21 solar container battery field forecast

What is the European market outlook for battery storage 2024-2028?

Welcome to the European Market Outlook for Battery Storage 2024-2028. Solar and its renewable peers have proven their pivotal role for the well-being of Europe in recent years, as they have backed the continent’s energy security, helping to manoeuvre through an unprecedented energy crisis.

How many batteries are used in the energy sector in 2023?

The total volume of batteries used in the energy sector was over 2 400 gigawatt-hours (GWh) in 2023, a fourfold increase from 2020. In the past five years, over 2 000 GWh of lithium-ion battery capacity has been added worldwide, powering 40 million electric vehicles and thousands of battery storage projects.

Will utility-scale battery storage take the lead this year?

Fortunately, strong growth in utility-scale BESS, now accounting for 40% of the market, has offset the residential downturn, marking a pivotal moment for battery storage applications. This year, we expect utility-scale storage to take the lead – a trend we anticipate will continue.

How many solar & storage systems have been installed in 2023?

than 1.1 million solar & storage systems are now operating at the residential level, and nearly half of them were installed in 2023. This outstanding expansion of the market in 2023 has been largely driven by households to capitalise on the benefits of energy autonomy, the wide product availability, and the decline of battery prices.

What are the key market trends for battery storage?

It covers key market trends, with a particular focus on the shift toward utility-scale storage, the continuing growth of residential and commercial installations, and the evolving role of battery storage in supporting Europe's clean energy goals.

Why is the European stationary battery market growing so fast?

There are other caveats: the growth of the European stationary battery market was strongly relying on the residential storage segment, 70% in 2023, triggered by the high energy prices during the energy crisis, and driven by a handful countries, with most of them offering attractive storage incentives.