New Zealand Wind Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 9.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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New Zealand Wind Energy Market Analysis
The market for wind energy in New Zealand is expected to register a CAGR of more than 9% in the forecast period, 2020-2025. Factors, such as supportive government policies and efforts to meet power demand using renewables, and to decrease dependency on fossil fuel-based power generation, are expected to significantly contribute to the market growth. The declining costs of renewable technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewables are driving the renewable market further. On the other hand, stagnant growth in the wind energy installations due to the absence of any new initiatives and demand and limited power capacity by variable renewable energy sources and other factors are expected to hinder the growth of the market in the coming years.
Although wind energy growth in New Zealand has been stagnant till 2019, with more than 1300 MW of consented wind projects and more than 500 MW of applied wind projects are going to drive the wind market during the forecast period.
The Government of New Zealand is aiming to achieve 90% of its electricity generation from renewables by 2025 by its National Power Scheme, 2011. Under which emphasis on different renewables sources, including on wind energy, is given. This, in turn, is expected to create significant opportunities for the players involved in the market in the near future.
New Zealand, with its ambitious upcoming renewable projects, is all set to achieve its renewable growth of 100% electricity generation from renewable by 2035. New Zealand has significant wind projects under construction that are expected to become operational in the forecast period.
New Zealand Wind Energy Market Trends
This section covers the major market trends shaping the New Zealand Wind Energy Market according to our research experts:
Wind Energy Growing as Major Source of Renewable Energy
With a capacity of 690 MW of energy by the end of 2019 and a share of around 10% in terms of installed renewable capacity, wind energy holds an essential place in the New Zealand renewable market.
Wind farms, like Project West Wind and Tarura wind farm, are major operational projects in 2020, with an annual average generation of 550 GWh and 650 GWh, respectively. Apart from these two, 17 other wind farms are currently in operation, contributing significantly to the New Zealand energy sector.
The wind energy market companies have been able to install taller wind turbines due to improvements in the wind turbine materials used, which allows the turbines to exploit higher altitude winds. Moreover, these new turbines have larger blades and, hence, can sweep more area than the smaller turbines. The growing size of the wind turbines has helped in lowering the cost of wind energy, indicating that it is economically competitive with fossil fuel alternatives.
Over 1,800 MW of wind generation capacity was consented in 2019, with a further 755 MW either applied for consent or on hold. This brings the sum of potential new wind generation capacity to 2,550 MW. This addition in capacity is estimated to increase the wind share considerably.
Upcoming Projects and Government’s Policies
- New Zealand launched Energy Efficiency and Conservation Strategy (NZEECS) for the period 2017-2022, which focuses on the promotion of energy efficiency, energy conservation, and renewable energy.
- The Government of New Zealand also implemented the National Policy Statement for Renewable Electricity Generation, which applies to renewable electricity generation activities at any scale. It covers the construction, operation, and maintenance of structures associated with renewable electricity generation.
- Wind energy had generated 2.0 TWh in 2017 and 2018, producing a considerable amount of electricity compared to other renewable sources generating 8.0 TWh of electricity.
- The most ambitious project of New Zealand in the forecast period is the Castle Hill Wind Farm, which is likely to involve the construction of up to 286 wind turbines with a potential capacity of up to 860 MW, which would provide enough electricity to supply over 370,000 households.
- The upcoming projects and visionary policies of the New Zealand government are expected to drive New Zealand toward a global leader position in wind energy.
New Zealand Wind Energy Industry Overview
The New Zealand wind energy market is partially fragmented. The major companies include Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Tilt Renewables Ltd, General Electric Company, and Meridian Energy Limited.
New Zealand Wind Energy Market Leaders
Vestas Wind Systems A/S
General Electric Company
Meridian Energy Limited
Siemens Gamesa Renewable Energy S.A.
Tilt Renewables Ltd.
*Disclaimer: Major Players sorted in no particular order
New Zealand Wind Energy Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Installed Capacity and Forecast in MW, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 PESTLE Analysis
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5. COMPETITIVE LANDSCAPE
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5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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5.2 Strategies Adopted by Leading Players
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5.3 Company Profiles
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5.3.1 Siemens Gamesa Renewable Energy SA
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5.3.2 General Electric Company
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5.3.3 Goldwind International Holdings Ltd.
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5.3.4 Tilt Renewables Ltd
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5.3.5 Genesis Energy LP
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5.3.6 Vestas Wind Systems A/S
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5.3.7 Contact Energy Limited
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- *List Not Exhaustive
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6. MARKET OPPORTUNITIES AND FUTURE TRENDS
New Zealand Wind Energy Industry Segmentation
The New Zealand wind energy market report include:
New Zealand Wind Energy Market Research FAQs
What is the current New Zealand Wind Energy Market size?
The New Zealand Wind Energy Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in New Zealand Wind Energy Market?
Vestas Wind Systems A/S, General Electric Company, Meridian Energy Limited, Siemens Gamesa Renewable Energy S.A. and Tilt Renewables Ltd. are the major companies operating in the New Zealand Wind Energy Market.
What years does this New Zealand Wind Energy Market cover?
The report covers the New Zealand Wind Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the New Zealand Wind Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
New Zealand Wind Energy Industry Report
Statistics for the 2024 New Zealand Wind Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. New Zealand Wind Energy analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
