Europe Energy Storage Systems Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

The European Energy Storage Systems market is driven by the rising number of grid stability ESS projects providing frequency response and other ancillary services.

Drivers:

• Decreasing the prices of Li-ion batteries has increased its applications in energy storage.
• Increasing demand for uninterrupted power supply
• Solar plus storage is becoming increasingly popular in the European residential market.
• Time-shifting avoids high tariffs on electricity by utilizing stored energy at times of the day when electricity use is at its highest.

Energy Storage System (ESS) is a device or group of devices assembled to convert the electrical or thermal energy from power systems and store energy to supply electrical energy at a later time when needed.

They are several methods or technologies that store energy, such as mechanical, electrochemical, chemical, and thermal.

Mechanical Energy Storage Systems:

• Mechanical energy storage systems are the storage of energy by applying force to an appropriate medium to deliver acceleration, compression, or displacement (against gravity); the process can be reversed to recover the stored kinetic or potential energy.
• They are different types of mechanical energy storage systems:
  • Pumped Hydro Storage (PHS)
  • Compressed Air Energy Storage (CAES)
  • Flywheel
  • Liquid Air Energy Storage (LAES)
  • Pumped Heat Electrical Storage (PHES)
  • Adiabatic Compressed Air Energy Storage (ACAES)
  • Liquid Air Energy Storage (LAES)

Electrochemical Energy Storage Systems:

• Electrochemical energy storage systems are defined as – the storage of energy by converting electrical energy into chemical energy; the process can be reversed by converting chemical energy into electrical energy.
• They are different types of electrochemical energy storage systems:
  • Sodium-ion Batteries
  • Lithium-ion Batteries
  • Redox Flow Batteries

Thermal Energy Storage Systems:

• Thermal energy storage systems are the technology that allows the transfer and storage of heat energy or energy from ice or cold air, or water. This method is built into new technologies that complement energy solutions such as solar and hydro.
• They are different types of thermal energy storage systems:
  • Molten Salt TESS
  • Phase Change Material

Chemical Energy Storage:

• Chemical energy storage systems are defined as - Energy stored in the form of chemical fuels that can be readily converted to mechanical, thermal or electrical energy for industrial and grid applications.
• They are different types of chemical energy storage systems:
  • Power to Hydrogen gas
  • Power to Methane gas

Energy Storage Systems in Utilities:

The European power generation sector is moving away from coal (a fossil fuel with high carbon density) and adopting renewable power plants to reduce carbon footprint, which helps countries across the region to meet their Net Zero targets of 2050.

Utility-scale energy storage systems can enable a greater feed-in of renewables into the grid by storing excess generation and firming renewable energy output. On the other hand, increasing the generation of renewable energy by supporting energy storage helps reduce electricity prices and different transmission systems.

Energy Storage Systems in Industrial:

Energy Storage Systems is expected to play a significant role in decarbonizing the world, including the industrial sector. Energy-intensive industries such as iron, steel, paper, pharmaceutical, fertilizers and chemicals, in their attempt to reduce pollution and meet the targets set by regulatory bodies, are increasingly adopting thermal energy storage systems. 

Energy Storage Systems in Residential:

Renewable Energy Storage System is one of the niche markets within the Europe Energy Storage Systems with a high growth potential due to feed-in tariff policies and also to increase the reliability of electricity. Residential ESS networks generally work with photovoltaic systems, where DC voltages are not that high and usually not superior to 500V DC. 

Europe Energy Storage Systems Trends:

• The growing use of solid-state batteries in residential energy storage systems
• Rising Interest in transmission and distribution deferral systems
• The increasing number of partnerships for large scale hydrogen projects
• The growing number of P2G projects

Europe Energy Storage Systems Opportunities:

• Increasing demand for EV charging stations
• The market growth in Germany, France, Italy, Spain, the United Kingdom, and Greece can be attributed to the increasing renewable energy generation and grid stability.

Europe Energy Storage System Restraints:

• Increasing the fuel cells market will decrease the demand for ESS.
• High Capital Expenditure is required for the installation of energy storage systems.

Blackridge Research's Europe Energy Storage Systems Market report provides insights into the current Europe market demand environment and prognosis.

The study offers a thorough examination of the many factors that impact the development of Europe Energy Storage Systems. The study also comprehensively analyses the Europe Energy Storage Systems by segmenting it based on countries (Germany, France, Italy, Spain, United Kingdom, Greece, Rest of Europe), based on technology (Mechanical, Electrochemical, Thermal, and Chemical) and by end-use (Residential, Non-residential and utilities)

The report also discusses current and future market possibilities, market trends, advancements, the effect of Covid-19 and the Ukraine and Russian War on the Europe Energy Storage Systems, essential developments, regions, and segments poised for the fastest growth, competitive landscape. Further, the Europe Energy Storage Systems market size, and demand forecast, growth rates will also be provided in the report.