Lithium-ion batteries are highly efficient and flexible, making them well-suited for use in battery energy storage systems. They can store energy from solar panels during sunlight and discharge it when demand is high, providing reliable backup power for homes and businesses. Since these batteries are used for residential and commercial purposes, it is becoming affordable. The cost of lithium-ion batteries has been declining steadily in recent years, making them more cost-effective for homeowners and businesses to install. This has helped to increase the adoption of battery energy storage systems, particularly when paired with solar energy systems. Systems for storing energy using lithium-ion batteries can be scaled up or down to meet the requirements of various applications. This qualifies them for usage in utility-scale projects and in residential and commercial contexts.
The rise in capacity resulted from numerous governmental initiatives, including auctions, feed-in tariffs, net metering, and contracts for difference. From 2021 to 2022, governments of various countries made significant policies and target adjustments that affected solar PV growth. For instance, The European Commission suggested raising the 2030 renewable energy target for the union from 32% to 40% in July 2021. The REPowerEU Plan boosted the intended aim even higher, raising it to 45% in May 2022 (which would require 1 236 GW of installed renewable power, including 600 GW of solar PV). Solar PV was one of the primary technologies used to achieve these goals. Thus, growing development of solar plants in developed countries is driving the lithium-ion battery energy storage market growth.
Various companies and governments of several countries in Europe are focusing on expanding their renewable energy installation. In January 2023, Iberdrola announced that it had secured environmental approvals to build the largest solar photovoltaic (PV) plant in Europe, which will be the fifth-largest PV plant worldwide. This new 1,200-MW Fernando Pessoa solar project is in Portugal. In 2022, the company inaugurated the Tâmega pumped hydroelectric storage complex, for which an investment of ~US$ 1.63 billion (EUR 1.5 billion) was made. It is one of the largest hydroelectric storage complexes in Europe. Further, the company announced its plan to invest an additional US$ 3.26 billion (EUR 3 billion) in wind and solar energy in Portugal. Thus, the rise in new installations of wind and solar power plant in the region will further fuel the market growth.
Europe Lithium-Ion Battery Energy Storage Market Segmentation
The Europe lithium-ion battery energy storage market is segmented into capacity, connection type, end-use, and country.
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 the largest share of the Europe lithium-ion battery energy storage market in 2023.
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 a larger share of the Europe lithium-ion battery energy storage market in 2023.
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 the largest share of the Europe lithium-ion battery energy storage market in 2023.
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. Germany dominated the share of the Europe lithium-ion battery energy storage market in 2023.
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 are the leading companies operating in the Europe lithium-ion battery energy storage market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2,739.99 Million |
| Market Size by 2028 | US$ 5,533.34 Million |
| CAGR (2023 - 2028) | 15.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2028 |
| Segments Covered |
By Capacity
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Lithium-Ion Battery Energy Storage Market is valued at US$ 2,739.99 Million in 2023, it is projected to reach US$ 5,533.34 Million by 2028.
As per our report Europe Lithium-Ion Battery Energy Storage Market, the market size is valued at US$ 2,739.99 Million in 2023, projecting it to reach US$ 5,533.34 Million by 2028. This translates to a CAGR of approximately 15.1% during the forecast period.
The Europe Lithium-Ion Battery Energy Storage Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Lithium-Ion Battery Energy Storage Market report:
The Europe Lithium-Ion Battery Energy Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Lithium-Ion Battery Energy Storage Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Lithium-Ion Battery Energy Storage Market value chain can benefit from the information contained in a comprehensive market report.
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