Australia Energy Storage Systems Market to Grow at a CAGR of 9.2% During 2024-2032, Aided by the Favourable Policy Implementation Promoting Renewable Energy

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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Market Breakup by Technology, Application, and End Use:

• The market is segmented based on technology into pumped-storage hydroelectricity, electrochemical storage, electromechanical storage, and thermal storage.

• On the basis of application, the market is categorised into transportation and grid storage.

• By end use, the market is segmented into residential and commercial and industrial.

Key Findings of the Report:

• The Australia energy storage systems market expansion is being driven by the rising adoption of lithium-ion batteries. The prices of lithium-ion batteries are declining and they offer various advantages, including low maintenance, lightweight design, reliable cycle life, high energy density, and high charge/discharge efficiency. Such advantages make them ideal for energy storage solutions.

• There is a growing adoption of battery energy storage systems that are integrated with utility grids and offer a cost-effective solution to lower energy bills and support substations and T&D lines. These systems provide an efficient alternative to traditional infrastructure, meeting growing electricity demand and enhancing grid reliability.

• In Australia, the costs of renewable energy, especially solar, are significantly declining due to advancements in PV manufacturing and innovations in wind turbine technology. Hence, renewable energy is increasingly becoming more competitive and cost-effective compared to conventional power plants.

• Favourable government initiatives and private sector efforts in Australia are driving the development of large-scale renewable power projects. This growth in the renewable energy sector, supported by government assistance, is expected to significantly boost the market during the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the Australia energy storage systems market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the technologies, applications, and end uses of energy storage systems in Australia.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

Key Highlights of the Report

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