Europe to include 95 GW of battery storage space by 2050
- Europe is expected to deploy at the very least 95 GW of grid-scale battery energy storage space systems by 2050, increasing the marketplace with more than EUR 70 billion (USD 76.8 bn) in fresh financial investments driven by efforts for the power market's decarbonisation, Aurora Energy Research claimed in its most recent report.
Presently, Europe has 5 GW of batteries in operation and their cumulative installed capacity is seen to reach 42 GW by 2030. In the most recent version of its European Battery Market Attractiveness Report released on Thursday, Aurora forecasts that the power field's decarbonisation would be the significant driving force for the market growth, with greater than 40% of the anticipated capital investments to be transported by the end of the decade.
Germany, the UK, Greece, Ireland and Italy are taken into consideration to be the leading five European markets giving favourable policies and financial investment opportunities, according to the working as a consultant. The country with one of the most ambitious installment target is Greece, with strategies to add 6 GW of battery capacity by 2030.
Still, 14 of the 24 European countries consisted of in the report do not have a nationwide technique for battery energy storage or certain targets for capacity releases. "Battery storage space is a game changer for the energy shift. Nevertheless, policymakers throughout Europe require to take urgent activity to make it possible for capacity implementation," claimed Anu Omojola, Adaptability Product Lead, European Power Markets, Aurora Energy Research.
In regards to innovation, Aurora Research expects that in accordance with the rise popular, the average battery period will boost over time, with batteries with over four hrs of storage capacity expected to account for 61% of total mounted battery capacity in 2050, as compared to 22% in 2025.
