Market Size of New Zealand Renewable Energy Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
