August 6, 2019: The European residential storage market deployment base is expected to grow five-fold to 6.6GWh by 2024, according to research from analysis firm Wood Mackenzie released in early August.
Rory McCarthy, Wood Mackenzie senior research analyst, said: “Germany’s world-leading foray into the residential storage market has enabled Europe to claim the title of the largest residential storage market globally.
“Our research shows that annual deployments within the region are set to more than double to reach 0.5GW/1.2GWh by 2024.”
Another market commentator said the greater proliferation of residential energy storage “is likely to give a huge fillip to moves to integrate storage into the emerging grid scale virtual power plants of the future. In addition this bodes well for micro-grids as well as the region’s transition to a decarbonized future.”
McCarthy’s report is called Europe Residential Energy Storage Outlook 2019. He said: “Off the back of Germany’s success, residential storage is beginning to proliferate into other European countries, particularly where market structures, prevailing power prices and disappearing feed-in tariffs create a favourable early-stage deployment landscape.
“The economics of storage have been challenging in the past, however we are in the midst of an economic tipping point. The major European markets of Germany, Italy and Spain are moving towards grid parity for solar-plus-storage in the residential space — when the costs per KWh of power from the grid meet the cost per kWh of the solar-plus-storage system.”