The uptake of batteries for energy storage is expected to soar between 2020 and 2030 in Europe, supporting the growth of flexible electricity assets while new renewable capacity ramps up in its key economies.
Investments in green mobility and renewable sources of electricity are high on the agenda of the EU member states, to comply with energy transition targets.
With sales of electric vehicles (EV) increasing, additional renewable capacity is being installed alongside the growth in energy storage systems (ESSs), and demand for the key raw materials used in batteries, such as lithium, is expected to grow.
On Wednesday June 3, consultancy Wood Mackenzie released a study forecasting that a combination of wind and solar power, known as intermittent sources of electricity, could make up the largest share of installed capacity in Europe's leading markets - the UK, Germany, France, Italy and Spain- as early as 2023.
It forecast that ESSs will show an eight-fold increase in Europe between 2020 and 2030.
Fastmarkets' head of battery materials and base metals research, William Adams, expects that global demand for lithium-ion batteries for ESSs will reach...