Australia's battery storage industry could be worth as much as $7.4 billion to the national economy by the end of the decade, with global use set to skyrocket in future years.
A new report, prepared by consultancy firm Accenture for the Future Battery Industries Cooperative Research Centre, revealed as many as 34,700 new jobs would be created in the sector by 2030.
However, the valuation of batteries being a $7 billion industry would be dependent on Australia no longer relying solely on mining raw materials that are used to make batteries, and instead develop additional onshore manufacturing of the storage systems.
The report found Australia's battery sector would still increase from the $1.3 billion in 2020 if the country still focused on just mining but would only increase to $4.1 billion by decade's end and have 16,000 fewer jobs made available.
The research centre's chief executive Stedman Ellis said diversifying Australia's battery industry was crucial, with global use expected to increase by between 900 and 1000 per cent by 2030.
"Australian can be a winner from a decarbonised world and we are in a unique position in a very rapidly expanding industry," Mr Ellis said.
"There are significant opportunities to build new industries along that value chain."
The report comes as the ACT government looks to build several large-scale batteries across Canberra as part of its big battery scheme.
Plans have already been lodged for battery storage facilities to be built in west Belconnen along with Jerrabomberra.
Household batteries will also be subsidised by the territory government as part of its upcoming sustainable household scheme, which will provide interest-free loans of up to $15,000 to purchase the systems.
The report said while battery systems for homes are expected to increase significantly in coming years, batteries as part of electric vehicles would be the largest use of technology.
Passenger electric vehicles are estimated to make up as much as 62 per cent of battery pack sales.
Accenture director of strategy Toby Brennan said Australia was behind in electric vehicle take up compared with similar nations.
"We are a laggard, with other OECD countries taking them up six to seven times faster than us when it comes to electric vehicles," he said.