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Europe Stationary Battery Storage Market Trends

Report ID: GMI7053
Published Date: Oct 2023
Report Format: PDF

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Europe Stationary Battery Storage Market Trends

Over the past decade, advocates for clean energy have engaged in debates about the necessity of suitable battery energy storage technology to support grid operations with renewable power. Significant investments by private and public entities in the development of the industrial sector and renewable energy generation capacity have created a strong incentive to continue supporting various battery technologies through ongoing improvements, rather than adopting an entirely different chemistry. Additionally, the cost reductions achieved in batteries designed for transportation purposes will have a spill-over effect on power sector applications, leading to a decrease in the cost of utility-scale battery packs.

The rapid uptake of renewable energy technologies, such as solar and wind, has presented a significant business opportunity for battery manufacturers. Ongoing government initiatives aimed at reducing carbon emissions have considerably increased funding for the deployment of these technologies.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market valuation of stationary battery storage in Europe was worth USD 24.3 billion in 2022 and is projected to expand at 19.7% CAGR from 2023 to 2032, driven by the continual reforms aimed at improving energy efficiency and the increasing focus on energy security.

Europe stationary battery storage market from the lead acid segment generated more than USD 950 million in 2022 and is poised to showcase at notable CAGR from 2023 to 2032, due to the maturation of its technological aspects and the emergence of alternative storage technologies.

Germany accounted for more than 28.1% revenue share of the stationary battery storage industry in 2022 in and is expected to witness steady growth through 2032, owing to the ongoing transition towards renewable energy sources.

Some major stationary battery storage companies in Europe are Tesla, Durapower Group, Johnson Controls, Exide Technologies, Duracell, Inc., Toshiba Corporation Samsung SDI Co., Ltd., Panasonic Corporation, LG Energy Solutions, Siemens Energy, and many others.