Spain Energy Storage Market Growth Analysis - Market Size, Share, Forecast Trends and Outlook Report (2025-2034)

Spain Energy Storage Market Growth

The increasing demand for energy storage solutions is being driven by the need for ensuring uninterrupted power supply amid the transition towards renewable energy resources. This is expected to enhance flexibility, improve grid reliability, and support the expansion of renewable energy production. As per Spain’s National Integrated Energy and Climate Plan, the government is expected to establish 120 GW of additional renewable energy production capacity, which can potentially reach 157 GW by 2030.

As per the Spain energy storage market analysis, wind (50,258 MW) and solar PV (36,882 MW) are expected to dominate renewable energy production, followed by solar thermal (7,303 MW), hydro (14,609 MW), and biomass (1,677 MW) by 2030. The nation’s dependence on coal and nuclear power is expected to drop to less than 1300 MW and 3181 MW respectively. This is expected to spur the Spain energy storage market expansion.

Solar PV has emerged as the cheapest electricity source, which cannot be harnessed properly without storage expansion plans that meet the increasing demand for generation and consumption of electricity. Energy storage systems need a supportive environment for adequate financing and implementation, which is expected to facilitate market growth in the coming years.

Key Trends and Developments

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Spain Energy Storage Market Trends

In 2022, Spain recorded a year-on-year growth of 21% in electric vehicle sales, which amounted to 100,425 units. While the sale of fully electric vehicles surged by around 32% (to 52,224), the sale of hybrid vehicles rose by 11% year-on-year to 48,201. This has led to an increased demand for lithium-ion batteries, thereby creating a favourable Spain energy storage market outlook. In 2022, 325,000 individuals owned an EV in Spain, and with anticipated growth of financial incentives for the automotive industry, the market is further expected to grow significantly.

Spain has a cumulative water storage capacity of around 61,000 hectometers cubed, of which only 50% is being utilised for electricity production. Based on Spain energy storage market analysis, Spain currently has an installed pure pumping capacity of around 3,396 MW and a hybrid capacity of 2,495 MW. By 2030, hydro energy storage companies are expected to attract an investment of nearly EUR 40 billion to enable the government to protect the nation’s energy security and reduce energy wastage. Thus, the expansion of hydro storage energy systems is expected to play a key role in driving market development.

Spain Energy Storage Industry Segmentation

Spain Energy Storage Market Share

Based on application, the Spain energy storage market is segmented into residential and commercial and industrial. The use of energy storage solutions in residential applications is projected to grow at a CAGR of 11.2% during the forecast period of 2025-2034 due to the growing adoption of solar energy in the residential sector. Declining battery costs and favourable government initiatives encouraging homeowners to reduce reliance on the grid are further boosting the segment’s growth. Meanwhile, the commercial and industrial sectors adopt energy storage solutions to reduce demand charges, lower electricity bills, and optimise energy usage.

Leading Companies in the Spain Energy Storage Market

Other players included in the Spain energy storage market report are LG Energy Solution Ltd., S.A.U, Gransolar Group Company (E22 Energy Storage Solutions), BayWa r.e. España S.L.U., and CIDETEC, among others.