DUBLIN–(BUSINESS WIRE)–July 14, 2022–
The “Europe Battery Energy Storage Systems Market Size, Share and Trend Analysis Report by Ownership, by Battery Type, by Energy Capacity, by Connection, by Application, by Country and Forecast growth, 2021-2027″ report has been added to ResearchAndMarkets.comoffer.
The European battery energy storage system market is expected to witness a 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 growing demand for grid energy storage systems owing to ongoing grid modernization, increasing adoption of lithium-ion batteries in the renewable energy sector and the growing trend to adopt a low-carbon, fossil-free economy, as well as the ongoing renewable energy revolution.
On the other hand, the substantial capital cost required to build battery energy storage devices is expected to be the major impediment to market growth over the forecast period.
An increase in the number of rural electrification projects around the world has increased the demand for continuous power supply, due to the increase in the number of data centers, and the falling prices of lithium-ion batteries 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 obstacles due to variables such as the difficulty of placing battery energy storage systems on islands or in isolated locations, overheating of the lithium-ion battery and lithium-ion battery aging.
In the region, national governments have set important targets 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) railway traction power system that is expected to provide output by converting energy from batteries to provide trains with continuous electrical power.
Moreover, the large carbon reduction targets set by regional organizations such as the European Commission and national governments are expected to help the regional market grow. Additionally, a diverse variety of encouraging renewable energy deployment targets and energy security regulations are expected to help the regional market in the long run.
The German market led the European battery energy storage system market by country in 2020 and is expected to continue to be a dominant market through 2027; thereby reaching a market value of $812.7 million by 2027. The UK market is expected to grow at a CAGR of 23.6% between 2021 and 2027. Additionally, the French market is expected to grow at a CAGR of 25.5% between 2021 and 2027.
Main market players
- General Electric (GE) Co.
- Honeywell International, Inc.
- Panasonic Company
- Hitachi, Ltd.
- Siemens AG
- Johnson Controls International PLC
- Toshiba Company
- LG Energy Solutions Ltd.
- Samsung SDI Co., Ltd.
Scope of the study
- Belonging to a third party
- Owned by the customer
By battery type
- Lithium ion batteries
- Advanced lead-acid batteries
- Flux Stacks
By energy capacity
- Above 500 MWh
- Between 100 and 500 MWh
- Below 100 MWh
By type of connection
- The rest of Europe
For more information on this report, visit https://www.researchandmarkets.com/r/3lq82m
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INDUSTRY KEYWORD: URBAN PLANNING TECHNOLOGY MANUFACTURING CONSTRUCTION & PROPERTY RAIL BATTERIES OTHER ENERGY TRANSPORT OTHER MANUFACTURING LOGISTICS/SUPPLY CHAIN MANAGEMENT ENERGY
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 07/14/2022 13:09 / DISK: 07/14/2022 13:10
Copyright BusinessWire 2022.