Market Size of Europe Energy Storage Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | > 18.00 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Europe Energy Storage Market Analysis
The Europe energy storage market is expected to grow at a CAGR of 18 % during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- Over the long term, factors like increasing demand for uninterrupted power supply and decreasing price of lithium-ion batteries are expected to drive the market.
- On the other hand, a mismatch in the supply and demand of raw materials is a significant restraint hindering the market's growth.
- Nevertheless, the increasing technological advancements in various technologies like compressed air energy storage (CAES), which has higher efficiency than present-day technologies, are expected to create enormous opportunities for the Europe Energy Storage Market.
- Germany is expected to dominate the market during the forecast period, owing to the increasing energy demand from residential, industrial, and commercial sectors and supportive government policies.