Dec 1, 2017   SOURCE: BusinessWire

Australia Energy Storage Systems Market 2017-2023: Market is projected to grow at a CAGR of 30.1% - Research and Markets

The "Australia Energy Storage Systems Market (2017-2023): Forecast By Technologies, Applications, Regions and Competitive Landscape" report has been added to Research and Markets' offering.

The Australian Energy Storage Systems Market is projected to grow at a CAGR of 30.1% during 2017-2023.

Rising electricity prices, falling battery costs and a nationwide shift towards renewable energy dependence would be major factors responsible for the growth of the energy storage systems market in Australia. The Australian Government's Renewable Energy Target scheme and the Next Generation Renewables Program are also expected to drive the growth of the Australian energy storage systems market over the next six years.

The Government of Australia has its Renewable Energy Target (RET) scheme in place, the aim of which is to increase the energy dependence of the country on renewable sources by setting up multiple renewable energy power projects all across the nation. The energy storage system market in Australia is dominated largely by electrochemical energy storage solutions and this trend is expected to continue in the coming years. According to the Australian Renewable Energy Agency, the price of Lithium-Ion batteries is expected to fall by almost 60% by 2020 and is predicted to emerge as the leader in terms of market revenue share in the forecast period.

The state of New South Wales had the largest market share in terms of revenue in 2016. During 2017-2023, the states of New South Wales, Queensland and Victoria are expected to be the leaders in market revenue share terms due to a number of power utility and storage products under construction or announced for these regions.

Markets Covered

The report provides detailed analysis of the following market segments:

  • By Technologies:
    • Electrochemical
      • Lithium Ion
      • Lead Acid
      • Flow Battery & Others
    • Mechanical (Flywheel)
    • Thermal (Molten Salt)
    • Others
  • By Applications:
    • Residential
    • Commercial & Industrial
    • Power Utilities
    • Transportation
  • By Regions:
    • New South Wales
    • Victoria
    • Queensland
    • South Australia
    • Western Australia
    • Tasmania
    • Northern Territory

Companies Mentioned

  • Enphase Energy Inc
  • GCL System Integration Technology Co. Ltd
  • Hoppecke Batterien GmbH & Co. KG
  • LG Chem Ltd.
  • Magellan Powertronics Pty Ltd
  • Redflow Limited
  • Smart Storage Pty Ltd
  • Sonnen GmbH
  • Tesla Inc
  • VSUN Energy Pty Ltd

For more information about this report visit https://www.researchandmarkets.com/research/l6h8kx/australia_energy