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According to S&P and Bloomberg, Hungary could become the world’s fourth largest producer of energy storage equipment by 2030, after China, the United States, and Germany, Makronóm Institute revealed in its latest analysis. The country could reach second place in Europe with existing and announced plants.
A green shift is of crucial importance for Hungary to ensure economic growth in the coming period, and can only be achieved if it can store green energy alongside production, the institute’s study reads. The market for green energy storage systems is highly competitive, with demand for lithium-ion-based ones reaching 4,700 gigawatt-hours by 2030, at an average annual growth rate of 27 percent.
They stressed:
Market entry offers huge potential, with the global market for green energy storage equipment set to grow to around USD 400 billion by 2030, so with the capacities currently planned, Hungary could be in business for up to USD 20-25 billion by the end of the decade.”
The increase in global demand has led to fierce competition for capacity among developed countries. The study pointed out that Hungary had noticed this trend in time and started early negotiations with East Asian companies, mainly Chinese and South Korean ones, to produce green energy storage capacity.
Makronóm Institute recalled that
green energy storage systems are needed not only for the electromobility turnaround, but also to provide energy for industry and households.”
This year, Hungary’s solar power capacity has increased by around 1,500 megawatts to 5,500 megawatts. This means that Hungary could meet the target of 6,000 megawatts by 2030, the study revealed. In addition, the waste incineration capacity of the Mátra power plant, the expansion of the Paks nuclear power plant, and the construction of three new gas turbine combined cycle power plants are underway.
Via MTI, Featured image: Facebook/MVM Paksi Atomerőmű Zrt.