Germany Energy Storage Systems Market Size (2024 - 2029)

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).