Australia's revenue potential from developing a battery industry has doubled to A$16.9 billion ($11.28 billion) by 2030 in less than two years, highlighting the speed of the sector's expansion and the need to act quickly, an Accenture report showed on Wednesday.
Australia's battery industry is poised to become a global leader given the country's mineral wealth, but the federal government needs to offer substantial industry incentives to shore up the sector given emerging global competition, according to the Charging Ahead report.
Global battery demand is forecast to expand 34% a year to 2030, quicker than annual growth of 24% seen just 18 months ago, given rapid uptake of electric vehicles, stationary storage and a global acceleration in the energy transition, the report added.
Batteries could create local 61,400 jobs by 2030, said the report backed by government and battery industry research group Future Battery Industries, which will be launched by Industry and Science Minister Ed Husic in Canberra on Wednesday.
More: Australia could reap $11.3 bln from battery sector by 2030 - Accenture