How many GW of battery storage will Europe have by 2050?

That is projected to rise to 51GW by 2030 and 98GW by 2050. These new capacity additions represent a cumulative investment opportunity of €78 billion ($85 billion) up to 2050, Aurora says. To date, dedicated auctions for standalone or co-located battery storage in Europe have subsidized at least 1.8GW of batteries in Germany, Greece, and Spain.

How big is Europe's battery market?

The third edition of Aurora’s European Battery Markets Attractiveness Report, which examined 24 European countries, says installed grid-scale BESS capacity across the region was 7.1GW in the third quarter of 2023. That is projected to rise to 51GW by 2030 and 98GW by 2050.

How many GW of storage capacity will Italy buy by 2030?

Upcoming auctions could procure over 15GW across Europe by 2030, notably 9GW of procurement from Italy’s new storage capacity procurement mechanism, MACSE, which aims to cover both capital and operational costs.

Why is energy storage important?

Energy storage will be key to the establishment of highly decarbonized energy systems - based on renewable sources - that are also reliable and financially viable. By storing excess electricity over different lengths of time, from seconds to days, and potentially even months, energy storage can stabilize power demand and supply fluctuations.

Will Bess play a key role in the Asia Pacific Energy Transition?

Meanwhile, according to separate analysis released by Wood Mackenzie on February 21, BESS will also play a key role in the energy transition in the Asia Pacific region by 2050. Wood Mackenzie’s Asia Pacific Energy Transition Outlook said nearly 50% of the world’s low-carbon technology opportunities will be in that region in the next 25 years.