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

Australia Renewable Energy Market is Segmented by Technology (Solar, Wind, Hydropower, and Other Technologies). The report offers the market size and forecasts in installed capacity (gigawatts) for all the above segments.

Australia Renewable Energy Market Size

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Australia Renewable Energy Market Summary
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

Australia Renewable Energy Market

*Disclaimer: Major Players sorted in no particular order


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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.
Australia Renewable Energy Market: Solar PV installed capacity, in GW, Australia, 2010-2022

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 Market: Renewable Energy Installed Capacity, in GW, Australia, 2018-2022

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

  1. Tilt Renewables Ltd.

  2. Acciona SA

  3. Iberdrola SA

  4. Vestas Wind Systems A/S

  5. Xinjiang Goldwind Science & Technology Co., Ltd.,

*Disclaimer: Major Players sorted in no particular order

Australia Renewable Energy Market Concentration
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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. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Renewable Energy Mix, 2022

    3. 4.3 Renewable Power Installed Capacity and Forecast, in GW, till 2028

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

        1. Increasing Investments in Renewable Energy Generation

        2. Supportive Government Policies Towards Green Energy

      2. 4.6.2 Restraints

        1. Challenges In Installing Renewable Power in the Circulated Structure

    7. 4.7 Supply Chain Analysis

    8. 4.8 PESTLE Analysis


    1. 5.1 Technology

      1. 5.1.1 Solar

      2. 5.1.2 Wind

      3. 5.1.3 Hydropower

      4. 5.1.4 Other Technologies


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Iberdrola SA

      2. 6.3.2 Xinjiang Goldwind Science & Technology Co., Ltd.,

      3. 6.3.3 Vestas Wind Systems AS

      4. 6.3.4 Tilt Renewables Ltd

      5. 6.3.5 Acciona SA

      6. 6.3.6 First Solar Inc.

      7. 6.3.7 Ratch Group PLC

      8. 6.3.8 Edify Energy Pty Ltd

      9. 6.3.9 Neoen SA

      10. 6.3.10 APA Group

    4. *List Not Exhaustive

    1. 7.1 Phasing Out Of Coal-fired Power Plants To Create Opportunities For Renewable Sector

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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).

Other Technologies
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Australia Renewable Energy Market Research 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.

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.

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.

Australia Renewable Energy Industry Report

Statistics for the 2024 Australia Renewable Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia Renewable Energy analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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