Australia's battery market grows by 55%

For a well-functioning industry, it is crucial that industry participants know the size of the market. Knowing the rate of market expansion or contraction informs investment decisions. Evaluating the success of a business strategy requires understanding whether absolute growth occurs for that business, and whether it grows its share of the market (relative growth) – as savvy business expand when the industry is contracting or growing.

The Australian solar industry enjoys industry data that is the envy of other countries. SunWiz analysis covers 99+% of all solar installations, largely thanks to government incentive program reporting, but also due to SunWiz’s partnership with leading industry players. 

As there’s no universal incentive program for Energy Storage Systems, it’s much more difficult to assess the size of the solar battery industry. Government data does exist, but it relies upon voluntary disclosure from installers, and SunWiz has conclusively demonstrated it does not completely capture the market – far from it, in fact.

To appraise the battery market size, market participants rely upon SunWiz to draw upon our network of relationships that each hold key pieces of the puzzle. We then form a multi-layered view of the market, incorporating data from government departments, network operators, regulators, service providers, and manufacturers & wholesalers of energy storage systems.

Here’s what our research concluded the 2022’s solar battery market:

• 47,100 energy storage systems were installed in 2022. 
• That’s 55% growth over 2021.
• Every Australian state and territory grew in 2022. SA was the only state to not reach a record number of energy storage systems installations.
• Installing solar & storage together is becoming more common-place, there was one energy storage system commissioned for every 7 solar power systems installed last year.
• The cumulative total number of homes and businesses with solar batteries has hit 180,000. That’s still a long way off the 3 million homes with solar power, but many solar households are seeing the light – with one third of battery installations being retrofit to existing solar systems.”

One final thing: SunWiz appraisal of manufacturer market share (based upon multiple data sources and ignoring any information provided to SunWiz by manufacturers) suggests that there are a large number of battery manufacturers competing for a small slice of the total market. The top 2 brands in Australia had practically equal market share, and the Top 3 brands together represented more than half of the market. For the rest, it must be costly to support the investment and headcount required to establish a brand here. It makes sense to make well-informed decisions.

The 2023 SunWiz Annual Australian Battery Market Report has been released and is essential reading for industry participants and newcomers alike. View a sample here: https://www.sunwiz.com.au/battery-market-report-australia-2023/