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Research heralds growth and opportunity for Queensland’s battery industry

Research heralds growth and opportunity for Queensland’s battery industry

Independent research shows that stationary storage is the fastest growing segment within the battery market globally. The release of a new discussion paper highlights Queensland’s ability to play an important role in meeting this demand.

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Battery storage will be a key to unlocking Queensland’s renewable energy revolution as we power towards our target of 70 per cent renewables by 2032. By leveraging our strengths in mining and refining, Queensland can build capabilities in the production of advanced battery materials and the cells themselves.

The release of the Battery Industry Opportunities for Queensland discussion paper is an important step in the state becoming a domestic leader in the battery industry. Now is the time to have your say on the market and supply chain opportunities identified for Queensland.

Global and local demand for batteries grows

As global economies transition to net zero, demand for batteries shows no signs of slowing down. Research by Accenture forecasts global battery demand to reach 2,045 GWh by 2030- nearly 11 times 2020 levels. In Australia, demand is growing at the same rate and is expected to provide 90GWh of demand by 2030.

While much of this growth will be driven by demand for electric vehicles, stationary storage is the fastest growing segment of overall battery market demand with opportunities emerging in grid-scale, behind the meter, off-grid and mining applications

Placing Queensland as a domestic leader in the battery industry

In June 2022, the Australian Government announced a commitment to develop a National Battery Strategy and invest up to $100 million to establish an Australian Made Battery Precinct in Queensland.

Queensland is in an advantageous position to build a battery industry based on existing up-stream capabilities and competitive advantages in reliability, R&D, vanadium and other critical minerals. The discussion paper outlines how Queensland can leverage existing capabilities and investments to capitilise on rapidly growing opportunities in the battery industry.

© Accenture

Battery industry a potential boon for Queenslanders

The Queensland Energy and Jobs Plan outlines the economic opportunities for the state in transforming the Queensland energy system, with battery storage a vital part of the plan.

The Battery Industry Opportunities for Queensland discussion paper shows that Queensland’s battery industry has the potential to contribute approximately $1.3 billion in economic activity and create 9,100 jobs by 2030, in areas including:

  • Mining
  • Refining and active material production
  • Cell manufacturing
  • Pack assembly
  • Services & integration
  • Re-use and recycling.

Stakeholder consultation commences on discussion paper

The Battery Industry Opportunities for Queensland discussion paper has now been released for stakeholder consultation. Feedback from the industry will help inform ongoing development of the Queensland Battery Industry Strategy, which is expected to be released in the middle of 2023.

The Battery Industry Opportunities for Queensland discussion paper can now be read on our website.

Last updated: 14 Jun 2023

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