Market Size of UK Energy Storage Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | 21.34 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Energy Storage Market Analysis
The UK Energy Storage Systems Market size is estimated at 10.74 megawatt in 2024, and is expected to reach 28.24 megawatt by 2029, growing at a CAGR of 21.34% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the growing renewable energy sector, supportive government policies and schemes for energy storage systems (ESS), and improving energy storage economics are also expected to drive the growth of the market studied.
- On the other hand, the closing of FiT and other supporting schemes in the country has slowed down rooftop solar PV installations since March 2019 may negatively impact the market's growth and is one of the major restraints for the market.
- Nevertheless, The increasing adoption of ESS by the commercial and industrial sectors, are expected to provide growth opportunities in the forecast period.
UK Energy Storage Industry Segmentation
Energy storage technology aids grid operators in managing the variable energy generation from renewables like solar and wind energy. However, the development of advanced energy storage systems has been highly limited in selected regions with highly developed economies. The reason behind this is primarily the high initial cost and requirement of technical expertise. Despite the decrease in the energy storage system (ESS) cost, ESS remains expensive, and the upfront investment required is difficult to overcome without government support.
The United Kingdom energy storage systems market is segmented by type and application. By type, the market is segmented into batteries, pumped-storage hydroelectricity (PSH), and other types. By application, the market is segmented into residential, commercial, and industrial (C&I). For each segment, market sizing and forecasts have been done based on installed capacity (megawatts).
| Type | |
| Batteries | |
| Pumped-storage Hydroelectricity (PSH) | |
| Other Types |
| Application | |
| Residential | |
| Commercial and Industrial (C&I) |
UK Energy Storage Systems Market Size Summary
The UK energy storage market is poised for significant growth, driven by the expanding renewable energy sector and supportive government policies. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The increasing adoption of energy storage systems (ESS) by commercial and industrial sectors presents substantial growth opportunities. However, the cessation of feed-in tariffs and other supportive schemes has slowed the growth of rooftop solar PV installations, posing a challenge to market expansion. Batteries, particularly lithium-ion, are central to this growth due to their declining costs, high efficiency, and integration capabilities with renewable energy sources. The UK's energy storage infrastructure is becoming more robust, with substantial additions to utility energy storage capacity and a significant increase in the energy storage pipeline.
The integration of renewable energy sources like solar and wind with the national grid is crucial, given their intermittent nature. This necessity is propelling the demand for modern energy storage systems, which are becoming integral to renewable energy projects. Government initiatives, such as funding for new energy storage technologies and partnerships for battery energy storage projects, are further bolstering the market. The UK's commitment to reducing carbon emissions and enhancing energy security, coupled with declining costs of solar modules and wind turbines, is expected to drive substantial growth in the renewable power sector. Key players in the market, including Tesla Inc., Contemporary Amperex Technology Co. Ltd, and Siemens Energy SA, are actively contributing to this growth, with significant projects underway to enhance the country's energy storage capabilities.
UK 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 Energy Storage Installed Capacity and Forecast, in MW, till 2028
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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 PESTLE 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 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 (C&I)
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UK Energy Storage Systems Market Size FAQs
How big is the UK Energy Storage Systems Market?
The UK Energy Storage Systems Market size is expected to reach 10.74 megawatt in 2024 and grow at a CAGR of 21.34% to reach 28.24 megawatt by 2029.
What is the current UK Energy Storage Systems Market size?
In 2024, the UK Energy Storage Systems Market size is expected to reach 10.74 megawatt.
