Spain Battery Market Size & Outlook, 2023-2030
Spain battery market, 2018-2030 (US$M)
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Spain battery market highlights
- The Spain battery market generated a revenue of USD 731.9 million in 2023 and is expected to reach USD 2,878.8 million by 2030.
- The Spain market is expected to grow at a CAGR of 21.6% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Lithium Ion is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 731.9 million |
| Market revenue in 2030 | USD 2,878.8 million |
| Growth rate | 21.6% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Lithium Ion |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, Spain accounted for 0.6% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Europe, UK battery market is projected to lead the regional market in terms of revenue in 2030.
- Belgium is the fastest growing regional market in Europe and is projected to reach USD 1,494.7 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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Spain battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 43.59% in 2023. Horizon Databook has segmented the Spain battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
Spain has emerged as one of the major European countries utilizing energy storage systems in various sectors. The government has mandated to blend 5% hydrogen by volume in natural gas in the country. In line with the EU Directive on the deployment of alternative fuels infrastructure (2014/94/EU), Spain has called for the country-wide installation of 20 publicly available hydrogen refueling stations to support the deployment of energy storage systems in the short term.
The availability of funds for research, project development, and implementation related to energy backup is also anticipated to drive the battery market in Spain. Supporting policies and fund availability for project development are projected to boost the growth of the battery market in Spain over the forecast period.
For instance, in June 2022, BASQUEVOLT, the Basque solid-state battery initiative, announced its plan to initiate production of battery cells in 2027 in Western Europe with the aim of reaching a capacity of 10GWh.
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Horizon Databook provides a detailed overview of country-level data and insights on the Spain battery market , including forecasts for subscribers. This country databook contains high-level insights into Spain battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Spain battery market size, by product, 2018-2030 (US$M)
Spain Battery Market Outlook Share, 2023 & 2030 (US$M)
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