Wind energy is one of Australia's main renewables and generates enough electricity to meet seven per cent of the nation's demand.
But all of Australia's wind towers are imported from overseas.
The Centre for Future Work's research found that 4000 jobs could be created with local wind tower manufacturing and thousands more in supply industries like steel.
Once the workforce was established, it could produce 800 towers every year with a cumulative value of $15 billion over the next 17 years.
Report author Phil Toner said about 2.6 million tonnes of CO2 emissions would also be avoided due to reduced shipping.
"Anyone concerned about the climate should be up in arms at the fact we're importing huge heavy steel towers from China when we could be producing them here, which would provide fantastic opportunities for our burgeoning green steel sector," he said.
"With all the opportunities of a net-zero global economy, do we really just want to replace traditional mineral exports like coal with new generations of unprocessed minerals like lithium and rare earths?
"Manufacturing our own wind power equipment represents an enormous opportunity for Australia."
Wind towers have previously been manufactured in Australia, but the small factories have no further orders - due in part to aggressive overseas subsidies and an absence of domestic support.
The Centre for Future Work recommends governments cooperate with industry to commission studies into requirements to establish wind tower manufacturing on Australia's east coast.
5°C