When will battery energy storage systems be available in Australia?

The construction of the grid was anticipated to begin in early 2022 and is expected to be in operation by 2023. Thus, upcoming projects in Australia are expected to boost the demand for battery energy storage systems (BESS) during the forecast period.

How many energy storage batteries are there in Australia?

According to the Clean Energy Council, in 2021, 34,731 energy storage batteries with a combined capacity of 347 MWh were installed in Australia, witnessing a growth of 45.7% compared to 2020.

Why are batteries so expensive in Australia?

Per kilowatt of power, batteries in Australia (in both the NEM and WEM) have increased in cost over time. But this is due to more recent projects being longer-duration: while the first Australian batteries were at one hour of duration or less, two-hour and four-hour batteries are now the norm.

How important are batteries in energy storage systems?

Batteries are crucial in energy storage systems and are responsible for around 60% of the system's total cost. In 2021, the country witnessed significant growth in rooftop solar PV installations. The number of solar PV installations increased from 378.45 thousand units in 2020 to 389.57 thousand units in 2021, a growth of more than 2.5%.

Are lithium-ion batteries the future of battery energy storage?

Lithium-ion batteries are expected to hold the most significant share in the battery energy storage market, as they require less maintenance, are lightweight, have a reliable cycle life, and have high energy density in terms of volume and high charge/discharge efficiency.