Published: December 20 2023
Hungary is on track to become a major player in green energy storage, with the potential to be the fourth largest producer of energy storage equipment in the world by 2030. This development is crucial for Hungary's economic growth and its ability to support the production of green energy.
Hungary's Potential in Energy Storage
According to a recent analysis by the Makronóm Institute, Hungary has the potential to become the second largest producer of energy storage equipment in Europe, after Germany. The country has been proactive in recognizing the increase in global demand for energy storage capacity and has started early negotiations with East Asian companies, particularly Chinese and South Korean ones, to produce green energy storage capacity.
Growing Renewable Energy Capacity in Hungary
Hungary has seen significant growth in its renewable energy capacity, particularly in solar power. The country has increased its solar power capacity from 1,500 megawatts to 5,500 megawatts this year, with a target of reaching 6,000 megawatts by 2030. Alongside solar power, Hungary is also expanding its waste incineration capacity, the Paks nuclear power plant, and constructing three new gas turbine combined cycle power plants.
The Competitive Market for Green Energy Storage
The market for green energy storage systems is highly competitive, with a projected demand for lithium-ion-based storage reaching 4,700 gigawatt-hours by 2030. This represents an average annual growth rate of 27 percent. Hungary's efforts to enter the energy storage market will contribute to the country's economic growth and its ability to store green energy alongside production.
Questions & Answers
What is the goal of Hungary in terms of becoming a major player in green energy storage? Hungary aims to become the world's fourth largest producer of energy storage equipment by 2030, after China, the United States, and Germany.
How does Hungary plan to achieve its goal in green energy storage? Hungary has started early negotiations with East Asian companies, mainly Chinese and South Korean ones, to produce green energy storage capacity.
What is the current solar power capacity in Hungary? Hungary's solar power capacity has increased by around 1,500 megawatts to 5,500 megawatts.
What is the target for solar power capacity in Hungary by 2030? Hungary aims to reach a solar power capacity of 6,000 megawatts by 2030.
What other power projects are underway in Hungary besides solar power? In addition to solar power, Hungary is expanding the waste incineration capacity of the Mátra power plant, constructing three new gas turbine combined cycle power plants, and expanding the Paks nuclear power plant.
