A recent research shows that Australia’s energy storage market has tripled in 2017. While cumulative global energy storage additions reached 1.4 GW and 2.3 GWh in 2017.
Australia added more stored power capacity than any other nation last year, with 246 MW. This total comprised a tripling of the country’s residential storage space, which continues to be boosted by high retail electricity rates and diminishing or expiring solar FITs, thereby boosting the uptake of home batteries for self-consumption purposes.
In the U.S., meanwhile, the 431 MWh of new stored energy capacity was the highest globally, with the first quarter (Q1) of 2017 accounting for 234 MWh of storage deployments.
Globally, the storage industry will continue to be shaped by continuous refinement of policy and market mechanisms designed to encourage battery uptake on several fronts. These include renewable integration, time-of-day based PPA structures, competitive market redesigns, retail rate reforms, urban and remote microgrids, and distributed resources for grid services and as virtual power plants.
Such initiatives, allied to continued cost reductions of lithium ion technology, will boost installation numbers to 8.6 GW and 21.6 GWh by 2022.