Australia Renewable Energy Market Size, Share, and COVID-19 Impact Analysis, By Energy Source (Solar Energy, Wind Energy, Hydropower, Bioenergy, and Geothermal Energy), By Technology (Photovoltaic (PV) Systems, Concentrated Solar Power (CSP), Wind Turbines, Hydropower Turbines, and Anaerobic Digestion Systems), By End-User (Residential, Commercial, Industrial, and Utilities), and Australia Renewable Energy Market Insights, Industry Trend, Forecasts to 2033

Australia Renewable Energy Market Insights Forecasts to 2033

• The Australia Renewable Energy Market Size was valued at USD 19.98 Billion in 2023.
• The Market is Growing at a CAGR of 9.75% from 2023 to 2033
• The Australia Renewable Energy Market Size is Expected to Reach USD 50.65 Billion by 2033

The Australia Renewable Energy Market is Anticipated to exceed USD 50.65 Billion by 2033, growing at a CAGR of 9.75% from 2023 to 2033.  The growth of the renewable energy market is driven by the growing need for clean energy in many industries worldwide.   

Market Overview

The system of purchasing, selling, and trading energy generated from renewable sources like solar, wind, hydropower, geothermal, and biomass is known as the renewable energy market. The goal of the renewable energy market is to lessen reliance on fossil fuels and encourage sustainable energy behaviours by producing, distributing, and consuming electricity produced from renewable resources. Investors finance renewable energy projects through venture capital, green bonds, or direct investments, which is an additional aspect of the renewable energy market. The demand for sustainable energy and power generation has increased due to the global energy crisis. Several traditional energy sources, such as fossil fuels, are gradually being replaced by renewable energy sources, like solar and wind power, which is projected to drive the renewable energy market. The transition to low-carbon fuels and the strict environmental laws in the majority of developed nations have greatly accelerated the growth of the renewable energy sector.    

Report Coverage

This research report categorizes the market for the Australia renewable energy market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Australia renewable energy market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Australia renewable energy market.

Driving Factors

The installed capacity of renewable sources has increased in the energy generation market in recent years due to mounting environmental concerns and demand to lessen the negative effects of greenhouse gases (GHG). The primary factors driving the expansion of the renewable energy market are expanding government measures to reduce carbon emissions, increased investments in renewable energy sources, and growing awareness of the worsening environmental circumstances. The need for renewable energy is also largely driven by government incentives and legislation.

Restraining Factors

High capital expenditure, intermittent energy production, poor infrastructure, regulatory barriers, energy storage restrictions, grid integration difficulties, and erratic policy support are some of the factors restricting the market's expansion and growth for renewable energy market.  

Market Segmentation

The Australia renewable energy market share is classified into energy source, technology, and end user.    

• The solar energy segment accounted for the largest share of the Australia renewable energy market in 2023 and is anticipated to grow at a significant CAGR during the forecast period   

On the basis of energy source, the Australia renewable energy market is divided into solar energy, wind energy, hydropower, bioenergy, and geothermal energy. Among these, the solar energy segment accounted for the largest share of the Australia renewable energy market in 2023 and is anticipated to significant CAGR during the forecast period. Solar energy is due to the nation's abundant sunshine and high rooftop solar system usage. As solar technology costs continue to decline and government incentives continue to be strong, this company continues to perform well.    

• The photovoltaic (PV) systems segment accounted for the largest share of the Australia renewable energy market in 2023 and is anticipated to grow at a significant CAGR during the forecast period             

On the basis of technology, the Australia renewable energy market is divided into photovoltaic (PV) systems, concentrated solar power (CSP), wind turbines, hydropower turbines, and anaerobic digestion systems. Among these, the photovoltaic (PV) systems segment accounted for the largest share of the Australia renewable energy market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Millions of homes currently have rooftop solar panels, making photovoltaic (PV) systems the most popular in both the residential and commercial sectors.    

• The residential segment accounted for the largest share of the Australia renewable energy market in 2023 and is anticipated to grow at a significant CAGR during the forecast period   

On the basis of end-user, the Australia renewable energy market is divided into residential, commercial, industrial, and utilities. Among these, the residential segment accounted for the largest share of the Australia renewable energy market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Rising electricity rates, large government subsidies, and decreased installation costs are driving the residential sector's greater adoption of rooftop solar systems, which power more than 3 million houses in Australia.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia renewable energy market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Origin Energy
• Neoen
• Infigen Energy
• Iberdrola
• Goldwind
• Tilt Renewables
• ACEN
• Vestas
• AGL Energy
• NextEra Energy Resources
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Australia, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Australia renewable energy market based on the below-mentioned segments:

Australia Renewable Energy Market, By Energy Source

• Solar Energy
• Wind Energy
• Hydropower
• Bioenergy
• Geothermal Energy

Australia Renewable Energy Market, By Technology

• Photovoltaic (PV) Systems
• Concentrated Solar Power (CSP)
• Wind Turbines
• Hydropower Turbines
• Anaerobic Digestion Systems

Australia Renewable Energy Market By End-User

• Residential
• Commercial
• Industrial
• Utilities