In 2023, Australia's renewable power generation stood at 0.81 Exajoules. The data from 2013 to 2024 indicates a robust upward trend, with notable year-on-year increases and a compounded annual growth rate (CAGR) accelerating from 16.15% in 2013 to 20.93% in 2023. Noteworthy upticks were observed in 2018 and 2019, with year-on-year growth rates of 24.11% and 26.75%, respectively. Recent years showed sustained momentum, with a year-on-year increase of 16.17% in 2023. Looking forward, from 2024 to 2028, the forecasted data suggests a more moderated yet steady growth with a 5-year CAGR of 8.19%, culminating in a 48.22% total growth rate by 2028.
Future Trends to Watch:
Key areas to monitor include advancements in renewable technologies, regulatory policies, and investment levels. Additionally, Australia's integration of battery storage solutions and grid infrastructure improvements will be crucial to sustaining growth.