The Europe Battery Energy Storage System Market would witness market growth of 24.6% CAGR during the forecast period (2021-2027).
Some of the growth catalysts for the battery energy storage system market are rising demand for grid energy storage systems as a result of ongoing grid modernization, increasing adoption of lithium-ion batteries in the renewable energy sector, and the growing trend of adopting a low-carbon and fossil-fuel-free economy, as well as the ongoing renewable energy revolution. On the other hand, the substantial capital cost necessary to build battery energy storage devices would act as the key barrier to the growth of the market during the forecasting period.
While, a surge in the number of rural electrification projects around the world, increased demand for continuous power supply due to the rise in the number of data centers, and declined lithium-ion battery prices are expected to create significant opportunities for the deployment of battery energy storage systems in the coming years. However, producers of battery energy storage systems face hurdles due to variables such as the difficulty of placing battery energy storage systems on islands or in isolated places, lithium-ion battery overheating, and lithium-ion battery aging
In the region, national governments have set important goals to accelerate the 'green wave' created by disruptions in industrial processes. In August 2020, for example, ABB announced a partnership with Zenob Energy Limited, a BESS producer, to develop an advanced traction power solution for UK railways. The goal of the partnership is to build a 25 kilovolt (kV) rail traction power system that would deliver output by converting power from batteries to provide trains with a continuous power supply.
In addition, the large carbon reduction objectives set forth by regional organizations like the European Commission and national governments would help the regional market to expand. Moreover, diverse variety of encouraging renewable deployment goals and energy security regulations would help the regional market in the long run.
The Germany market dominated the Europe Battery Energy Storage System Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $812.7 million by 2027. The UK market is estimated to grow at a CAGR of 23.6% during (2021 - 2027). Additionally, The France market would witness a CAGR of 25.5% during (2021 - 2027).
Based on Ownership, the market is segmented into Utility-Owned, Third-Party Owned, and Customer-Owned. Based on Battery Type, the market is segmented into Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, and Others. Based on Energy Capacity, the market is segmented into Above 500 MWh, Between 100 to 500 MWh, and Below 100 MWh. Based on Connection type, the market is segmented into On-grid, and Off-grid. Based on Application, the market is segmented into Utility, Commercial, and Residential. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Battery Energy Storage System Market Size will Hit $14.5 Billion by 2027, at a CAGR of 25.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., Honeywell International, Inc., Panasonic Corporation, Hitachi, Ltd., Siemens AG, Johnson Controls International PLC, Toshiba Corporation, LG Energy Solutions Ltd., and Samsung SDI Co., Ltd.
By Ownership
By Battery Type
By Energy Capacity
By Connection type
By Application
By Country
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