TUESDAY 08 FEBRUARY, 2011 |
Strong 2011 Forecast For Australia's Wind And Solar Energy Sector
Despite instability in regard to various solar
in Australia, including a reduction in solar
in the months ahead, market research and consulting firm Frost
& Sullivan predicts continued high growth in wind and solar energy projects
across the nation.
According to Frost & Sullivanís
Asia Pacific Program Manager for the Energy & Power Systems Practice, Suchitra
Sriram, 8.67% of Australia's electricity generation is via renewable energy
sources currently, making the the country's 20% Renewable Energy Target by 2020
easily achievable - and may even be exceeded. The mandatory target is a "great starting point to encourage companies planning to venture into this high growth
Reaching the target is expected to generate investments of approximately 16.8
billion dollars and create over 25,000 jobs in the renewable energy sector.
Ms. Sriram says high growth areas of renewable energy in Australia are solar PV
based technologies), wind power, hydro and bioenergy, with solar PV seeing
remarkable growth last year, more than doubling installed capacity in Australia.
2011 appears to be shaping up as the year of wind energy,† with five large-scale
projects likely to generate market revenues of
well over 2 billion dollars, a marked increase from the 380 million dollars in
PV based solar
will continue to see solid growth this year, growing an
estimated 50% in installed capacity, thanks to solar
feed in tariffs
and looming electricity price rises being a major factor in
households investing in green energy.
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