Australia Solar Photovoltaics Market to grow an Impressive CAGR through 2026
Demand for reliable and
affordable energy is expected to drive the demand for Australia solar
photovoltaics market in forecast period.
According to TechSci Research report, “Australia
Solar Photovoltaics Market By DC Voltage Type (400 V,600 V,1000 V, &
1500 V), By Installation mode (Rooftop and Ground Mounted), By End User
(Residential, Commercial and Utility), By Module Type (Monocrystalline,
Polycrystalline and Thin Film), By Company, By Region, Forecast &
Opportunities, 2026”, Australia solar photovoltaics market is expected to witness
robust growth in the next five years owing to high demand of the energy
requirements in the country. Surge in demand for solar energy from residential
as well as commercial sectors is aiding the market growth positively.
Conversion of solar energy into electrical energy and transfer of excess
electricity into grid or rechargeable battery is aiding the solar photovoltaic
market. Increasing cost of the conventional fuels across the country and need
for reducing the burden on existing energy sources are the significant factor that
positively influence market growth. Moreover, rising cost for electricity supply
is creating lucrative opportunities for the Australia solar photovoltaic
market. Due to the ongoing pandemic situation, citizens are spending more time
at their homes which in turn is aiding in increase of the electricity bills.
Solar power equipment is generally not affected by recession or rise in price, making
it a major factor for the anticipated growth of solar photovoltaic market in
Australia. Also, facility of storage of energy in form of batteries for later
use is fostering the market growth. Technological innovations to upgrade
battery to make it affordable is expected to influence the market in the next
five years. Continuous construction in residential as well as commercial
sectors is creating need for installation of solar photovoltaic in the premises
for its cost-effective nature. Digitalization of the solar panel for efficient
engineering process and combining bifacial solar panels or energy storage
solutions can be a promising factor for the market rise in the predicted
period. Favorable climatic conditions in Australia for installation of solar
plants is impacting the market growth in the region. Single dwellings and high
homeownership are the other two contributing factors for the expected market
growth. Australia has high per capita gross domestic product which further
enables consumers to opt for higher living standards and affordability for
solar photovoltaic equipment. Increasing demand for sustainable energy sources
is driving the market for Australia solar photovoltaics market.
However, presence of alternative clean energy sources
and supply chain disruptions may create hindrance in the growth of the Australia
solar photovoltaics market.
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Australia
solar photovoltaics market is segmented into DC voltage type, installation
mode, end user, module type, region, and company. Based on end user segment,
market is categorised into residential, commercial, and utility. Utility
segment is expected to hold major market share for solar photovoltaics owing to
plethora of ongoing large scale solar energy projects and rise in demand for alternative
energy source. Based on installation mode, Australia solar photovoltaics market
is bifurcate into rooftop and ground mounted. Rooftop accounted for major
market share and is expected to dominate the market due to government
initiatives and incentives to promote the solar energy. Also, installation of
solar energy aids in reducing the electricity expenditure.
Sun
Power Corporation, Tindo Solar, Trina Solar, Risen Australia, Australian Solar
Manufacturing Pty. Ltd., WINAICO Australia Pty Ltd, Q CELLS Australia Pty. Ltd,
Suntech, Seraphim Solar Australia, Australian Premium Solar are some of
the leading players operating in Australia solar photovoltaics market. Manufacturers
are actively focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several solar photovoltaics manufacturers are coming
up with their technologically advanced offerings.
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“Rebates
offered by government to install solar plants on home and buildings and
financial incentives in form of small-scale technology certificates and
interest-free loans to boost the installation of solar energy plants is
expected to propel the Australia solar photovoltaics market for the forecast
period. Selling of excess electricity to electricity retailers coupled by
attractive schemes provided by government is anticipated to bolster the growth
of the market” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
“Australia Solar
Photovoltaics Market By DC Voltage Type (400 V,600 V,1000 V, & 1500 V), By
Installation mode (Rooftop and Ground Mounted), By End User (Residential, Commercial
and Utility), By Module Type (Monocrystalline, Polycrystalline and Thin Film),
By Company, By Region, Forecast & Opportunities, 2026” has
evaluated the future growth potential of Australia solar photovoltaics market
and provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of Australia solar
photovoltaics market.
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