What is the current status and outlook for battery energy storage in Europe?

According to the report "European Market Outlook for Battery Storage 2024-2028" by SolarPower Europe, battery storage has seen significant growth in recent years.

In 2023 alone, 17.2 GWh of new capacity was installed in Europe, an increase of 94 % compared to the previous year. Germany led this growth with 5.9 GWh installed, followed by Italy with 3.7 GWh and the UK with 2.7 GWh. In the same year, the total installed capacity reached 35.8 GWh.

🏠 The residential segment has been the main driver of growth, representing 70 % of the new capacity. In 2023 alone, 12 GWh were installed, an increase of 117 % compared to the previous year.

🏢 The Commercial and Industrial (C&I) segment showed significant expansion, with 1.6 GWh installed in 2023, representing a 77 % increase compared to the previous year.

🏭 In utility-scale generation, the growth of batteries was slower, with 3.6 GWh installed in 2023, representing a 50 % increase. Nevertheless, it remains a crucial part of the market, especially in the UK, which leads this segment with 2 GWh installed last year.

The outlook is very promising. The market is expected to continue growing, reaching 22.4 GWh in 2024 and maintaining annual growth rates of 30-40 % until 2028. By that year, it is projected that 78.1 GWh will be installed annually across Europe.