Australia Power Market Size (2024 - 2029)

Australia Power Market Size Summary

The Australian power industry is poised for significant growth over the forecast period, driven by increasing electricity demand from key sectors such as manufacturing and mining. The availability of diverse fuel sources for electricity generation supports this expansion, although the gradual phasing out of coal-based power plants presents a challenge. The market is witnessing a shift towards renewable energy, with wind, solar, and small hydro power generation gaining traction. This transition is further fueled by the rising demand for electric vehicles and heat pumps, as well as the need for enhanced transmission and distribution infrastructure to meet export requirements. These developments create substantial opportunities for major industry players to capitalize on the growing renewable energy market.

The Australian government's commitment to renewable energy is evident in its legislative efforts and strategic initiatives, such as the Offshore Electricity Infrastructure Bill 2021, which aims to develop offshore wind energy projects. The construction industry, a significant consumer of electricity, continues to expand, driven by projects like the Elizabeth Quay Mixed-Use Complex and the Brisbane Metro-Rail project. These initiatives are expected to bolster the power market by increasing electricity demand. The market remains semi-fragmented, with key players like Energy Australia, AGL Energy Ltd, and Origin Energy Ltd. actively participating in the transition towards cleaner energy sources. Recent projects, including the MacIntyre Wind Precinct and the Western Downs Green Power Hub, highlight the ongoing shift towards renewable energy, aligning with Australia's broader energy transition goals.