grid segment held 67.5% share of Europe Lithium-Ion Battery Energy Storage Market in 2023, amassing US$ 1,849.93 million. It is projected to garner US$ 3,895.66 million by 2028 to expand at 16.1% CAGR during 2023–2028.
Based on end use, the Europe lithium-ion battery energy storage market is segmented into residential, commercial and industrial, and utility. The utility segment held 44.9% share of Europe Lithium-Ion Battery Energy Storage Market in 2023, amassing US$ 1,228.89 million. It is projected to garner US$ 2,550.65 million by 2028 to expand at 15.7% CAGR during 2023–2028.
Based on country, the Europe lithium-ion battery energy storage market is segmented into Germany, France, Italy, Spain, the UK, and the Rest of Europe. Our regional analysis states that the Germany captured 29.4% share of Europe Lithium-Ion Battery Energy Storage Market in 2023. It was assessed at US$ 805.97 million in 2023 and is likely to hit US$ 1,588.07 million by 2028, exhibiting a CAGR of 14.5% during the forecast period.
Key players dominating the Europe lithium-ion battery energy storage market are ABB Ltd; Blue Solutions SAS; BYD Co Ltd; Contemporary Amperex Technology Co Ltd; Exide Industries Ltd; General Electric Co; Hitachi Energy Ltd; LG Chem Ltd; Mitsubishi Heavy Industries Ltd; Panasonic Holdings Corp; PowerTech Systems SAS; Samsung SDI Co Ltd; Siemens Energy AG; and Toshiba Corp, among others.
- In 2020, Blue Solutions has contracted with Réseau de Transport d'Electricité (RTE), the French electricity transport network operator, to supply more than 30 MWh of Lithium Metal Polymer (LMP) batteries. The RINGO project will utilize all-solid batteries to manage local network congestion. Blue Solutions aims to improve energy storage by providing this innovative technology and contribute to France's more reliable and sustainable electricity system.
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