Australia Energy Storage Systems Market Research Report Forecast to 2023
ble energy production is planned to be attained by 2020. This would represent 23.5% of the national energy production coming from renewable sources. With increasing uptake of rooftop solar plus storage systems in households and predicted rise in the adoption of electric vehicles in future, the energy storage systems market in Australia is expected to register substantial over the next six years.
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Australia Energy Storage Systems Market is projected to grow at a CAGR of 30.1% during 2017-23. 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 2017-23, 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.
The report comprehensively covers the Australian Energy Storage Systems Market by technologies, verticals and regions. The report gives an unbiased and detailed analysis of the current trends, opportunities and market drivers that would help stakeholders to design and align their market strategies according to the current and future market dynamics.
Key Highlights of the Report
- Historical Data of Global Energy Storage Systems Market Revenues for the Period 2014-2016.
- Market Size & Forecast of Global Energy Storage Systems Market Revenues until 2023.
- Historical Data of Australia Energy Storage Systems Market Revenues for the Period 2014-2016.
- Market Size & Forecast of Australia Energy Storage Systems Market Revenues Market until 2023.
- Historical Data of Australia Energy Storage Systems Market Revenues for the Period 2014-2016, By Technology.
- Market Size & Forecast of Australia Energy Storage Systems Market Revenues until 2023, By Technology.
- Historical Data of Australia Energy Storage Systems Market Revenues for the Period 2014-2016, By Verticals.
- Market Size & Forecast of Australia Energy Storage Systems Market Revenues until 2023, By Verticals.
- Historical & Forecast Data of Australia Energy Storage Systems Regional Market Revenues for the Period 2014-2023.
- Market Drivers and Restraints.
- Market Trends and Developments.
- Players Market Share and Competitive Landscape.
- Company Profiles.
- Strategic Pointers.
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by: Sandhya Nair