EUPD Research expects 11 GWh of home storage to be added in Europe in 2024

EUPD Research is generally optimistic about the European market for residential battery energy storage systems (BESS) with up to 20 kWh capacity. According to their “Electrical Energy Storage Report Europe”, the Bonn-based analysts expect strong demand this year.

They expect around 5 GWh to be installed in the first half of the year and a further 6 GWh in the second half of the year. However, growth in the continent’s largest markets could slow down slightly – and as in the case of Germany, the number of new installations could even fall.

According to EUPD Research, around 270,000 home storage systems were installed in Germany in the first half of 2024, roughly equivalent to the same period last year. Nevertheless, analysts expect BESS installations in Germany to decline by 5% year-on-year. This is due to less uncertainty around electricity supply following the war in Ukraine, which particularly affected Germany and Italy – the two largest markets for home storage in Europe.

A look at the other European markets paints a mixed picture. Poland and Hungary are considered emerging markets which, according to EUPD Research, will experience considerable growth, especially in the fourth quarter of 2024. The drivers are the numerous photovoltaic systems in private households and the need for greater grid flexibility. In contrast, markets such as Sweden and the Czech Republic, where growth was high last year, are expected to slow down.

According to the Bonn-based analysts, rising electricity prices, favorable subsidy programs and growing environmental awareness continue to have a positive impact on the installation rates of photovoltaic and storage systems. A notable trend is the increasing number of balcony storage systems, which goes hand in hand with the growing number of balcony solar systems. Overall, small systems will still be the main driving force of the storage market in 2024. However, the installation of larger storage systems will also increase in Europe.

The “PV InstallerMonitor 2023/2024 | EES InstallerMonitor 2023/2024” by EUPD Research shows that the European BESS market is led by several major players. According to the data, BYD accounted for a 30% market share in the first half of 2024. In 2023 as a whole, more than 50% of the installed systems were provided by three brands, with BYD accounting for 29%.

From pv magazine Germany