New Zealand Renewable Energy Market Size (2024 - 2029)

The renewable energy market in New Zealand is poised for significant expansion, driven by a robust resource base and supportive government policies aimed at increasing the adoption of renewable sources. Despite challenges such as limited land availability, the market's capacity is expected to grow, particularly in the wind energy segment, which is benefiting from advancing technology. The government's commitment to reducing reliance on non-renewable resources, exemplified by recent pledges to phase out coal-based power generation, further underscores the potential for market growth.

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Market Size of New Zealand Renewable Energy Industry

New Zealand Renewable Energy Market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 8.50 %
Market Concentration Medium

Major Players

New Zealand Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

New Zealand Renewable Energy Market Analysis

The New Zealand renewable energy market is expected to witness a CAGR of around 8.5% during the forecast period. The COVID-19 pandemic had an impact on the already operating renewable energy plants' power supply loads due to decreased power demand from many sectors in the country, ascribed to suspended economic activity. However, the ongoing renewable developments were untouched by the pandemic. For instance, the solar capacity additions in 2020 were around 142MW, an uptrend from the 2019 figures, i.e., 116MW. The New Zealand renewable energy market is expected to grow more in the near future due to the abundant resource base in the country and the government's push for more adoption of renewables in the energy sector. However, the limited land availability in the country is expected to render a stunted growth of the market.

  • The wind energy segment is expected to witness significant growth during the forecast period due to the maturing technology.
  • The steady efforts on the part of the nation to eject non-renewable resources from the primary energy mix create an enormous opportunity for the growth of the renewable energy market. As an example, in fresh headlines, the New Zealand government has pledged to phase out coal-based technology for power generation in the next 10-20 years at the recently convened United Nations Climate Summit.
  • The government policies to promote renewable energy use in the electricity portfolio are likely to bolster the market growth.

New Zealand Renewable Energy Industry Segmentation

The New Zealand renewable energy market report includes:

Type
Geothermal
Hydro
Wind
Solar
Other Types
End User
Residential
Commercial
Industrial
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New Zealand Renewable Energy Market Size Summary

The renewable energy market in New Zealand is poised for significant growth, driven by the country's abundant natural resources and supportive government policies. Despite the challenges posed by the COVID-19 pandemic, which affected power demand but not the development of renewable projects, the sector has shown resilience. The government's commitment to phasing out coal-based power generation and promoting renewable energy sources is a key factor in the market's expansion. Wind energy, in particular, is expected to experience substantial growth due to technological advancements and new projects, such as those by Meridian Energy and Mercury Energy. These developments are part of a broader strategy to increase the share of renewables in the energy mix, aligning with New Zealand's goal of achieving net-zero emissions and 100% renewable energy generation by 2030.

New Zealand's renewable energy sector is well-established, with wind, hydro, and geothermal technologies nearing maturity. The country has made significant strides in integrating renewables into its electricity generation, with a notable share of wind power contributing to the mix. Government initiatives, such as the Māori and Public Housing Renewable Energy Fund and investments in decarbonizing the state sector, underscore the commitment to expanding renewable energy infrastructure. The market is moderately fragmented, with key players like Contact Energy Limited, Genesis Energy L.P., and Meridian Energy Limited actively participating in the sector's growth. Collaborative efforts, such as the joint venture by Hive Energy, Ethical Power, and Solar South West, further support the country's ambitious renewable energy targets, reinforcing New Zealand's position as a leader in the transition to a green economy.

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New Zealand Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, 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 Type

      1. 2.1.1 Geothermal

      2. 2.1.2 Hydro

      3. 2.1.3 Wind

      4. 2.1.4 Solar

      5. 2.1.5 Other Types

    2. 2.2 End User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial

      3. 2.2.3 Industrial

New Zealand Renewable Energy Market Size FAQs

The New Zealand Renewable Energy Market is projected to register a CAGR of greater than 8.5% during the forecast period (2024-2029)

Contact Energy Limited , Genesis Energy L.P., General Electric Company, Meridian Energy Limited and Vestas Wind Systems A/S are the major companies operating in the New Zealand Renewable Energy Market.

Renewable Energy Market in New Zealand Report Snapshots

Renewable Energy Market in New Zealand Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)