Australia Renewable Energy Market Size (2024 - 2029)

The market size of renewable energy in Australia is anticipated to experience significant growth over the forecast period, driven by factors such as high grid electricity prices and increased investments in renewable energy generation. However, challenges related to integrating renewables into the main electricity grid could impede this growth. Despite these challenges, the impending retirement of aging coal-fired power stations presents substantial opportunities for renewable energy market players to expand their presence in the country's power generation landscape.

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Market Size of Australia Renewable Energy Industry

Australia Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) 11.61 %
Market Concentration Low

Major Players

Australia Renewable Energy Market 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 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
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Australia Renewable Energy Market Size Summary

The renewable energy sector in Australia is poised for significant expansion over the coming years, driven by rising electricity costs and increased investments in sustainable energy sources. The transition from aging coal-fired power stations to renewable energy presents a substantial opportunity for market players to establish a strong presence in the country's energy mix. Solar power is expected to play a pivotal role in this growth, with distributed solar installations gaining traction, particularly in regions like Queensland, where rooftop solar usage is notably high. The vast geographical expanse of Australia also makes solar photovoltaic systems and battery storage an attractive alternative for providing reliable power to remote industrial and agricultural operations.

Government initiatives and financial programs are further propelling the renewable energy market in Australia. The Australian Government's commitment to clean energy, evidenced by substantial funding and strategic plans like the Queensland Energy and Jobs Plan, aims to enhance energy reliability and reduce emissions. These efforts are complemented by bilateral agreements with state and territory governments to adopt lower-emission technologies. The market's fragmented nature sees major players like Iberdrola SA, Vestas Wind Systems, and Tilt Renewables actively investing in projects to bolster their renewable energy portfolios. Such developments, alongside favorable policies, are expected to drive the growth of renewable energy in Australia throughout the forecast period.

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Australia Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, 2022

    3. 1.3 Renewable Power Installed Capacity and Forecast, in GW, till 2028

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

        1. 1.6.1.1 Increasing Investments in Renewable Energy Generation

        2. 1.6.1.2 Supportive Government Policies Towards Green Energy

      2. 1.6.2 Restraints

        1. 1.6.2.1 Challenges In Installing Renewable Power in the Circulated Structure

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Solar

      2. 2.1.2 Wind

      3. 2.1.3 Hydropower

      4. 2.1.4 Other Technologies

Australia Renewable Energy Market Size FAQs

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.

In 2024, the Australia Renewable Energy Market size is expected to reach 51.41 gigawatt.

Australia Renewable Energy Market Report Snapshots

Australia Renewable Energy Market Analysis - Industry Growth, Size & Forecast Report (2024 - 2029)