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Boom in Renewable Energy construction to hit $20 billion in 2026/27
Renewable energy will be main driver of construction growth over next three years
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Renewable energy will be the largest contributor to growth in Australia’s construction sector over the next three years, with annual activity reaching $20 billion in 2026/27.
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Renewable energy construction has already increased dramatically, from $4 billion in 2021, to around $10 billion in 2023 23 (both figures in constant 2021/22 prices). The peak in renewable generation is forecast to reach $17 billion in 2026/27, or $20 billion if directly related transmission projects are also included.
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The additional $10 billion of real increase in renewables work over the next three years will far outstrip any other segment of building and construction in Australia.
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The drivers of this increase, at this point, are well known, and include ambitious government targets and coal power station closures, plus large potential for renewable energy exports as the global trend towards decarbonisation accelerates.
As well as generation construction, huge investment in storage and transmission systems is also expected over the next five years, which will be the key period for Australia’s energy transition.
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We expect the largest contribution to renewables construction to come from wind generation, which will account for approximately 50% of activity at the peak. New South Wales is expected to have the largest amount of construction of the states, with roughly a third of all work over the next four years.
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We forecast a modest decline in renewable energy construction following the peak in 2026/27. But construction activities will stay at an historically high level for the rest of decade, supported by both domestic and export-oriented projects.
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Our most recent reports:
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Australian Construction Cost Trends
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This report examines the outlook for construction costs, in detail be sector and type of input.
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Australian Construction Projects Database
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This latest list of projects corresponds with our fully revised set of forecasts published in November 2023.
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Australian Regional Construction Outlook
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Our latest regional forecasts for residential building and construction have just been released.
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Australian Construction Materials Forecasts
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Our latest forecasts assess the implications for construction materials demand of the current outlook for building and construction.
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Australian Road and Bridge Works
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This report examines the strength and composition of the current upturn, and determines the likely timing of the peak, and subsequent decline.
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