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German: Europe's Top 1 Energy Storage Market

published: 2024-04-25 17:42

In 2023, Germany became the largest energy storage market in Europe.

Overall, the energy storage installation in Europe increased significantly in 2023. According to the European Association for Storage of Energy (EASE) data, the total installed capacity in 2023 was 13.5GWh, an increase of 93% compared to the previous year. The household storage installation was 9.5GWh, an increase of 109%, accounting for 70%.

In 2023, Germany, the UK, and Italy remained the top three markets in Europe for energy storage installations. According to TrendForce's consulting data, the new installed capacity in Germany, the UK, and Italy in 2023 is around 6.1/4.0/3.9GWh. T

rendForce predicts that in 2024, the new installed capacity in Germany, the UK, and Italy will be around 7.1/7.7/6.2GWh, with growth rates of 17%/92%/62% respectively.

Image: 2023-2024 Europe's energy storage added capacity by country

Installed capacity of Germany surged in 2023

Germany became the largest energy storage market in Europe in 2023. TrendForce data showing that Germany added about 4GW/6.1GWh of new energy storage capacity in 2023, a year-on-year increase of 124%/116%, with residential storage leading the way (accounting for over 83%/81%).

Additionally, Germany is also the European market with the highest residential storage installations. In 2023, Germany installed 555,000 residential storage systems throughout the year, corresponding to an installed capacity of 5.0GWh, a 166% increase compared to the previous year, accounting for 52.6% of Europe's total new installed capacity and contributing significantly to the overall market growth.

Figure: New Energy Storage Installation Scale in Germany from 2019 to 2024

Europe 23H2 energy storage installed growth rate appeared to decline, mainly due to the decline in demand for household storage. To Europe's largest energy storage market in Germany, for example, 2023H1 single-month growth rate of new installations generally increased by 150%-250%. However, since 23 August the growth rate began to decline significantly and continue to reduce, 23 December there was a single-month decline in new installations by 23% of the negative growth.

Affected by the decline in residential electricity prices and volatility, loan interest rates and other factors, the German household storage installed capacity began to decline significantly in December 23, has not yet seen the inflection point.

In Germany, residential energy storage is the main focus.

In 2023, residential energy storage remains the largest usage scenario for new energy storage installations in Europe. According to data from TrendForce, energy storage in Germany is mainly focused on residential storage, with residential installations exceeding 5GWh, followed by large-scale storage and commercial storage, accounting for 83%, 15%, and 2% respectively.

Figure: Distribution of energy storage installation types in Germany in 2023

According to statistics from Bloomberg NEF, in 2023, 25% of residences in Europe with installed photovoltaic systems also have energy storage systems. Among them, Germany's primary energy storage installation type is residential storage, with the highest penetration rate in Germany reaching 78%; followed by Italy at 70%. The penetration rate of residential storage in other countries remains relatively low.

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