Europe Energy Storage Market Report | Industry
The Europe Energy Storage Systems Market is growing at a CAGR of greater than 18% over the next 5 years. BYD Co. Ltd, Samsung
Europe currently has 913 energy storage facilities in operation, with a combined capacity of 67 GW. The predominant technology is mechanical storage (54.6 GW) with pumped storage hydropower plants. However, electrochemical storage, including lithium-ion and flow batteries, is catching up, at 11 GW.
Your country-by-country guide to the key players driving innovation in Europe's five fastest growing energy storage markets The UK is forecast to be the European country that will add the most energy storage capacity by 2031. But which will be the fastest growing energy storage markets in the European Union?
However, despite an exponential growth in Europe's battery energy storage capacity, which reached 36 gigawatt-hours in 2023, pumped hydro still accounted for 90 percent of the electricity storage capacity in the European Union that year.
In a larger context, Europe will need a total of 187 GW of energy storage capacity by 2030, including 122 GW of battery storage capacity. These ambitious goals underline the central importance of energy storage for the European energy transition and illustrate the enormous economic potential of this sector in the coming years.
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