The home energy storage market unexpectedly proved to be fairly stable in 2019, following years of growth.
It was a two-speed market, with some state and some companies increasing market share at the expense of others. Despite the stability by number of systems, the residential market decreased in terms of capacity in MWh, and failed to keep pace with the growth of the companion PV market. South Australia leapfrogged three other states to become the leading state for energy storage. One of the key trends driving the market was Virtual Power Plants, which went from being trialed and promoted to delivering results for participants and the broader electricity network.
In contrast to the stable residential market, the utility-scale market grew significantly, setting a new annual record that eclipsed 2017’s tally which was dominated by the Hornsdale Power Reserve.
All in all, there were 22,000 installations in 2019, bringing the cumulative national tally to 70,000 installations. The total capacity installed in 2019 was 376MWh, which brought the cumulative tally to over 1 GWh.
2020 is expected to exceed this tally, largely due to the 500MWh of utility-scale energy storage currently under construction.
For all the facts, figures, financial analysis, and trends, check out SunWiz’s 2020 Battery Report at https://www.sunwiz.com.au/battery-market-report-australia-2020/