Australia Renewable Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 51.41 gigawatt |
| Market Volume (2029) | 89.03 gigawatt |
| CAGR (2024 - 2029) | 11.61 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Australia Renewable Energy Market Analysis
The Australia Renewable Energy Market size in terms of installed base is expected to grow from 51.41 gigawatt in 2024 to 89.03 gigawatt by 2029, at a CAGR of 11.61% during the forecast period (2024-2029).
- Over the medium term, the prominent factors driving the growth are the issues related to elevated grid electricity prices and increasing investments in renewable energy generation in the country.
- On the other hand, the market's growth is expected to be hampered by factors like integrating renewables into the main electricity grid, which involves more challenges than installing them in the distributed form.
- Nevertheless, coal-fired power stations, which form a major part of the country's electricity generation, are aging and will retire after a certain period. They will not serve the country in the long run, which creates ample opportunity for the renewable energy market players to carve out a significant place in the power generation mix.
Australia Renewable Energy Market Trends
Solar Technology is Expected to Dominate the Market
- Solar power generation is expected to have a significant share during the forecast period due to the increase in distributed solar power installations or small-scale solar power generators in recent years.
- As per the Australian PV Institute, Australia's installed solar photovoltaic capacity was 29.7 GW as of December 2022, a 15.5% increase from the previous year. The electricity generated from Solar PV accounted for about 10 percent of the country's electricity in 2021. It emerged as Australia's fastest electricity generation technology, as per Australian Renewable Energy Agency.
- As part of Queensland's renewable energy targets, rooftop solar will be vital in helping it achieve its renewable energy goals. As of April 2023, over 780,000 homes and small businesses across Queensland with rooftop solar, generating approximately 4,500MW of clean energy. With one in three Queensland homes using solar power, the state has the highest rate of household solar rooftop installations in Australia.
- Due to its vast geographical extent and sparse population density, many industrial, agricultural, and mining operations and communities in the Australian interior must either depend on long-distance transmission grids or microgrids powered by diesel or gas generators. Solar PV systems and battery storage provide a perfect alternative for delivering reliable power supply to industrial consumers in remote locations.
- For instance, in February 2022, Australian mining giant Fortescue Metals Group unveiled plans to build a massive 5.4 GW solar PV, wind, and battery energy storage project, the UarooRenewable Energy Hub, in Western Australia's Pilbara region. The project is expected to have a 3.33 GW solar farm, a 2.04 GW wind farm, and a battery storage farm with a storage capacity of 9.1 GWh. The project will connect Fortescue's mining operations at Eliwanathrough a 220 kV transmission line.
- Owing to these developments, solar technology is expected to dominate the Australian renewable power generation market in the near future.
Government Initiatives are Expected to Drive the Market
- The Australian Government is focused on developing bilateral energy and emissions reduction agreements with state and territory governments. The deals will improve energy reliability and affordability and help energy markets adopt lower emissions technologies.
- According to the International Renewable Energy Agency, in 2022, the total renewable energy installed capacity accounted for 45.51 GW, with an annual growth of 12.6% compared to the previous year. With the increasing investment in new renewable energy projects and the government's focus on renewable power, the market is expected to grow in the forecast period.
- The government has launched various financial programs to promote renewable energy and increase its adaption on various levels.
- For instance, the Australian Government released its budget for October 2022-23, which commits record funding of almost AUD 25 billion to clean energy spending, providing greater direction and supporting the government's net zero commitment by 2050. Additionally, it includes funding for renewable energy and clean energy projects that provide investors with opportunities.
- Among the new budget, approximately AUD 300 million has been allocated by the Australian government to develop community batteries and solar banks. The AUD 224.3 million Community Batteries for Household Solar Program will deliver up to 400 community batteries for storing excess solar energy. As part of the Community Solar Banks program, AUD 102.2 million will be made available to assist Australian households in accessing cheap solar energy.
- Among other things, the Queensland Energy and Jobs Plan, which was released in September 2022, set new goals of 70% renewable energy by 2032 and 80% by 2035, which builds on this long-standing goal. The Plan outlines a range of actions to facilitate investment and deliver clean, reliable, and affordable energy to households and businesses.
- Owing to the above points and favorable government initiatives are expected to drive the Australian renewable energy market for the country during the forecast period.
Australia Renewable Energy Industry Overview
The Australian renewable energy market is fragmented. Some of the major companies in the market (in no particular order) include Iberdrola SA, Xinjiang Goldwind Science & Technology Co., Ltd.,, Vestas Wind Systems AS, Tilt Renewables Ltd, and Acciona SA., among others.
In February 2023, Tilt Renewables, a Melbourne-based project developer announced buying of a 50% stake in the up to 1.2-GW Forest Wind project in Queensland, Australia.
Australia Renewable Energy Market Leaders
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Tilt Renewables Ltd.
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Acciona SA
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Iberdrola SA
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Vestas Wind Systems A/S
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Xinjiang Goldwind Science & Technology Co., Ltd.,
*Disclaimer: Major Players sorted in no particular order
Australia Renewable Energy Market News
- In June 2023, Octopus Investments Australia, a renewables manager, acquired a 175 MW solar project in Queensland with a battery storage component. This will add to the existing wind farm, paving the way for the state's largest multi-technology renewable energy hub.
- In December 2022, Microsoft and FRV Australia teamed up to add renewable energy to the grid, which has a peak power capacity of roughly 300 megawatts, and it will supply clean energy to the electricity grid, allowing Microsoft to get closer to its global goal of converting to 100% renewable energy suppliers by 2025.
- In November 2022, the Australian government announced more offshore wind zone areas will be considered in Western Australia, which will help the country reach 82 percent renewable energy by 2030. In September 2022, Copenhagen Energy revealed its plans for 3GW wind projects in Western Australia.
Australia Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Mix, 2022
4.3 Renewable Power Installed Capacity and Forecast, in GW, till 2028
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.1.1 Increasing Investments in Renewable Energy Generation
4.6.1.2 Supportive Government Policies Towards Green Energy
4.6.2 Restraints
4.6.2.1 Challenges In Installing Renewable Power in the Circulated Structure
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Solar
5.1.2 Wind
5.1.3 Hydropower
5.1.4 Other Technologies
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Iberdrola SA
6.3.2 Xinjiang Goldwind Science & Technology Co., Ltd.,
6.3.3 Vestas Wind Systems AS
6.3.4 Tilt Renewables Ltd
6.3.5 Acciona SA
6.3.6 First Solar Inc.
6.3.7 Ratch Group PLC
6.3.8 Edify Energy Pty Ltd
6.3.9 Neoen SA
6.3.10 APA Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Phasing Out Of Coal-fired Power Plants To Create Opportunities For Renewable Sector
Australia Renewable Energy Industry Segmentation
Renewable energy is the energy collected from renewable resources such as sunlight, wind, the movement of water, and geothermal heat that are naturally replenished.
Australia renewable energy market is segmented by technology. By technology, the market is segmented into solar, wind, hydro, and other technologies. For each segment, the installed capacity and forecasts have been done based on gigawatts (GW).
| Technology | |
| Solar | |
| Wind | |
| Hydropower | |
| Other Technologies |
Australia Renewable Energy Market Research Faqs
How big is the Australia Renewable Energy Market?
The Australia Renewable Energy Market size is expected to reach 51.41 gigawatt in 2024 and grow at a CAGR of 11.61% to reach 89.03 gigawatt by 2029.
What is the current Australia Renewable Energy Market size?
In 2024, the Australia Renewable Energy Market size is expected to reach 51.41 gigawatt.
Who are the key players in Australia Renewable Energy Market?
Tilt Renewables Ltd., Acciona SA, Iberdrola SA, Vestas Wind Systems A/S and Xinjiang Goldwind Science & Technology Co., Ltd., are the major companies operating in the Australia Renewable Energy Market.
What years does this Australia Renewable Energy Market cover, and what was the market size in 2023?
In 2023, the Australia Renewable Energy Market size was estimated at 46.06 gigawatt. The report covers the Australia Renewable Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Australia Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
How is the Australia Renewable Energy Market segmented?
The Australia Renewable Energy Market is segmented based on a) Type: Hydro Power, Wind Power, Solar Power and Bioenergy b) End User: Industrial, Residential, and Commercial
Australia Renewable Energy Industry Report
The renewable energy market in Australia is poised for significant growth, driven by a combination of technological advancements, supportive government policies, and increasing public awareness of environmental sustainability. The market is segmented by type, including hydro power, wind power, solar power, bioenergy, and others, with solar technology expected to dominate due to its widespread adoption and cost-effectiveness. End users are categorized into industrial, residential, and commercial sectors, each contributing to the market's expansion.
The market's growth is further bolstered by declining costs of renewable technologies, financial incentives, and regulatory frameworks that encourage the adoption of clean energy solutions. As traditional fossil fuel reserves diminish and environmental concerns escalate, the shift towards renewable energy is not only a strategic move for energy security but also a crucial step towards a sustainable and resilient future. The largest renewable energy companies in Australia are playing a pivotal role in this transition, driving innovation and investment across the renewable energy market in Australia.
Industry outlook and industry statistics indicate a robust future for the renewable energy sector in Australia. Market share and growth rate projections underscore the potential for substantial market expansion. Comprehensive industry analysis and industry growth reports provide valuable insights into the market dynamics. The availability of a report PDF for detailed sector analysis and market research further enhances the understanding of the market landscape.
The Australia renewable energy market analysis includes a market forecast outlook and historical overview, offering a well-rounded perspective on market trends and developments. Market research and market analysis are crucial for identifying opportunities and challenges within the industry.
In summary, the renewable energy market in Australia is characterized by strong industry growth, supported by favorable market conditions and strategic initiatives. The industry's size and worth are expected to increase significantly, driven by market leaders and innovative solutions. The market forecast and market growth outlook remain positive, with continuous advancements and investments shaping the future of renewable energy in Australia.
