Market Size of Australia Energy Storage Systems (ESS) Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 27.56 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australia Energy Storage Systems Market Analysis
The Australian energy storage systems (ESS) market is expected to reach USD 8,656 million by the end of the current year, and it is projected to register a CAGR of -27.56% during the forecast period.
Although the market studied was affected by the COVID-19 pandemic in 2020, it recovered and reached pre-pandemic levels.
The decrease in prices of batteries and rapid adoption of renewable energy supported by government initiatives are expected to drive the growth of the market studied during the forecast period.
However, high initial capital requirements, along with the high cost of the components, are anticipated to restrain the demand for energy storage from the residential and small-scale commercial sectors, thus, inhibiting the growth of the market studied.
The development of new advanced batteries and the increasing commercialization of compressed air energy storage (CAES) technology is expected to create several opportunities for Australian energy storage systems (ESS) providers.
