While Woodmac didn’t provide specific analysis on Australia, it appears to command around 30 GWh of the expected storage deployments by 2031, sitting just behind Germany which has 32 GWh forecasted.
Unlike Germany however, where 61% of storage deployment are expected to come from the residential segment, Australia’s outlook is dominated by grid-scale projects.
Australia sits ahead of India, the UK, Japan and South Korea on Woodmac’s tally board.
According to the consultancy, the top 10 markets will command around 91% of the globe’s total storage deployments, with other regions contributing just the remaining 9%.
Leader, the United States, is expected to deploy 600 GWh by 2031, while China’s contribution sits at 422 GWh.
Woodmac said the global storage market’s growth has “staggered,” though it noted regulatory barriers have failed to improve storage project economics namely in Europe.
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