US, Australia amongst leading battery systems market: report
The markets account for 55% of projects globally, Fitch Solutions reported.
The United States and Australia are amongst the leading markets globally for the development of battery systems, Fitch Solutions reported.
The markets combined account for 55% of projects in the pipeline, according to Fitch’s Key Project Database.
The US currently has 115 battery storage projects in various stages of development. This is expected to have a non-hydropower renewables capacity of 608 gigawatts by 2031.
Australia, meanwhile, has 41 grid-connected battery and 50 hybrid battery storage projects in the pipeline.
Fitch noted that battery systems are the leading storage technology type. Of the nearly 500 energy storage projects, 43% were hybrid projects, whilst compressed air and thermal storage accounted for 2% and under 1%, respectively.
“We believe that battery storage will continue to outperform all other types of energy storage, as it is currently the most cost-effective energy storage solution with costs expected to decline significantly over the coming decade,” Fitch noted.
“The National Renewable Energy Laboratory (NREL) expects lithium battery system costs to fall by 40% by 2030.”