New Zealand Solar Energy Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
New Zealand Solar Energy Market Analysis
During the time frame of the forecast, the New Zealand solar energy market is expected to register a CAGR of more than 3%.
In 2020, COVID-19 negatively impacted the market. Presently, the market has reached pre-pandemic levels.
- Over the next few years, the solar energy market is likely to grow as the price of solar power technology goes down, installation methods get better, and more people become interested in distributed solar power generation.
- On the other hand, support and investments in other clean energy sources like hydro, geothermal, wind, biomass, etc. are expected to slow the growth of the solar energy market during the forecast period.
- Nevertheless, New Zealand population growth and the rising electrification of heat and transport, the power demand is likely to rise to 70 TWh by 2050. Such a scenario, in turn, is expected to create vital opportunities for solar power players in the future.
New Zealand Solar Energy Market Trends
Utility Sector to Witness a Significant Growth
- The New Zealand solar energy market is expected to have the utility sector as its dominant segment due to the declining cost of solar generation technology and numerous upcoming solar power projects during the forecast period.
- In New Zealand, the utility segment of the solar energy market has grown a lot in the last few years. In 2021, the installed solar capacity reached about 146 MW, recording an increase of 20% compared to the 146 MW in 2020. Most of this solar generation is from utility-scale solar power plants.
- The government has set an ambitious target of increasing the share of renewable energy from 80% to 90% in 2025 and to 95% in 2035. Such targets are likely to see significant investments in the country's solar energy industry in the coming years.
- There are already plans for or construction of a number of large-scale solar projects in the country. For instance, in January 2023, Saft, a subsidiary of TotalEnergies, got a contract to establish New Zealand's first big grid-connected battery, which is worth $NZ186 million.
- So, based on the above factors, the utility sector is likely to see a lot of growth in the solar energy market of the country during the forecast period.
Rising Adoption of Alternative Clean Energy Sources to Restraint the Market
- The increasing adoption of alternative clean energy sources such as wind, geothermal, and hydropower. The prime reason behind it is the higher potential of wind energy, cheaper electricity generation from geothermal, and mature hydroelectric business in the country.
- As of 2021, New Zealand could get more than 15 GW of power from wind energy.The hydroelectric sector in New Zealand was established before 1980. Hence, such a scenario made solar a minor renewable sector in the New Zealand electricity generation market.
- Even though the cost of installing solar systems and the importance of solar energy to the government are likely to help the growth of solar energy in the country, upcoming wind energy projects are likely to make solar energy a smaller part of the country's electricity mix in the future.
- As of 2021, New Zealand had around 5389 MW of hydro, 984 MW of geothermal, and 917 MW of wind. With upcoming projects like Castle Hill Wind Farm, Kaiwera Downs Wind Farm, and Mahinerangi Wind Farm-Phase 2-the country is expected to increase its electricity generation capacity from wind during the upcoming years.
- The government of New Zealand said it would spend USD 30 million to look into a possible USD 4 billion hydro scheme in Central Otago. This would reduce the country's reliance on coal and gas-fired power plants.
- Due to the aforementioned, it is likely that the growing use of other clean energy sources will slow the growth of the New Zealand solar energy market during the forecast period.
New Zealand Solar Energy Industry Overview
The New Zealand solar energy market is partially fragmented. Some of the major players (in no particular order) include Meridian Energy Ltd, JA Solar Holdings, Trina Solar Co. Ltd, JinkoSolar Holding Co. Ltd, and New Zealand Solar Power Ltd.
New Zealand Solar Energy Market Leaders
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Meridian Energy Ltd.
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JA Solar Holdings
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New Zealand Solar Power Ltd.
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Trina Solar Co., Ltd.
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JinkoSolar Holding Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
New Zealand Solar Energy Market News
- May 2022: Auckland-based renewables developer Far North Solar Farm (FNSF) announced its partnership with German investment manager and asset development company Aquila Capital to develop an estimated USD 1 billion suite of large-scale solar PV projects across New Zealand's North and South islands. The company expected to commence construction on a 1 GW portfolio of large-scale solar PV projects across the North and South islands.
- April 2022: Contact Energy and Lightsource BP joined a partnership to co-develop grid-scale solar farms in New Zealand. Kwhai Park is expected to be the first of several planned solar farms for the Lightsource BP and Contact Energy alliance in New Zealand. The park's first phase was expected to consist of a solar farm that will span around 300 hectares of land just behind the airport's runways.
New Zealand Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 New Zealand Renewable Energy Mix, 2022
4.3 Solar Energy Installed Capacity and Forecast in MW, till 2028
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 End-User
5.1.1 Residential
5.1.2 Commercial and Industrial (C&I)
5.1.3 Utility
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Meridian Energy Ltd.
6.3.2 JinkoSolar Holding Co. Ltd.
6.3.3 JA Solar Holdings
6.3.4 New Zealand Solar Power Ltd.
6.3.5 Lodestone Energy Ltd.
6.3.6 ZEN Energy Systems New Zealand Limited
6.3.7 Sunergise International Limited
6.3.8 SkySolar
6.3.9 Trina Solar Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
New Zealand Solar Energy Industry Segmentation
Solar energy is one of the renewable energies. It is made by converting the energy that is already in the sun.Once the sunlight passes through the earth's atmosphere, most of it is in the form of visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity.
The New Zealand solar energy market is segmented by end-user. By end-user, the market is segmented into residential, commercial and industrial (C&I), and utility. The New Zealand solar energy market covers the size of the market and forecasts for the market. For each segment, market sizing and forecasts have been done based on installed capacity (MW).
| End-User | |
| Residential | |
| Commercial and Industrial (C&I) | |
| Utility |
New Zealand Solar Energy Market Research FAQs
What is the current New Zealand Solar Energy Market size?
The New Zealand Solar Energy Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in New Zealand Solar Energy Market?
Meridian Energy Ltd., JA Solar Holdings, New Zealand Solar Power Ltd., Trina Solar Co., Ltd. and JinkoSolar Holding Co., Ltd. are the major companies operating in the New Zealand Solar Energy Market.
What years does this New Zealand Solar Energy Market cover?
The report covers the New Zealand Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the New Zealand Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar Energy in New Zealand Industry Report
Statistics for the 2024 Solar Energy in New Zealand market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar Energy in New Zealand analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
