Market Size of Germany Energy Storage Systems Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 10.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Germany Energy Storage Market Analysis
The energy storage market in Germany is expected to witness a CAGR of more than 10% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and delays in projects. However, the market rebounded in 2021.
- Over the medium term, factors such as the increasing share of renewables in the electricity generation mix, a decline in the cost of storage batteries and solar photovoltaic panels, supportive government policies like low-interest rates on loans, and investment grants on battery systems are driving the German energy storage market.
- On the other hand, the problem of creating adequate and intelligent power grids across the country to harness and store the growing renewable energy remains a challenge, which may hinder the growth of the market.
- However, Germany is planning to install 30 GW offshore wind energy turbines by 2030, 40 GW by 2035, and 70 GW by 2045, which may require large-scale energy storage systems, thus creating a vast opportunity for companies in the coming years.
Germany Energy Storage Industry Segmentation
Energy storage is the process of capturing the energy produced for use at a later time to reduce imbalances between energy demand and production. A device that stores energy is generally called an accumulator or battery.
The German energy storage market is segmented by type and application. By type, the market is segmented into batteries, pumped-storage hydroelectricity (PSH), thermal energy storage (TES), and other types. By application, the market is segmented into residential and commercial and industrial. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Type | |
| Batteries | |
| Pumped-Storage Hydroelectricity (PSH) | |
| Thermal Energy Storage (TES) | |
| Other Types |
| Application | |
| Residential | |
| Commercial and Industrial |
Germany Energy Storage Systems Market Size Summary
The energy storage market in Germany is poised for significant growth, driven by the increasing integration of renewable energy sources into the national grid and advancements in storage technology. The market is benefiting from supportive government policies, such as low-interest loans and investment grants, which are encouraging the adoption of battery systems. Despite challenges in developing intelligent power grids to effectively harness and store renewable energy, the country's ambitious plans to expand offshore wind energy capacity by 2045 present substantial opportunities for large-scale energy storage solutions. The decline in costs for storage batteries, particularly lithium-ion batteries, is further propelling market expansion, making them more accessible for residential, commercial, and industrial applications.
Germany's energy storage market has seen a resurgence following the setbacks caused by the COVID-19 pandemic, with a notable increase in renewable energy installations and battery systems. The country's energy transition initiative, Energiewende, has been a catalyst for the growth of storage technologies, with significant investments and projects underway. Notable developments include the planned installation of battery storage capacity at decommissioned power plants and the deployment of a large-scale battery energy storage project by Fluence Energy and TransnetBW. These initiatives, along with the collaboration between public and private sectors, are expected to enhance energy security and support Germany's transition to a more sustainable energy system.
Germany Energy Storage Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTEL Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Batteries
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2.1.2 Pumped-Storage Hydroelectricity (PSH)
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2.1.3 Thermal Energy Storage (TES)
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2.1.4 Other Types
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2.2 Application
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2.2.1 Residential
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2.2.2 Commercial and Industrial
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Germany Energy Storage Systems Market Size FAQs
What is the current Germany Energy Storage Systems Market size?
The Germany Energy Storage Systems Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Germany Energy Storage Systems Market?
Enel S.p.A, Renewable Energy Systems Ltd , STEAG GmbH , Fraunhofer-Gesellschaf and Redt Energy PLC are the major companies operating in the Germany Energy Storage Systems Market.
