Market Size of Europe Battery Energy Storage System Industry
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2019 - 2022
*Disclaimer: Major Players sorted in no particular order
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Europe Battery Energy Storage System Market Analysis
The Europe Battery Energy Storage System Market size is expected to grow from USD 11.10 billion in 2023 to USD 12.05 billion by 2028, at a CAGR of 1.67% during the forecast period (2023-2028).
- Factors such as increasing demand for uninterrupted power supply during the peak hours of the day when battery energy storage systems serve as a backup is likely going to drive the European battery energy storage system market.
- On the other hand, the mismatch in the demand and supply of the raw materials used for battery manufacturing is expected to restrain the market during the forecast period.
- New generation batteries, such as lithium-sulfur and solid-state, due to technological improvements such as an increase in efficiency and production scale-up, are expected to take over the market by 2030 or 2035. These advancements in batteries are expected to create several opportunities for the European battery energy storage market in the future.