Press Release
Press Release
According to a new report by EMR titled, ‘The Australia Energy Storage Systems Market Report and Forecast 2024-2032’, the market is estimated to grow at a CAGR of 9.2% between 2024 and 2032. The market development is driven by favourable policies supporting the renewable energy sector.
The Australia energy storage systems market growth is fuelled by the introduction of favourable government policies supporting transition towards a circular economy and the growth of the renewable sector. Energy storage systems (ESS), variously known as battery storage systems, are used to store energy for later use, hence ensuring reliable and efficient energy management.
ESSs aid in a flexible energy supply chain, storing surplus energy when production exceeds demand and releasing it when demand is high. With the growing shift towards renewable energy, these systems are used to regulate voltage and frequency, reduce peak demand charges, integrate renewables, and provide backup power.
Fig.: Australian Electricity Generation from Renewable Sources in Gigawatt Hours 2017-2022
Over the last decade, renewable energy generation in Australia has surged by 215%, driven by the significant addition of wind and solar capacity. While hydro's share has decreased, large-scale solar generation has experienced rapid expansion, growing from negligible levels before 2016 to accounting for 5% of all Australian electricity generation in 2022—a remarkable five-year growth rate of 1,573%.
The growing adoption of renewable energy, especially solar and wind power, is positively influencing the market growth. ESSs play an integral role in managing the irregularity of these sources, ensuring a stable and reliable supply. As the generation of renewable energy is expected to increase in the forecast period, the adoption of storage solutions that can manage and store excessive energy during peak generation and deliver it during low generation periods is rising.
Favourable government policies and incentives are favouring the market growth. For instance, initiatives such as the 2023 Australian Clean Energy Summit positively influence policy and regulatory frameworks for incentivising energy storage solutions.
The lowering costs of energy storage technologies by key players such as Enel S.p.A (OTCMKTS: ENLAY), particularly lithium-ion batteries, are further fuelling the market growth. This can be attributed to technological advancements and increasing production efficiency, which is making energy storage systems more affordable for both residential and utility-scale applications.
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The major players in the Australia energy storage systems market are Enel S.p.A., LG Corp. (LG Energy Solution Ltd.), Tesla Inc., Huawei Technologies Co., Ltd., Pacific Green Technologies Inc., Enphase Energy Inc., EVO Power Pty Ltd., Century Yuasa Batteries Pty Ltd. (GS Yuasa Corp.), PowerPlus Energy Pty Ltd., and Battery Energy Power Solutions Pty Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
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Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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Breakup by End Use |
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