Gaining popularity of solar plus storage systems in the residential sector along with integration of renewable energy sources in grid are the key factors that would drive the energy storage systems (ESS) market in Europe. However, lack of common regulatory policies across Europe is a major hurdle for the market as it is creating uncertainties among companies and investors.
According to 6Wresearch, Europe ESS market is projected to grow at a CAGR of 14.5 per cent by 2023. Energy storage market is expected to witness robust growth in the forecast period on account of growing wind energy farm installations, government subsidy and declining cost of lithium based energy storage batteries. As the market is still in its early stage and with further development in technology and public awareness the market would register robust growth over the coming years.
According to Ravi Bhandari, Assistant Manager, Research and Consulting, 6Wresearch, “Currently, utilities segment has captured majority of the market in Europe as installations of energy storage systems at large solar or wind farms require high capital investments and the payback period of such large systems is also high. With ambitious plans to introduce millions of electric and hybrid electric vehicles in Europe, the energy storage systems market is likely to grow with a double digit growth rate during 2017-23.”
“Germany and the United Kingdom are the two biggest markets in Europe for ESS due to increasing tenders for energy storage and rise in electric vehicle usage,” he further added.
According to Akash Jain, Research Associate, Research and Consulting, 6Wresearch, “At present, lead acid batteries dominate the market. However, their market share is likely to decline dramatically and lithium-ion batteries would take the lead by 2020 as lithium-ion batteries have several advantages over lead acid batteries such as high recycling capacity, higher efficiency and low cost. Due to increasing installations of Concentrated Solar Plant (CSP) in countries such as Spain, thermal energy storage would also witness growth in the forecast period.”
He concluded, “The residential and commercial and industrial are other application areas that would register growth in the forecast period due to subsidies offered by government for installing storage systems and increasing electricity prices.”
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