Australia is emerging as a leader in global battery storage, according to a new international report.
The nation is experiencing a battery storage revolution and fast becoming the world’s biggest market for energy storage technology.
The findings came in the annual Capgemini World Energy Markets Observatory report, which gives Australia its own chapter for the first time this year.
The report notes a rise in solar storage innovation. There is:
- Strong focus on battery storage technologies.
- Increasingly affordable solar PV.
- Falling battery prices attracting both residential and commercial customers.
Australia also has a higher penetration of rooftop solar PV per household than most other countries, according to the study.
Furthermore, installation of solar PV systems (up to 100KW) across household and commercial sector exceeds 1.5 million as of 2016.
Leading in global battery storage: Rooftop solar and smart technology booming
According to the report, rapid uptake of new technology like rooftop solar power is having an impact on Australia’s energy market.
As the report notes, the plunging cost of large-scale solar power is transforming energy use. And this technology has shorter project lead times than wind energy, it claims.
As a result, the combination of falling cost and fast construction time is making large-scale solar an important energy source.
Interestingly, the report praises recent advances in smart metering, solar energy storage and electric vehicles.
‘Behind the meter applications’ and off-grid locations are identified as core opportunities for energy storage, the Capgemini study reveals.
It also highlights growth in blockchain technology for peer-to-peer electricity trading.
Challenges of transition to battery storage
Early technology adoption is attracting investment and exploration of new energy business models, the report says.
Yet Australia is a long way from meeting emission targets set out in the Paris Agreement. Despite advances, Australia is being held back by a fragmented, state-led approach to energy management.
The report notes that the nation is missing central government leadership and direction. Even so, blockchain technology has the potential to play a “game-changing role” in transitioning Australia’s electricity system into a “resilient, cost-effective and low carbon grid”.
Significant strides in tech-innovation will help create a sustainable energy system, the report claims.
As well, market regulations must also “continually evolve” to adapt and drive further innovations.
