Construction of renewable energy infrastructure is anticipated to increase by almost 50% in 2023 and reach its peak in 2026 as Australia continues its transition to sustainable energy sources.
Construction of clean energy infrastructure, particularly solar and wind, is anticipated to remain high on Australia’s path to net-zero emissions as coalfired power stations close in the coming years, according to Sydney-based company Macromonitor, which offers economic forecasting and research services for the construction industry.
According to Macromonitor, investments in renewable energy construction will total $5.2 billion in 2023, $11.8 billion in 2026, and around $9 billion annually until at least 2032.
According to Macromonitor economist Abdul Hannan, “This surge is being driven by a number of factors, such as the Australian government’s commitment to emissions reduction; the closure of coal-fired power plants between 2023 and 2035; large-scale battery storage; new transmission routes to support renewable energy zones; and state-specific renewable energy targets.”
“In 2024, the overall value of work completed in the solar sector will reach its highest level of $3.6 billion. The total value of work completed in the wind sector is anticipated to hit a new peak of $5.4 billion in 2026, which will coincide with a notable peak in Queensland’s construction activity.
In Australia, the cost of building large-scale battery storage is anticipated to be $1.2 billion in 2023 and to increase to $1.8 billion annually between 2024 and 2026.
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Source: ecogenerations
