Market Size of New Zealand Wind Energy Industry
| 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 |
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 Industry Segmentation
The New Zealand wind energy market report include:
New Zealand Wind Energy Market Size Summary
The wind energy market in New Zealand is poised for significant growth, driven by supportive government policies and a strategic shift towards renewable energy sources to reduce reliance on fossil fuels. The government's commitment to achieving a substantial portion of electricity generation from renewables by 2025, as outlined in the National Power Scheme, is a key factor propelling the market forward. Despite previous stagnation in wind energy installations, the presence of numerous consented and applied wind projects is expected to invigorate the market. The declining costs of renewable technologies, coupled with subsidies, are making wind energy increasingly competitive with traditional fossil fuel sources. However, challenges such as limited new initiatives and variable renewable energy capacity may pose obstacles to market expansion.
New Zealand's ambitious renewable energy goals, including a target of 100% electricity generation from renewables by 2035, underscore the importance of wind energy in the country's energy landscape. The construction of significant wind projects, such as the Castle Hill Wind Farm, highlights the potential for substantial capacity additions. The introduction of taller and more efficient wind turbines has further enhanced the economic viability of wind energy, contributing to its growing share in the renewable market. The government's Energy Efficiency and Conservation Strategy and the National Policy Statement for Renewable Electricity Generation are pivotal in promoting renewable energy development. As a result, New Zealand is well-positioned to emerge as a global leader in wind energy, supported by major industry players and ongoing policy initiatives.
New Zealand Wind Energy Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Installed Capacity and Forecast in MW, till 2025
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply Chain Analysis
-
1.7 PESTLE Analysis
-
New Zealand Wind Energy Market Size 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.
