Australia is set to lead the global energy storage boom, which according to a report by Bloomberg New Energy Finance (BNEF) will grow to a $1.2trn industry.
The global energy storage market is set to draw in $1.2trn investment by 2040 and the cost of batteries is also set to significantly decrease.
The report, entitled the Long-Term Energy Storage Outlook, predicts a strong uptake of stationary energy storage, thanks to households trying to maximize solar self-generation and networks working to balance increasingly renewable grids.
BNEF energy storage analyst, Yayoi Sekine, said: “We have become much more bullish about storage deployments since our last forecast a year ago. This is partly due to faster-than-expected falls in storage system costs, and partly due to a greater focus on two emerging applications for the technology – electric vehicle charging, and energy access in remote regions.”
BNEF’s head of energy storage, Logan Goldie-Scot, added: “We see energy storage growing to a point where it is equivalent to 7% of the total installed power capacity globally in 2040.”
Australia will play the leading role in this significant market growth alongside China, the US, the UK, India, Japan, Germany, France and South Korea.