According to a new report by GTM Research, Australia’s energy storage market will grow by more than 50-fold from 2013 – 2020.
GTM predicts the local energy storage market will increase from $11.25 million in value in 2013 to $630 million by 2020, with the country to reach 244 megawatts of annual installed capacity.
“As battery prices continue their rapid decline, storage will become more attractive to end customers, especially in the residential sector,” a statement from the market research firm reads.
Australia has been on the radar for battery manufacturers for some time, notes Energy Matters. Tesla announced in September that the local market would be one of the first it would attempt to sell its Powerwall storage system to.