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By the end of 2023, Europe’s total operating BESS fleet reached around 36 GWh. The residential segment accounted for 70% of this capacity, followed by large-scale battery systems (21%), and commercial & industrial systems (9%), the European Market Outlook for Battery Storage 2024-2028 report reads.
Europe’s battery storage capacity is expected to grow around five-fold by 2030, bringing with it increasing returns for energy majors, project developers and traders, as the cost of new projects falls.
In Europe, the capacity of renewable energy sources is growing very rapidly, while traditional power plants are slowly being decommissioned. That’s creating a unique new opportunity for investors amid the emerging demand for battery storage, which provides balance to electricity markets.
Compared to classic renewables, energy storage has really only become an investable asset in Europe over the last few years on the back of technology advances, market price signals, and government support mechanisms.
Overall, market research such as BloombergNEF predicts that grid-scale energy storage in Europe will increase to about 375 gigawatts in 2050 from 15 gigawatts last year.
In its first analysis of the sector, PV industry association SolarPower Europe (SPE) found that 17.2 GWh of new BESS capacity was installed in Europe in 2023, experiencing an impressive 94% increase compared to 2022. By the end of 2023, Europe’s total operating BESS fleet reached around 36 GWh.
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