top of page

BYD Captures 30% Market Share in European Battery Storage Market in H1 2024

According to the "European Energy Storage Report" recently released by the research firm EUPD Research, the company is generally optimistic about the development of the household energy storage system market in Europe, particularly for systems with a maximum storage capacity of up to 20 kWh. The market demand is expected to grow strongly this year.


The company projects that approximately 5 GWh of household energy storage systems will be deployed in Europe during the first half of the year, with an additional 6 GWh to be deployed in the second half. However, growth in the largest markets in Europe, such as Germany, might slow down slightly. In fact, the number of residential battery storage systems deployed in Germany might even decline.


According to EUPD Research, around 270,000 household energy storage systems were deployed in Germany in the first half of 2024, roughly the same as in the same period last year. However, analysts expect a 5% year-on-year decrease in the installed capacity of household energy storage systems in Germany. This is attributed to the reduced uncertainty in electricity supply following the Russia-Ukraine conflict, which has particularly affected Germany and Italy, the two largest household energy storage markets in Europe.


Other household energy storage markets in Europe show mixed prospects. According to data from EUPD Research, Poland and Hungary are considered emerging markets and are expected to experience significant growth, especially in the fourth quarter of 2024. This growth is driven by the widespread use of residential photovoltaic systems and the need for greater grid flexibility among households. In contrast, markets like Sweden and the Czech Republic are expected to slow down.


Analysts in Bonn claim that rising electricity prices, favorable subsidy programs, and increasing environmental awareness continue to have a positive impact on the installation rates of residential solar power systems and energy storage systems. A noteworthy trend is the increase in the number of household energy storage systems, which is closely linked to the rise in residential solar power systems. Overall, small-scale energy storage systems will remain the main driver of the European energy storage market in 2024. However, the installed capacity of large-scale energy storage systems in Europe is also expected to grow rapidly.


According to the report released by EUPD Research, the European battery energy storage market is dominated by several major players. Data shows that BYD held a 30% market share in the European battery energy storage market in the first half of 2024. In 2023, more than 50% of battery storage systems were supplied by three main battery suppliers, with BYD accounting for 29%.

コメント


Related News

bottom of page