Australia Renewable Energy Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 16.6% (2025-2033)
The increasing use of solar energy in the industrial and commercial sectors is impelling the growth of the market in Australia. According to the latest report by IMARC Group, the market size reached USD 165.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 687.9 Billion by 2033, exhibiting a growth rate (CAGR) of 16.6% during 2025-2033.
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Australia Renewable Energy Industry Trends and Drivers:
The increasing use of solar energy in the industrial and commercial sectors is impelling the growth of the market in Australia. Solar energy is emerging as a dominant force in the renewable energy landscape of Australia. The abundant availability of sunlight in the country makes it an appropriate location for solar power generation. Moreover, the cost of solar photovoltaic (PV) panels has significantly lowered, making solar energy more accessible to households and businesses. Government incentives are further encouraging the adoption of solar panels. These initiatives are resulting in a substantial increase in residential rooftop solar installations, contributing to a decentralized energy generation model. Large-scale solar farms are also becoming prominent, with several projects contributing to the national grid. These projects not only present clean energy but also present job opportunities and stimulate local economies. Wind energy is another crucial component of the renewable energy mix of Australia. The vast open spaces and favorable wind conditions of the country make it an ideal location for wind farms. Technological advancements in wind turbine efficiency and design are making wind power more viable and cost-effective.
Government support is playing a pivotal part in supporting the market growth in Australia. The ambitious goals for the generation of electricity from renewable sources, incentivizing the development of wind projects, are increasing the use of renewable energy. Additionally, state governments are introducing their renewable energy targets and policies, further driving the expansion of wind energy. Technological advancements are bolstering the market in Australia. Innovations in solar photovoltaic (PV) technology, such as the development of high-efficiency panels and improved storage solutions, are enhancing the viability of solar energy. Battery storage systems are gaining traction, enabling households and organizations to store excess solar energy for use during periods of low sunlight. In the wind energy sector, advancements in turbine design and materials are leading to increased efficiency and reduced costs. The development of larger turbines with higher capacity has made wind power more economically attractive. Additionally, the addition of digital technologies and data analytics is improving the management and operation of wind farms, optimizing energy output, and reducing maintenance costs.
We explore the factors propelling the Australia renewable energy market growth, including technological advancements, consumer behaviors, and regulatory changes.
Australia Renewable Energy Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Hydro Power
- Wind Power
- Solar Power
- Bioenergy
- Others
End User Insights:
- Industrial
- Residential
- Commercial
Regional Insights:
- Australia Capital Territory & New South Wales
- Victoria & Tasmania
- Queensland
- Northern Territory & Southern Australia
- Western Australia
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current, and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
Street: Morgan Park QLD 4370
City/Town: Warwick
State/Province/Region: Queensland
Country: Australia
Zip/Postal Code: 4370
Email: [email protected]
Phone Number: +1-631-791-11455