BatMAR covers 28 European countries, with Italy leading the ranking, driven by its 50 GWh battery capacity by 2030 target and the opening of its ancillary markets to BESS. Great Britain is in second place, supported by a strong installed capacity of 4.3 GW, an established battery industry which is estimated to more than double to 10.6 GW and attractive revenue streams reinforcing its position.
Germany over took the Ireland I-SEM as a top market to take third place in the ranking, thanks to its strong market outlook and ambitious renewable energy targets.
Belgium, Hungary and Greece are also emerging as key opportunities, particularly for smaller-scale investors or those with a higher risk appetite, according to Aurora Energy Research.
Europe’s grid-scale BESS capacity, which stood at 10.3 GW as of October 2024, is expected to expand fivefold to 55 GW by 2030 and reach 126 GW by 2050, according to Aurora’s central outlook which is the most updated forecast. These capacity additions represent a 100 billion euro investment opportunity through 2050, including repowering projects.
While still an evolving industry, Europe is cementing its role as a global hub for BESS investments. With ambitious decarbonisation targets and a projected 333 GW increase in variable renewable capacity by 2030, the sector is on track for exponential growth, according to the Aurora assessment.
“The grid-scale energy storage market continues to be strong, with investment pipelines growing due to promising opportunities” said Eva Zimmermann, Senior Associate Flexible Energy, Pan European Power Markets, Aurora Energy Research. “However, battery markets have complex revenue-cost dynamics, and European markets differ in size, revenue streams, and risk levels. This becomes apparent when comparing even our top markets, Italy and Great Britain: While Italy holds opportunities to enter the market as a developer looking for greenfield projects, the pipeline in Great Britain is full, hence only being attractive for investors in further advanced projects.”
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