Australia Energy Storage Systems Market Size, Share, Trends: By Technology: Pumped-storage Hydroelectricity, Electrochemical Storage, Electromechanical Storage, Thermal Storage; By Application: Transportation, Grid Storage; By End Use: Residential, Commercial and Industrial; Market Dynamics; Competitive Landscape; 2024-2032

Australia Energy Storage Systems Market Outlook

The Australia energy storage systems market size is projected to grow at a CAGR of 9.2% between 2024 and 2032. The development of the market can be attributed to the implementation of favourable policies for supporting the renewable energy sector and accelerating the transition to a circular economy.

Key Trends in the Market

Energy storage systems (ESS), also known as battery storage systems, are technologies designed to store energy, enabling its use at a later time. These systems play a crucial role in modern energy management by storing surplus energy when production exceeds demand, and releasing it when demand surpasses supply. They facilitate a more efficient, reliable, and flexible energy supply chain.

• The Australia energy storage systems market demand has seen a remarkable surge with the growing adoption of renewable energy sources, particularly solar and wind power. Energy storage systems play a pivotal role in managing the intermittency of these renewable sources, ensuring a stable and reliable energy supply. With increase in the number of renewable energy projects in Australia, the need for storage solutions to effectively manage and store excess energy during peak generation periods, and deliver it during low generation periods is expected to grow.

• Supportive government policies and incentives have been crucial in fostering the Australia energy storage systems market growth. For instance, events like the Australian Clean Energy Summit, held in 2023, play a significant role in shaping government policies and framework for incentivising energy storage solutions in Australia. Discussions and insights garnered from these gatherings often influence policy changes and regulatory frameworks that encourage the deployment of sustainable energy systems.

• The costs associated with energy storage technologies, especially lithium-ion batteries, have been declining steadily. This cost reduction is one of the major Australia energy storage systems market trends, which is primarily driven by technological advancements, economies of scale, and increased production efficiency. As a result of these developments, energy storage systems are becoming more economically viable for both residential and utility-scale applications.

Market Analysis

Based on technology, the market can be segmented into pumped-storage hydroelectricity, electrochemical storage, electromechanical storage, and thermal storage. The Australia energy storage systems market segmentation, based on application, includes transportation and grid storage. The market, based on end use, is divided into residential, and commercial and industrial.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Australia energy storage systems market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• 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.

• Battery Energy Power Solutions Pty Ltd.

• Others

Market Share by Technology

According to the Australia energy storage systems market analysis, electrochemical storage is likely to be extensively utilised in the form of batteries owing to several key benefits, such as high efficiency, scalability, and fast response time, among others. Electrochemical storage systems exhibit high round-trip efficiency, meaning they can efficiently store and retrieve energy with minimal losses. This efficiency is crucial for maximising the use of stored energy.

These storage solutions can be deployed at different scales, from small residential systems (like Powerwalls) to grid-scale installations (like Megapacks), catering to diverse energy needs. Moreover, these systems have rapid response times, allowing for quick discharge or charging. This characteristic is essential for providing immediate power during peak demand periods or in emergency situations.

Market Share by Application

The rapid adoption of electric vehicles is expected to significantly influence the Australia energy storage systems market share in the coming years. Energy storage systems (ESS) find applications in the transportation sector; they are a key component of electric vehicles (EVs) as they store and manage the electrical energy needed to power the vehicle's electric motor.

Electric motors powered by ESS provide a quieter and smoother driving experience compared to internal combustion engine vehicles. In addition, by utilising electricity from various sources, including renewables, ESS in EVs contributes towards lowering the dependence on fossil fuels, promoting a more sustainable energy ecosystem.

Competitive Landscape

Enel S.p.A. is an Italian multinational energy company and one of the world's largest integrated power players. The company is engaged in various energy-related services, including conventional and renewable power generation, distribution networks, and energy management solutions. The company offers a wide range of products and services, spanning from traditional power plants to advanced renewable energy installations.

LG Energy Solution Ltd. is a subsidiary of LG Corp., a South Korean multinational conglomerate. LG Energy Solution specialises in advanced lithium-ion battery technology and energy storage solutions. It is a prominent player in the global battery market, supplying batteries for various applications, including electric vehicles and energy storage systems.

Tesla Inc. is an American, electric vehicle and clean energy company led by Elon Musk. Beyond its renowned electric car division, Tesla is heavily involved in energy storage solutions through its Powerwall and Megapack products. The company aims to accelerate the world's transition to sustainable energy. Tesla's energy storage solutions have gained significant attention globally due to their innovation, efficiency, and scalability.

Other Australian energy storage systems market players are 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.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.