A new CSIRO report says that renewable energy storage capacity must grow significantly over coming decades to keep pace with rapidly rising electricity demand.
The hefty 200-page Renewable Energy Storage Roadmap report estimates that the national electricity market could require a 10 to 14-fold increase in its electricity storage capacity between 2025-2050.
It also found that while traditional storage technologies (such as batteries and pumped hydro) will continue to play a key role, all forms of energy storage must be considered to meet Australia's growing demand across multiple sectors including construction and transport.
Science and Industry Minister Ed Husic said the road map shows major investment in storage technologies is needed to meet growing demand for cheaper renewable power.
"Large-scale uptake of battery storage and battery manufacturing will be vital in the nation's transition to net zero and to Australia becoming a world leader in clean energy," Mr Husic said.
He noted the battery manufacturing industry has potential to be worth nearly $17 billion and create more than 61,000 jobs by 2030.
"There is no silver bullet for energy storage because it's hard to beat the unique energy characteristics of fuels," said CSIRO Chief Executive Larry Marshall
"We need multiple shots on goal from batteries, hydrogen, pumped hydro and a host of new science-driven technologies".
Renewable energy from wind, solar and hydro supplied an average of 40.3 per cent of power in the national electricity market breaking previous records, according to a report published by the Australian Energy Market Operator in January.
CSIRO Energy Director Dietmar Tourbier said the roadmap was a major step towards pinpointing fit-for-purpose solutions for energy storage.
"For example, batteries may be the best option for local and short duration storage of electricity while thermal or heat energy (like steam) might be technology better suited for heat intensive industries," he said.
Storage duration can range from less than four hours to over 100 hours.
