Market Size of Germany Energy Storage Systems Industry
|2021 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2021 - 2022
|> 10.00 %
*Disclaimer: Major Players sorted in no particular order
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Germany Energy Storage Market Analysis
The energy storage market in Germany is expected to witness a CAGR of more than 10% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and delays in projects. However, the market rebounded in 2021.
- Over the medium term, factors such as the increasing share of renewables in the electricity generation mix, a decline in the cost of storage batteries and solar photovoltaic panels, supportive government policies like low-interest rates on loans, and investment grants on battery systems are driving the German energy storage market.
- On the other hand, the problem of creating adequate and intelligent power grids across the country to harness and store the growing renewable energy remains a challenge, which may hinder the growth of the market.
- However, Germany is planning to install 30 GW offshore wind energy turbines by 2030, 40 GW by 2035, and 70 GW by 2045, which may require large-scale energy storage systems, thus creating a vast opportunity for companies in the coming years.