10 GW of energy storage in Europe in 2023
In 2023, Europe saw the installation of energy storage facilities totaling 10 GW in capacity. It is anticipated that EU policies will drive further rapid growth in this sector in the years ahead.
Record capacity installed in energy storage in Europe
The consulting firm LCP Delta and the European Energy Storage Association (EASE) regularly produce a report called the “European Energy Storage Market Monitor.” The latest edition, the eighth report, draws from data collected from assets in 29 countries, covering over 3,000 energy storage projects.
According to this report, the total installed capacity in Europe across residential, utilities, commercial, and industrial segments reached approximately 10.1 GW last year. This represents more than double the capacity compared to the previous year (4.5 GW) and surpasses the forecast of 6 GW made by LCP Delta in the previous year’s edition of the EMMES 7.0 report.
Why such impressive results?
Specialists from LCP Delta attribute the disparities between forecasts and actual results primarily to the underestimation of demand for storage systems in residential buildings, particularly in two leading European markets: Italy and Germany.
Despite changes unfavorable to investors in Italy’s “Superbonus” program, there hasn’t been a decrease in interest in renewable energy sources and energy storage. Meanwhile, demand among Western European countries remained high following the Russian invasion of Ukraine and the subsequent rise in electricity prices. In 2022, due to disrupted supply chains, this demand couldn’t be fully met, leading to the sale of over 500,000 storage systems for residential buildings.
What does the future hold for us?
LCP Delta predicts a significant surge in energy storage capacity across Europe, with a projected six-fold increase by 2030. During this timeframe, several markets are poised to solidify their positions as leaders, including Germany, the United Kingdom, Italy, France, and Spain. Poland, meanwhile, is steadily enhancing its progress and is anticipated to approach France by the conclusion of the forecast period.
Source: energy-storage.news