New York, Feb. 11, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Australia Energy Storage Systems (ESS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06227804/?utm_source=GNW
Factors such as supportive government policies and ?government schemes for energy storage sector is expected to drive the energy storage systems market in Australia during the forecast period. However, the lack of domestic battery productionand concern regarding energy storage technology is expected to hinder the growth of the market studied.
Key Highlights
Battery energy storage system (BESS) type is expected to witness significant growth during the forecast period, owing to the rising demand for grid-connected solutions and the increasing adoption of lithium-ion batteries in the renewable energy industry.
The development of new advance batteries along with the increasing commecilization of compressed air energy storage (CAES) technology is expected to creates several opportunities to the Australian energy storage systems (ESS) providers in the future.
The growing renewable energy sector is one of the primary drivers of energy storage systems in Australia. This is due to the increasing demand of solar and wind energy sources, accounting for over 18% of the country’s total electricity generation in 2020.
Key Market Trends
Battery Energy Storage Systems (BESS) Expected to Witness Significant Growth
Battery energy storage is considered as a critical technology in the transition to a sustainable energy system. The battery energy storage systems are used to regulate voltage and frequency, reduce peak demand charges, integrate renewable sources, and to provide backup power supply. Batteries play a crucial part in the energy storage systems and are responsible for around 60% of the total cost of the system. ?
Australian lithium-ion batteries have been witnessing a massive demand in the Australian BESS market, owing to their declining prices. Additionally, lithium-ion batteries are expected to hold the most significant share in the battery energy storage market, as they require less maintenance, are light-weight, and have a reliable cycle life, as well as high energy density regarding volume and high charge/discharge efficiency. ??
According to Clean Energy Council, in 2020, approximately 23,796 energy storage batteries with a combined capacity of 238 MWh were installed in Australia, witnessing an increase of 5.19%, compared to 2019. ?
Furthermore, according to Clean Energy Council, there were 16 ?large-scale batteries were under construction by the end of 2020, which represented more than 595 MW of new storage capacity. The battery energy storage systems use utility grids to supply electricity to consumers, which also reduces energy bills. Besides, the battery energy storage systems used in utilities are a cost-effective alternative to conventional infrastructure, especially in helping substations and transmission and distribution (T&D) lines to meet the increasing demand. These factors are contributing to the growth of the BESS market in Australia.?
For instance, in February 2021, CEP Energy announced the largest proposed grid-scale battery project in Australia, with a rated output of up to 1,200 MW. The construction of the grid is anticipated to begin in early 2022 and is expected to be in operation by 2023. Thus, upcoming projects in Australia are likely to increase the demand for battery energy storage systems (BESS) during the forecasted period.?
Therefore, based on the above-mentioned factors, battery energy storage systems (BESS) is expected to witness significant demand in the country during the forecast period.
Growing Renewable Energy Sector Expected to Drive the Market
Renewable power is an intermittent energy source. Therefore, to maintain the constant power distribution of generated renewable power, electricity storage is essential. Thus, compared to the conventional electricity generation sources, renewable power has a higher need for energy storage. ??
Also, the cost of renewable power generation in Australia is continuously declining, mainly for solar power. The primary reasons behind the falling costs of renewable power generation are innovations in the manufacturing and installation of PV power generation, improved wind turbine materials and designs, and economies of scale. Due to lower costs, renewable energy is becoming competitive and, in some cases, cheaper than conventional power plants. ??
As of 2020, renewable energy sources accounted for 7% of total Australian energy consumption. Also, in 2020, Australia’s renewable electricity generation was about 62,917 GWh which is 12% higher than the 2019 entire renewable electricity generation. Also, in 2020, about 24% of Australia’s total electricity generation was from renewable energy sources, including solar (9%), wind (9%), and hydro (6%). ?
Therefore, based on the above-mentioned factors, growing renewable energy sector with government assistance is expected to drive the energy storage systems market during the forecast period.
Competitive Landscape
The Australia energy storage systems (ESS) market is moderately fragmented. Some of the major players include Pacific Green Technologies Group, LG Energy Solution Ltd, Tesla Inc., Century Yuasa Batteries Pty Ltd?, and EVO Power Pty Ltd.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06227804/?utm_source=GNW
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