Australia Wind Energy Market Size (2024 - 2029)

The Australian wind energy market is poised for growth, driven by the commissioning of major wind power projects and a decrease in wind energy costs, which are enhancing adoption rates. Despite minor challenges during the COVID-19 pandemic, the market has shown resilience, with the onshore sub-sector expected to maintain its dominance due to significant installed capacity. The increasing demand for electricity and the country's substantial wind power potential present further opportunities for market expansion. However, the rise of alternative energy sources like gas and solar power may pose challenges to market growth. Supportive government policies and rising investments in the wind energy sector are anticipated to propel the market forward during the forecast period.

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Market Size of Australia Wind Energy Industry

Australia Wind Energy Market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 6.50 %
Market Concentration Medium

Major Players

Australia Wind Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Australia Wind Energy Market Analysis

The Australian wind energy market is expected to record a CAGR of more than 6.5% during the forecast period. The Australian wind energy market relatively remained unaffected during the outbreak of the COVID-19 pandemic in Q1 of 2020 as the country was successful in commissioning more than 1 GW of wind energy projects. However, there were minor challenges related to the workforce health issue. The prominent factors driving the growth are the commissioning of significant wind power projects and the reduced cost of wind energy, leading to increased wind energy adoption in Australia. However, the growing adoption of alternative energy sources such as gas-based power and solar power will likely hinder the market growth.

  • With a significant installed onshore wind generation capacity of around 7.29 GW in 2020, the onshore sub-sector is expected to dominate the Australian wind energy market during the forecast period.
  • Increased demand for electricity in the country is expected to provide market opportunities for wind power development in the coming years. The massive wind power potential and a decline in the cost of wind energy are likely to provide widespread business opportunities to the market in the coming years.
  • Favorable government policies and increasing investments in the wind energy sector will likely drive the market during the forecast period.

Australia Wind Energy Industry Segmentation

The Australian wind energy market report includes:

Location of Deployment
Onshore
Offshore
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Australia Wind Energy Market Size Summary

The Australian wind energy market is poised for significant growth, driven by the commissioning of substantial wind power projects and the decreasing cost of wind energy, which is fostering greater adoption. Despite minor challenges during the COVID-19 pandemic, the market remained resilient, with a strong focus on onshore wind energy, which is expected to dominate the sector. The increasing demand for electricity and the vast wind power potential in Australia present numerous business opportunities. However, the market faces competition from alternative energy sources like gas-based power and solar energy. Government policies and investments are crucial in propelling the market forward, with initiatives such as the Technology Investment Roadmap and the Renewable Energy Target (RET) playing pivotal roles in supporting renewable energy growth.

The wind energy sector in Australia is characterized by a moderately fragmented market with key players such as Vestas Wind Systems AS, Acciona SA, Suzlon Energy Limited, Neoen SA, and Tilt Renewables. Significant projects, like the Asian Renewable Energy Hub and the Goyder Renewables Zone, are set to enhance the country's wind energy capacity. Government support, coupled with declining costs of utility-scale wind energy, is expected to drive market expansion. The Australian Energy Market Operator's plans to invest in wind, solar, and battery projects further underscore the commitment to renewable energy. These developments, alongside strategic partnerships and new installations, are likely to solidify onshore wind energy's dominance in the Australian market during the forecast period.

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Australia Wind Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Wind Energy Capacity and Forecast, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

Australia Wind Energy Market Size FAQs

The Australia Wind Energy Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)

Tilt Renewables, Vestas Wind Systems A/S, Acciona SA, Suzlon Energy Limited and Neoen SA are the major companies operating in the Australia Wind Energy Market.

Australia Wind Energy Market Report Snapshots

Australia Wind Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)