The New Zealand renewable energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 8.5% during 2023–2031. Growth of the market is attributed to increase in energy consumption, traditional power sources unable to meet requirement, and supportive government policies and upcoming projects are having good impact on the market.
A renewable energy can be constantly supplied to tides, waves, rain, and wind. While renewable energy is commonly thought of as a replacement technology and nature’s power has been used for transportation, lighting, heating, and more. Now that people got progressively innovative and less-expensive ways to capture and retain wind and solar energy, renewables are getting an additional necessary power supply.
The Covid-19 pandemic affected the demand and supply of the New Zealand renewable energy market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
New Zealand Renewable Energy Market Trends, Drivers, Restraints, and Opportunities
Increase in consumer purchasing capacity and frequently growing population is projected to boost the market.
Rapid growth in renewable energy manufactures and rapidly growing production capacity is key factor fueling the market during the forecast period.
Increasing price of the fuel and energy is major factor that driving renewable energy market in the coming years.
High price and high maintenances cost are anticipated to restrict market growth during the forecast period.
Lack of awareness about renewable energy possesses a main challenge that can hamper the market expansion in the coming years.
R&D investment and technological advancement in renewable energy market is projected to create lucrative opportunities for the market players.
Scope of New Zealand Renewable Energy Market Report
The report on the New Zealand renewable energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
New Zealand renewable energy Market -Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types [Wind, Geothermal, Solar, Hydro, and Other Types], End-users [Residential, Industrial, Commercial, and Others]
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players covered in the Report
Meridian Energy Limited, Tilt Renewables, Genesis Energy L.P., Vestas Wind Systems A/S, GCL System Integration Technology, General Electric Company, Mercury NZ Limited, Contact Energy Limited, Vector Ltd, First Solar Inc., Risen Energy, Siemens Gamesa Renewable Energy SA, General Electric Company, Watercare, and Hanwha Q Cells Co. Ltd.
New Zealand Renewable Energy Market Segment Insights
The wind energy segment is projected to grow as major source of energy in the market
On the basis of types, the New Zealand renewable energy market is segmented into wind, geothermal, solar, hydro, and other types. The wind energy segment is projected to grow as major source of energy in the market due to factors such as increasing population, rising disposable income, and government policies. However, the solar energy segment is growing at rapid pace owing to increased energy consumption, rapid development in renewable energy sector, and traditional power sources are unable to meet requirement.
The industrial segment accounts for key share in the market and expected to grow at a rapid pace
Based on end-users, the New Zealand renewable energy market is divided into residential, industrial, commercial, and others. The industrial segment accounts for a key share of the market. Growth of the market is attributed to increasing energy consumption and frequently growing population. However, the residential segment is anticipated to expand at a rapid pace during the forecast period owing to supportive government policies and upcoming projects, cost effective solution for energy generation, and rising environmental awareness.
In the New Zealand renewable energy market 82.4% energy comes from renewable energy. The utmost large-scale development in the New Zealand renewable energy market in the coming years is the Castle Hill Wind Farm. It has tendency to manufacture the 286 wind turbines with a size equal to 860 MW, which would deliver plenty electricity to supply around 370,000 households. Growth of the market is attributed to increase in energy consumption, continually growing population, cost effective solution for energy generation, and rising environmental awareness.
The New Zealand renewable energy market has been segmented on the basis of
- Other Types
- Meridian Energy Limited
- Tilt Renewables
- Genesis Energy L.P.
- Vestas Wind Systems A/S
- GCL System Integration Technology
- General Electric Company
- Mercury NZ Limited
- Contact Energy Limited
- Vector Ltd
- First Solar Inc.
- Risen Energy
- Siemens Gamesa Renewable Energy SA
- General Electric Company
- Hanwha Q Cells Co. Ltd.
Key players competing in the New Zealand renewable energy market include Meridian Energy Limited, Tilt Renewables, Genesis Energy L.P., Vestas Wind Systems A/S, GCL System Integration Technology, General Electric Company, Mercury NZ Limited, Contact Energy Limited, Vector Ltd, First Solar Inc., Risen Energy, Siemens Gamesa Renewable Energy SA, General Electric Company, Watercare, and Hanwha Q Cells Co. Ltd.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.