Europe Energy Storage Market Size

Statistics for the 2023 & 2024 Europe Energy Storage market size, created by Mordor Intelligence™ Industry Reports. Europe Energy Storage size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Europe Energy Storage Industry

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Europe Energy Storage Market Summary
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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

Europe Energy Storage Market 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.

Europe Energy Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)