Australia Wind Energy Market

Australia Wind Energy Market Overview:

The Australia wind energy market size reached 33.4 TWh in 2023. Looking forward, IMARC Group expects the market to reach 141.4 TWh by 2032, exhibiting a growth rate (CAGR) of 15.70% during 2024-2032. The market is rapidly expanding due to the implementation of favorable government policies, continual technological innovations, increasing public and corporate demand for sustainable solutions, global market trends and investment flows, rural development and community support, corporate sustainability goals.

Australia Wind Energy Market Trends:    

Government policies and incentives               

Australia's wind energy market is significantly driven by favorable government policies and incentives. Federal and state governments have established a range of measures to support the growth of renewable energy. The renewable energy target (RET) is a pivotal policy, setting ambitious goals for the proportion of electricity generated from renewable sources. Additionally, various state governments have introduced their own renewable energy targets and incentives, such as feed-in tariffs and renewable energy certificates, to encourage investment in wind energy. These policies create a stable regulatory environment, reduce financial risks for investors, and stimulate technological advancements. By providing subsidies and tax incentives, the government lowers the cost of wind energy projects, making them more competitive compared to traditional fossil fuels. This regulatory support boosts investor confidence as well as drives innovation and expansion within the industry.      

Continual technological advancements       

Innovations in wind turbine design and technology have significantly increased the efficiency and viability of wind power. Modern wind turbines are larger, more efficient, and capable of generating more electricity at lower wind speeds. Developments in turbine materials, such as lightweight composites, and improvements in aerodynamic design have enhanced performance and reduced maintenance costs. Additionally, ongoing advancements in digital technology and data analytics have optimized wind farm operations and energy production. These technological improvements have led to a reduction in the cost of wind energy, making it increasingly competitive with traditional energy sources. Furthermore, advancements in energy storage technologies, such as batteries, have addressed the intermittency of wind power, enabling more reliable and consistent energy supply. As technology continues to develop, the efficiency and cost-effectiveness of wind energy are expected to improve further, driving continued investment and growth in the Australian wind energy market.      

Corporate sustainability goals       

Corporate sustainability goals have become an influential driver of the wind energy market in Australia. Several Australian companies are setting ambitious targets to reduce their carbon footprint and transition to renewable energy sources as part of their corporate social responsibility (CSR) initiatives. Companies across various sectors, including mining, manufacturing, and retail, are increasingly committing to power their operations with renewable energy to meet their sustainability objectives and enhance their environmental credentials. This corporate demand for green energy has led to an increase in corporate power purchase agreements (PPAs) with wind farms. These agreements provide long-term, stable revenue streams for wind projects, making them more financially viable. As more businesses prioritize sustainability and seek to achieve net-zero emissions, their investment in wind energy supports their goals and drives the expansion of the sector.    

Australia Wind Energy Market News: 

• On 17^th July 2024, Australia’s Ministry for Climate Change and Energy has approved twelve offshore wind projects have received feasibility licenses for the Gippsland Offshore Wind Zone, with the potential to generate up to 25 GW.  This initiative includes RWE's Kent Offshore Wind Farm and BlueFloat's Gippsland Dawn project, both aiming to generate over 2 GW each. These projects are part of Australia’s growing offshore wind sector, aiming to power millions of homes and create thousands of jobs by the early 2030s.

Australia Wind Energy Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component, rating, installation, turbine type, and application.

Component Insights:

• Turbine
• Support Structure
• Electrical Infrastructure
• Others
   

The report has provided a detailed breakup and analysis of the market based on the component. This includes turbine, support structure, electrical infrastructure, and others.

Rating Insights:

• ≤ 2 MW
• >2 ≤ 5 MW
• >5 ≤ 8 MW
• >8 ≤ 10 MW
• >10 ≤ 12 MW
• >12 MW
   

A detailed breakup and analysis of the market based on the rating have also been provided in the report. This includes ≤ 2 MW, >2 ≤ 5 MW, >5 ≤ 8 MW, >8 ≤ 10 MW, >10 ≤ 12 MW, and >12 MW.

Installation Insights:

• Offshore
• Onshore
   

The report has provided a detailed breakup and analysis of the market based on the installation. This includes offshore and onshore.

Turbine Type Insights:

• Horizontal Axis
• Vertical Axis
   

A detailed breakup and analysis of the market based on the turbine type have also been provided in the report. This includes horizontal axis and vertical axis.

Application Insights:

• Utility
• Industrial
• Commercial
• Residential
   

The report has provided a detailed breakup and analysis of the market based on the application. This includes utility, industrial, commercial, and residential.

Regional Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Wind Energy Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia wind energy market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Australia wind energy market?
• What is the breakup of the Australia wind energy market on the basis of component?
• What is the breakup of the Australia wind energy market on the basis of rating?
• What is the breakup of the Australia wind energy market on the basis of installation?
• What is the breakup of the Australia wind energy market on the basis of turbine type?
• What is the breakup of the Australia wind energy market on the basis of application?
• What are the various stages in the value chain of the Australia wind energy market? 
• What are the key driving factors and challenges in the Australia wind energy?
• What is the structure of the Australia wind energy market and who are the key players?
• What is the degree of competition in the Australia wind energy market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia wind energy market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia wind energy market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia wind energy industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.