The renewable energy supply in Australia has shown a gradual and consistent increase over the past decade. From 2013 to 2023, the supply grew from 6.1 units to 7.3 units of total primary energy. The year-on-year variations indicate a steady pace with annual increases ranging from 0% to 4.69%, showcasing resilience and a commitment to renewable energy.
The latest actual data from 2023 provides a value of 7.3 units, marking a 1.39% increase from the previous year. The compounded annual growth rate (CAGR) over the past five years stands at 1.13%, reflecting moderate but consistent growth in the sector.
Forecasted data from 2024 to 2028 suggest continued growth, with yearly increases projected to hover between 0.8% and 1.4%. The expected CAGR for the next five years is 0.8%, with an overall growth rate of 4.05% by 2028, predicting a total primary energy supply of 7.7 units.
Future trends to watch for include advancements in renewable technologies, policy changes, and shifts in global energy demand and supply. These factors could significantly impact the pace and direction of growth in Australia's renewable energy sector.
