New York, January, 2023: Axiom Market Research & Consulting™ added a report on the Europe stationary battery storage market which includes studies on delivery models, service providers across various countries of key regions across the globe. The Europe stationary battery storage market is projected to grow at a CAGR of 26.64% for the forecast period 2023 to 2029. The Europe stationary battery storage market is estimated and forecasted in terms of revenue (USD Million) generated by the market.
The European stationary battery storage market is expected to grow due to key factors such as rising demand for electric vehicles across the Europe region, and a growing need for the uninterrupted power supply. Furthermore, favourable government policies to encourage sustainable energy solutions along with various energy storage projects in the European region are expected to drive the growth of the market. Additionally, product launches, collaboration, and contracts are anticipated to provide an ample opportunity for the market players during the forecast period.
The report analyses the European stationary battery storage on the basis of battery type, application, end-user, and geography. The Europe stationary battery storage market includes types like lithium-ion, sodium sulphur, lead acid, flow battery and others. The Europe stationary battery storage market finds major applications in grid services, behind the meter and off grid services. The Europe Stationary Battery Storage market include end-users like utility, commercial and industrial and residential.
The lithium ion segment is anticipated to dominate the market over the estimated time period. The implementation of strategic initiatives by public and private sector in the production of lithium-ion batteries is expected to drive the growth of the segment. For instance, the European Battery Partnership Association and the European Commission have established a public-private partnership to promote research into advanced battery technologies in Europe, which is expected to drive market growth in this region during the forecast period.
The grid services segment is estimated to lead the market during the forecast period. Grid services include frequency regulation, flexible ramping, black start services, energy shifting and capacity deferral, T&D congestion relief, capacity firming, reduced RE curtailment and reduced reliance on diesel gensets. The growing need for reliable power supply for efficient grid management is expected to drive the demand for stationary battery storage. Also, the cost-effectiveness offered by these systems is expected to further stimulate the growth of the segment. Furthermore, key initiatives by government as well as private organizations to improve electrical grid flexibility and stability is expected to stimulate the demand for stationary battery storage systems over the estimated time period.
Utility scale energy storage enable is used as a major store of renewable energy into the grid. The lithium batteries are mostly used in the grid. The growth of segment is mainly attributed to the growing need for the renewable energy across the developing countries, and major players are focusing on the cost reduction. In addition, the favourable government regulation to reduce the carbon emissions are expected to boost the demand for the batteries in utility energy storage.
The growth of the market in Germany can be attributed to the growing demand for the home storage systems. According to the Institute for Power Electronics and Electrical Drives (ISEA), the market for home storage systems (HSS) grew by 50% in terms of battery energy in 2021 compared to 2020, and is by far the largest stationary storage market in Germany. According to the same source, in Germany, around 145,000 home storage system (1.27 GWh / 0.73 GW) were installed solely in 2021. Therefore, due to growing demand for the home storage systems, Germany is expected to dominate the market over the forecast period
The key players in the Europe stationary battery storage market are, SCHMID Group, LG Chem Ltd., Tesla, Panasonic Corporation, Lockheed Martin Corporation, Johnson Controls, HydraRedox, Siemens, CMBlu Energy AG, TOSHIBA CORPORATION, Invinity Energy Systems, Exide Technologies, Durapower Group, SCHMID Group, Duracell, BYD, and Furukawa Battery Co., Ltd.
Browse for More Details: https://www.axiommrc.com/product/11543-europe-stationary-battery-storage-market-report
3 Germay Dr. Ste 4 - 4666
Wilmington DE 19804
U.S.: - + 1 (845) 875-9786
U.K.: - + 44 (0) 20 3286 9707