Australia Energy Storage Systems (ESS) Market Size Booming to Surpass USD 14.1 Billion by 2030
Australia Energy Storage Systems (ESS) Market is flourishing because of the favorable government initiatives and rising energy demand and peak load management.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the Australia Energy Storage Systems (ESS) Market size at USD 7.83 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Australia Energy Storage Systems (ESS) Market size to expand at a CAGR of 5.23% reaching a value of USD 14.11 billion by 2030. The favorable government measures aimed at stimulating the renewable energy sector and the declining cost of batteries are major growth factors for the Australia Energy Storage Systems (ESS) Market. The growth of new battery technologies and industry developments are also expected to propel the Australia Energy Storage Systems (ESS) Market over the period in the analysis.
Opportunity: Increasing investments in renewable energy sector
The Australian Renewable Energy Agency is focusing on expanding the scope of energy storage development in the country. At the end of 2022, Australia had about 2 GWh of large-scale battery energy storage systems (BESS) under development, almost twice as much as the previous year, according to the Clean Energy Council (CEC), the nation's trade body. ESS is also gaining significant traction from the residential sector. Based on data from SunWiz, Australia deployed 47,100 residential energy storage systems (ESS) in 2022, bringing the total number of ESS to 1,920 MWh, which is sufficient energy storage to cover 128,000 families' daily electricity demands.
Australia Energy Storage Systems (ESS) Market
Segmental Coverage
Australia Energy Storage Systems (ESS) Market - By End User
Based on end user, the Australia Energy Storage Systems (ESS) Market is segmented into residential, non-residential, utilities, and automotive. The residential segment dominates the Australia Energy Storage Systems (ESS) Market by end user. The increasing adoption of solar energy in homes as the primary power system and the ability of ESS to ensure continuity of power in case of temporary disruptions in the power supply contribute to the growth of the residential segment. The utilities segment is projected to register a high growth rate during the forecast period with the growing electricity demand.
Competitive Landscape
Major players operating in the Australia Energy Storage Systems (ESS) Market include Redflow Limited, Ecoult, Ampcontrol Pty Ltd, Evergen Pty Ltd, Alpha-ESS, Pylon Technologies Co., Ltd, SolarWatt Australia, 360 Energy Pty Ltd, Ecosmart Solar, and Senec Australia.
These companies employ various strategies to further enhance their market share, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Australia Energy Storage Systems (ESS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Australia Energy Storage Systems (ESS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
