From 2013 to 2023, the renewable power generation in Australia has demonstrated robust growth, significantly increasing from 16.44 TWh in 2013 to 75.47 TWh in 2023. This amounts to a remarkable Compound Annual Growth Rate (CAGR) of 18.59%. Over the last five years, this upward trend remains strong with the CAGR maintaining at 12.68%. The growth has shown some fluctuation, with notable peaks in 2018 at 25.27% and in 2019 at 28.13%, showcasing the nation's increased investment in renewable energy infrastructure.
Future projections indicate a slight deceleration in growth, with a five-year forecasted CAGR of 6.93%, reflecting an overall growth rate of 39.79% from 2023 to 2028. This slower yet steady increase suggests commitment to renewable energy, albeit at a more mature pace.
Future trends to watch for:
- Integration of advanced technologies and digital solutions to enhance grid efficiency.
- Government policies and incentives promoting renewable energy investments.
- Global market dynamics impacting renewable energy material supply chains and costs.
- Potential developments in energy storage solutions and green hydrogen.
- Community and stakeholder engagement driving local renewable energy projects.