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Australia Solar Power Market Size (2024 - 2029)

The market size of solar energy in Australia is anticipated to experience significant growth over the forecast period, driven by factors such as favorable government schemes and large-scale solar projects. Despite challenges posed by the COVID-19 pandemic and competition from other clean energy sources like hydro and wind power, the solar photovoltaic segment is expected to maintain a dominant position due to the country's abundant solar irradiance. The potential for expansion is further supported by foreign direct investments and opportunities in sun-rich states like Queensland, New South Wales, and Western Australia.

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Market Size of Australia Solar Power Industry

Australia Solar Power Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Volume (2024) 41.64 gigawatt
Market Volume (2029) 80.41 gigawatt
CAGR (2024 - 2029) 14.07 %
Market Concentration Low

Major Players

Australia Solar Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

Australia Solar Power Market Analysis

The Australia Solar Power Market size in terms of installed capacity is expected to grow from 41.64 gigawatt in 2024 to 80.41 gigawatt by 2029, at a CAGR of 14.07% during the forecast period (2024-2029).

The country was hit hard by the COVID-19 outbreak. Solar EPC contractors in Australia faced disruption in the procurement of the necessary equipment for projects like Neoen solar projects currently in the development phase due to the lockdown, which affected the scheduled commercial operations of the projects. Factors like favorable government schemes for small-scale solar power generation and upcoming large-scale solar power projects are expected to drive the market. Despite the presence of driving factors, the increasing share of alternative clean energy sources, hydro and wind power, and an expected delay in large-scale solar power projects are expected to restraint the growth of the market.

  • Due to its high installations share, the solar photovoltaic (PV) segment is expected to dominate the solar energy market during the forecast period.
  • Australia has an abundance of solar irradiance and receives solar energy throughout the year. This has created enormous opportunities to exploit solar energy from the sunniest states in the country, especially Queensland, New South Wales, and Western Australia. The factors mentioned above and the foreign direct investments provide an opportunity for the growth of the solar power market.
  • Large-scale solar installations are expected to drive the market during the forecast period.

Australia Solar Power Industry Segmentation

Solar power can be referred to as using the energy from the sun to produce electricity, either directly as thermal energy (heat) or indirectly through photovoltaic cells in solar panels and clear photovoltaic glass.

The Australian solar power market is segmented by Type and PV Deployment. By type, the market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP). By PV deployment, the market is segmented into utility and non-utility. For each segment, market sizing and forecasts have been done based on installed capacity (GW).

Type
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
PV Deployment
Utlility
Non-utility
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Australia Solar Power Market Size Summary

The solar energy market in Australia is poised for significant expansion, driven by the country's abundant solar irradiance and favorable government policies. Despite challenges posed by the COVID-19 pandemic, which disrupted project timelines and procurement processes, the market is expected to experience robust growth. The solar photovoltaic (PV) segment is anticipated to dominate due to its high installation share, with large-scale solar projects playing a crucial role in market expansion. States like Queensland, New South Wales, and Western Australia are at the forefront, leveraging their sunny climates to harness solar energy effectively. However, the market faces competition from other renewable sources such as hydro and wind power, which could potentially temper its growth trajectory.

Australia's commitment to renewable energy and its goal of generating a substantial portion of electricity from solar and wind sources by 2030 are key drivers of the solar market's growth. The country has seen a notable increase in solar PV installations, supported by financial incentives and government targets. Queensland, in particular, has emerged as a leader in rooftop solar installations, contributing significantly to the state's renewable energy objectives. The market's expansion is further bolstered by substantial investments in large-scale solar projects, with numerous farms under construction. Major companies like AGL Energy Limited, Infigen Energy Ltd, and Neoen SA are pivotal players in this fragmented market, actively participating in projects that enhance Australia's solar capacity.

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Australia Solar Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in GW, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Solar Photovoltaic (PV)

      2. 2.1.2 Concentrated Solar Power (CSP)

    2. 2.2 PV Deployment

      1. 2.2.1 Utlility

      2. 2.2.2 Non-utility

Australia Solar Power Market Size FAQs

The Australia Solar Power Market size is expected to reach 41.64 gigawatt in 2024 and grow at a CAGR of 14.07% to reach 80.41 gigawatt by 2029.

In 2024, the Australia Solar Power Market size is expected to reach 41.64 gigawatt.

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