Here at Chelion Renewables, we recognise the potential of the booming renewable battery sector in the country. According to a study by professional services company Accenture, the demand for solar battery storage has grown by 64% in the last two years, driven primarily by the increased adoption of electric vehicles (EV) and a global shift towards renewable energy.
The study estimates that pursuing a diversified battery industry, including downstream processing and manufacturing activities, could create $16.9 billion in gross value added (GVA) to the economy by 2030, generating $55.2 billion in additional gross domestic product (GDP) and supporting 61,400 jobs.
The Future Battery Industries Cooperative Research Centre (FBICRC) has predicted that the battery industry has the potential to be worth nearly $17 billion by 2030, more than double its previous forecast. If Australia focuses on mining raw battery materials, the report forecasts $10.4 billion in GVA and $25.8 billion in additional GDP by 2030.
The study emphasises the importance of Australia acting quickly to capture opportunities in the high-value battery market, which faces intensified global competition. The Charging Ahead study recommends six strategic priorities to support battery industry development, including alliances, attracting large anchor tenants to Australia, government strategies and policies, regional export partnerships with neighboring countries, and increased collaboration between industry and academia.
FBICRC Chief Executive Officer Shannon O’Rourke said the accelerated pace of global investment in battery industries means that the time to act is now. He emphasised the need for more aggressive industry policies, targeting markets that are looking to diversify their supply chains, and partnering with geopolitical allies to enable and enhance the potential growth of Australia’s battery industry.
Federal Industry Minister Ed Husic acknowledged the urgency of the situation, stating that Australian firms need to act quickly to ensure that the window of opportunity does not close. Husic recognised Australia’s unique position in the battery industry, citing the country’s critical mineral wealth, reliability and security as an export partner, and environment, social, and governance (ESG) credentials as advantages that can be leveraged to capture opportunities across the value chain.
“There is a window of opportunity to become a key player in battery manufacturing here in Australia and export on the world stage. We cannot let it close. “Address to the National Press Club
22 March 2023
Chelion Renewables recognises the potential for growth in the solar battery storage market in Australia and supports the study’s recommendations for strategic priorities to support battery industry development. We strongly believe that with the right policies and initiatives in place, Australia can take a leading role in the battery industry and export its innovations on the world stage.
See how we’re already helping Australia capture this unique opportunity and drive innovation on the world stage. Commercial Energy Storage Systems | Chelion