Australia Solar Power Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | 14.07 % |
| Market Concentration | Low |
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 Market Trends
Solar Photovoltaic (PV) to Register Significant Growth
- Australia has one of the highest average solar radiation per square meter, one of the highest per capita consumption of residential rooftop solar, and the leading solar PV technology in the world. However, it still lags behind the rest of the world regarding mid-scale and large-scale solar development.
- The demand for solar PV energy in Australia is increasing due to several factors. One of the primary reasons is the country's commitment to renewable energy and reducing its dependence on fossil fuels. Australia has set a goal of generating 82% of its electricity through renewable sources like solar and wind by 2030, and solar energy is expected to be a significant contributor to achieving this target.
- As part of Queensland's renewable energy targets, rooftop solar will be vital in helping it achieve its renewable energy goals. As of April 2023, over 780,000 homes and small businesses across Queensland with rooftop solar, were generating approximately 4,500MW of clean energy. With one in three Queensland homes using solar power, the state has the highest rate of household solar rooftop installations in Australia.
- Moreover, the targets and financial incentives from the Australian government have also been reflected in a significant increase in installed solar energy capacity. For instance, as of 2022, the capacity of solar PV generators installed in Australia was approximately 29.68 GW, an increase of more than 15.22 % compared to the previous year.
- The country has seen significant growth in solar PV installations due to the above points. This further culminates in the improvement of the Australian solar power market.
Large Scale Solar Installations are Likely to Drive the Market
- Australia is increasing the installation of renewable energy, specifically solar energy, due to the abundant solar radiation availability. The country has driven unprecedented levels of investment in large-scale solar installations, culminating in the country's solar power market growth.
- According to Australia's emission projections 2022, a report published by the Department of Industry, Science, Energy and Resources (Australia) in 2022, large-scale solar power generation capacity and rooftop PV capacity in Australia are expected to increase to 24 GW and 47 GW, respectively, by 2035.
- The large-scale solar installations contributed 860 MW this year, with 12 new solar projects. New South Wales dominated the large-scale solar installation and commissioning of 8 of the 12 new projects. The cumulative large-scale solar installations reached 6487 MW this year.
- The large-scale solar sector is expected to drive the market for the next couple of years, with 58 large-scale solar farms under construction this year. Moreover, the country plans to commission Loxton Solar PV Park in Southern Australia with a capacity of 270 MW, developed by ACE Power and CleanGen Projects in 2025.
- Owing to the above factors, the Australian solar power market is expected to witness rapid growth due to the deployment of large-scale solar installations.
Australia Solar Power Industry Overview
The Australian solar power market is fragmented. Some of the major companies (not in particular order) include AGL Energy Limited, Infigen Energy Ltd, Neoen SA, FirstSolar Inc., and Sunpower Corporation.
Australia Solar Power Market Leaders
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AGL Energy Limited
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Infigen Energy Ltd.
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Neoen SA
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FirstSolar Inc.
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SunPower Corporation
*Disclaimer: Major Players sorted in no particular order
Australia Solar Power Market News
- May 2023: The Australian Energy Market Operator (AEMO) announced the four winners of the tender as part of the NSW Electricity Infrastructure Roadmap. Solar energy projects dominated the given capacity, with 1.12GW awarded between the Stubbo Solar Farm with a capacity of 400MW and the New England Solar Farm with a total capacity of 720MW.
- Jan 2023: ACEN Australia announced that it had awarded the Engineering, Procurement, and Construction (EPC) contract to PCL Construction (PCL) for building the 520 MWdc Stubbo Solar project.
Australia Solar Power Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definiton
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Installed Capacity and Forecast in GW, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Solar Photovoltaic (PV)
- 5.1.2 Concentrated Solar Power (CSP)
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5.2 PV Deployment
- 5.2.1 Utlility
- 5.2.2 Non-utility
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 AGL Energy Limited
- 6.3.2 Infigen Energy Ltd
- 6.3.3 Neoen SA
- 6.3.4 SunPower Corporation
- 6.3.5 First Solar Inc.
- 6.3.6 Tindo Solar Pty Ltd
- 6.3.7 East Gippsland Solar
- 6.3.8 GEM Energy
- 6.3.9 Canadian Solar Inc.
- 6.3.10 Trina Solar Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAustralia 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 |
Australia Solar Power Market Research FAQs
How big is the Australia Solar Power Market?
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.
What is the current Australia Solar Power Market size?
In 2024, the Australia Solar Power Market size is expected to reach 41.64 gigawatt.
Who are the key players in Australia Solar Power Market?
AGL Energy Limited, Infigen Energy Ltd., Neoen SA, FirstSolar Inc. and SunPower Corporation are the major companies operating in the Australia Solar Power Market.
What years does this Australia Solar Power Market cover, and what was the market size in 2023?
In 2023, the Australia Solar Power Market size was estimated at 36.5 gigawatt. The report covers the Australia Solar Power Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Australia Solar Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What is the impact of Artificial Intelligence (AI) on the Australia Solar Power Market?
Artificial Intelligence (AI) has the potential to revolutionize the Solar Power Market in Australia by improving efficiency, reliability, and sustainability. It helps optimize solar energy output, operation of energy storage systems, and overall system performance, contributing to a greener future.
Solar Energy in Australia Industry Report
The Australia Solar Power Market is experiencing significant growth, driven by favorable government schemes and increasing environmental concerns. The market is segmented by types, including Solar Photovoltaic (PV) and Concentrated Solar Power (CSP), with PV further divided into utility and non-utility deployments. The solar PV segment is expected to dominate due to its cost-effectiveness and widespread adoption in residential and commercial applications. Utility-scale solar projects are also projected to expand rapidly, supported by substantial investments and technological advancements. The demand for solar cells is bolstered by the rise in rooftop installations and architectural applications, while the adoption of AI technologies is enhancing the efficiency and reliability of solar power systems. Overall, the solar industry in Australia is poised for robust growth, driven by declining costs, government incentives, and increasing investments in renewable energy. Solar energy companies in Australia are at the forefront of this expansion, capitalizing on the favorable market conditions and technological advancements to drive the sector forward. Statistics for the Solar Energy in Australia market share, size, and revenue growth rate, created by Mordor Intelligence™ Industry Reports, provide a comprehensive analysis. The Solar Energy in Australia analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
