The European Union aims to become the world’s first climate-neutral continent by 2050 and has increased its binding renewable energy target for 2030 to a minimum of 42.5%, with the ambition to reach 45%. According to Business Markets insight (2022) the European solar energy market is projected to reach approx. €102,2 billion by 2030 with a compound annual growth rate (CAGR) of 12,7% during this period.
The same accelerated growth is seen in the European energy storage market. Even the expected leap in capacity is unlikely to be enough to meet demand to balance national energy grids, according to industry estimates.