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The European home energy storage market will reach 6.6GWh by 2024
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The European home energy storage market will reach 6.6GWh by 2024

The European home energy storage market will reach 6.6GWh by 2024

March 15, 2022

Europe is now the world's largest market for home energy storage , according to a new study by Wood Mackenzie, a research firm.  Over the next five years, the European residential energy storage market will grow faster than Germany, which is by far the market leader in Europe.  

 Cumulative deployed residential storage capacity in Europe is expected to grow fivefold to 6.6GWh by 2024.  The region's annual deployment will more than double by 2024, with 500MW/1.2GWh deployed annually.  

 Other European countries outside Germany are beginning to deploy residential energy storage systems widely, especially in light of the market structure, current electricity prices and declining feed-in tariffs, which create good deployment prospects.  

 While the economics of solar energy storage systems have been challenging in the past, the market has reached an inflection point.  Major markets in Germany, Italy and Spain are moving towards grid parity for residential solar + storage, where the cost of electricity from the grid is comparable to that of solar + storage systems.  

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