Research and Markets forecasts the Australian energy storage systems market to grow by 30.1% between 2017 and 2023.The implementation of the Renewable Energy target and the Next Generation Renewables programmes, is expected to drive growth of the energy storage systems market.
The programme aims to secure energy supply and reduce carbon emissions by reducing reliance on fossil-fueled energy generation.
Rising electricity prices will force energy providers to expand portfolios of renewable energy resources, a development which will require increasing energy storage capacities.
Moreover, the cost of energy storage batteries is expected to continue declining leading to an increase in adoption of energy storage systems. The Australian Renewable Energy Agency forecasts the price of lithium-ion batteries to fall by 60% by 2020.
The Australian energy storage systems market is currently dominated by the electro-mechanical energy storage systems. The segment is expected to continue dominating the market over the coming years. However, continued decreases in the cost of lithium-ion batteries will result in the segment holding a lion’s share of the market over time.
The state of New South Wales generated the highest revenue in 2016. New South Wales, Quennsland and Victoria states will dominate the market ahead of other states due renewable energy projects currently under deployment and set for rollout in the near future.
Energy storage in Canada
In related news, the Independent Energy Systems Operator (IESO) announced that it will make use of an energy storage system to stabilise the grid network in the Canadian province of Ontario.
IESO will use the energy storage plant to improve management of energy capacity generated by distributed energy resources. The grid operator has over the past three years increased its portfolio of distributed renewable energy resources.
The battery energy storage system is claimed to be the first utility-scale energy storage plant in Ontario. The system was built by EPAL, Deltro Energy and Leclanche at a total cost of $25 million.
Meanwhile, three utilities in the US have selected virtual power systems firm, Sunverge Energy, to deploy and optimise the operations of their energy storage systems. The Arizona Public Service will install Sunverge One battery energy storage units and equip consumers with the company’s home energy management system.
The aim of the programme is to minimise energy demand and maximise consumer energy savings. Read more...
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