NEW YORK, March 9, 2024 /PRNewswire/ — The global energy storage systems market in Europe size is estimated to grow by USD 14.78 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 17.87% during the forecast period. Europe held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 100%. For more insights on the historic (2018 – 2022) and forecast market size (2024-2028) – Request a sample report
Key Company
Energy Storage Systems Market in Europe is fragmented ; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Energy Storage Systems Market in Europe report includes information on the product launches, sustainability, and prospects of leading vendors including BYD Co. Ltd. ,CMBlu Energy AG, Contemporary Amperex Technology Co. Ltd., Deutsche Telekom AG, EnBW Energie Baden Wurttemberg AG, Enel Spa, GS Yuasa International Ltd., Iberdrola SA, Impala, Innovo Renewables S.p.a., Invinity Energy Systems plc , LG Electronics Inc., Panasonic Holdings Corp. , RWE AG , Samsung Electronics Co. Ltd., Siemens AG , SSE Plc, Toshiba Corp., TotalEnergies SE , Wartsila Corp.
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Market Sizing
The European Energy Storage Systems market plays a pivotal role in ensuring backup power supply and grid stability during power shortages, blackouts, and peak-hour demand. Renewable energy generation, such as solar and wind, necessitates energy storage systems for efficient power utilization. The European Union countries are increasingly deploying renewable energy sources, reducing Russian natural gas imports. Market leaders like Saft and Neoen offer target products/services, contributing significantly to the market’s value. Interviews with industry experts reveal a focus on improving power utilization efficiency rates and revenue tracking to optimize energy storage systems’ performance.
Market Segmentation by Application
Through secondary research and paid databases, the European Energy Storage Systems Market growth is identified in the residential segment. This segment primarily uses low-capacity and medium-capacity battery energy storage systems due to frequent power outages caused by natural calamities and aging electricity infrastructure. According to telephonic interviews, market volume and average selling prices are crucial factors in market forecasting. Data triangulation and validation are employed to ensure accuracy. The market is segmented into sub-segments such as countries and regional levels, with some European countries like Georgia, Albania, and Belarus experiencing high power outages, lasting over 100 hours in certain cases. Pricing details and market forecasting are essential to understand the growth dynamics at global levels.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
