Germany Battery Energy Storage System Market

According to the new research report "Germany Battery Energy Storage System Market with COVID-19 Impact by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography - Global Forecast to 2027" , published by MarketsandMarkets, Germany Battery Energy Storage System Industry to Grow at a CAGR 24.6% from 2022 to 2027

Germany is witnessing significant growth in the battery energy storage system market.

A battery energy storage (BESS) is a type of energy storage system that stores electrical energy in batteries to use later whenever required. BESS is embedded with a rechargeable battery through battery packs and modules. The system provides backup power during outages, reducing the need for expensive peak-demand power generation. It also helps reduce greenhouse gas emissions and promote energy independence by enabling businesses and homes to generate and store their electricity from renewable resources. Battery energy storage systems are used in various applications such as electric vehicles, grid-scale energy storage, and commercial & residential energy storage. The key factor boosting BESS market growth is the rising focus of BESS on grid modernization.

Some future battery technologies expected to boost the battery market in the coming years are sodium-sulfur, solid-state, flow, and lead-acid batteries. Lithium-ion batteries are also highly adopted in the energy storage system as their performance makes them an attractive option for stationary energy storage applications. According to the Energy Information Administration (EIA), more than 80% of large-scale battery energy storage systems are powered by lithium-ion batteries across the globe.

According to the MarketsandMarkets Analysis, Germany is the prominently growing country in the battery energy storage market. It will hold more than 40% of the European battery energy storage market in 2022. The growth of the market in the country is mainly driven by the surge in demand for renewable energy sources, alongside the necessity for enhanced grid stability and energy security. According to the German Renewable Energy Federation (BEE), Germany’s renewable energy industry has been growing steadily due to the Renewable Energy Act (REG). The country aims to phase out its nuclear plants by 2025. Besides, the government of Germany has set an aim of achieving a 65% share of renewable energy in electricity production by 2030. BESS plays a crucial role in integrating renewable energy into the grid by providing flexibility and balancing demand and supply.

The market growth in Germany is also attributed to the growing number of homeowners in the country who are installing battery energy storage systems. One of every two rooftop solar panels is now sold with a battery storage system. According to an Energy Storage System Association report, the residential BESS market in Germany will grow by around 23% in 2021. Homeowners prefer BESS owing to the declining costs of lithium-ion batteries, which have made BESS more affordable for homeowners. Additionally, the German government’s subsidies and incentives for renewable energy and energy storage have made it more attractive for households to invest in BESS. Another factor contributing to the growing residential BESS in Germany is the increasing demand for energy independence and self-sufficiency. Many households want to reduce their reliance on the grid, generate electricity through solar panels, and store excess energy in a BESS. Thus, the BESS market in Germany is expected to continue growing in the coming years.

Don’t miss out on business opportunities in Germany Battery Energy Storage System Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

You may also intrested in :

South Korea Battery Energy Storage System Market

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]