Australia Solar Energy Market By Size, Share, and Forecast 2028

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 2.48 Billion
CAGR (2023-2028)	13.2%
Fastest Growing Segment	Crystalline Silicon PV
Largest Market	Electricity Generation

Market Overview

The Australia Solar Energy Market achieved a valuation of USD 2.48 billion in 2022 and is poised for substantial growth within the projected period, displaying a Compound Annual Growth Rate (CAGR) of 13.2% until 2028. The rapid expansion of the Australian solar energy sector can be attributed to several key factors, including abundant sunlight, declining solar technology costs, and supportive government regulations. Both residential and commercial sectors are actively embracing solar panel installations to realize cost efficiencies and contribute to environmental well-being. Government initiatives such as the Small-scale Renewable Energy Scheme (SRES) and renewable energy targets play a pivotal role in driving solar adoption. By reducing carbon emissions, enhancing energy security, and fostering job creation, solar energy is instrumental in steering Australia towards a cleaner energy future. The combination of Australia's commitment to sustainability and its favorable climate positions the nation as a frontrunner in harnessing solar power for enduring progress.

Primary Market Drivers

Government Policies and Incentives: Government policies and incentives significantly propel the Australia Solar Energy Market. These measures not only encourage widespread adoption of solar technologies but also position the country as a global leader in renewable energy transition. Abundant sunlight resources form the foundation, but it's strategic policy frameworks that accelerate development. Incentives like the Small-scale Renewable Energy Scheme (SRES) financially support solar panel installations, effectively reducing upfront costs. Feed-in tariffs incentivize grid contribution, further spurring investment. Tax incentives, grants, and favorable regulations foster an environment conducive to solar growth. Renewable energy targets set by governments underscore commitment to sustainability, encouraging solar adoption aligned with public climate change awareness.

Abundant Sunlight: Australia's profusion of sunlight is pivotal to the solar energy market's remarkable growth. Vast sunlit landscapes and consistent weather patterns provide a unique advantage for solar energy production. Uninterrupted sunlight allows continuous conversion, ensuring a reliable power supply. High solar irradiance translates to superior energy output per unit, rendering solar energy attractive for meeting energy demands.

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Key Market Challenges

Grid Integration and Infrastructure Gaps: Growth of the Australia Solar Energy Market is hampered by storage infrastructure challenges. Reliable energy storage solutions like batteries are essential due to solar power's intermittent nature. Costs of storage systems can discourage adoption, particularly when demand surpasses supply during non-sunny periods. Insufficient storage infrastructure impacts grid stability and energy reliability, necessitating investment in efficient energy storage solutions for sustained market growth.

Technical and Maintenance Hurdles: Technical challenges impede widespread solar adoption. Variability in solar panel efficiency due to shading, dust accumulation, and degradation reduces energy output. Maintenance challenges include regular cleaning, inspection, and repair for optimal performance. Complex tracking systems require precise engineering and maintenance. Integrating solar into the grid requires sophisticated systems for stability. Overcoming these hurdles mandates research, innovation, and collaboration among government, research, and industry stakeholders.

Key Market Trends

Residential Solar Growth: Falling costs, incentives, and eco-awareness drive residential solar growth. Rooftop solar systems cut bills, foster energy independence, and curb footprints, contributing to renewables goals and grid resilience.

Smart Energy Management: Advanced tech, data analytics, and automation in smart energy management optimize usage, bolster grid stability, and maximize solar benefits. Smart meters, energy monitoring, and storage systems enhance energy resilience. Home automation aligns energy use with solar generation, curbing reliance on non-renewables.

Segmental Insights

Photovoltaic Dominance: Photovoltaic segment's dominance in the Australia Solar Energy Market is projected due to rising Chinese power consumption and investments in solar projects. Solar PV's fuel-free nature, durability, and low upkeep contribute. Deep electrification and rapid solar PV deployment could reduce CO2 emissions by 21% by 2050.

Industrial Dominance: Industrial sector's prominence arises from population growth and industrialization driving demand for goods. Solar concentrators meet heightened power needs as production rises.

Regional Insights

Queensland Leadership: Queensland leads the Australia Solar Energy Market with abundant sunlight and favorable policies. High residential installations, utility-scale projects, and solar farms contribute to its supremacy. In essence, the Australia Solar Energy Market's growth is propelled by government policies, abundant sunlight, and advanced technologies. Despite challenges, the residential sector, smart energy management, and specific segments like photovoltaic and industrial drive the market. Queensland stands at the forefront due to its conducive environment.

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Recent Developments

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.

Key Market Players

AGL Energy Limited
Infigen Energy Ltd
Neoen SA
FirstSolar Inc.
Sunpower Corporation
First Solar Inc.
Tindo Solar Pty Ltd
East Gippsland Solar
GEM Energy
Canadian Solar Inc.
Trina Solar Co. Ltd

By Technology

By Solar Module

By Application

By End-user

By Region

• Photovoltaic Systems

• Concentrated Solar Power Systems

• Monocrystalline

• Polycrystalline

• Cadmium Telluride

• Amorphous Silicon Cells

• Others

• Residential

• Commercial

• Industrial

• Electricity Generation

• Heating, Charging

• Lighting

• New South Wales

• Victoria

• Queensland

• Western Australia

• South Australia

• Tasmania

• Northern Territory

Report Scope:

In this report, the Australia Solar Energy Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

· Australia Solar Energy Market, By Technology:

o Photovoltaic Systems

o Concentrated Solar Power Systems

· Australia Solar Energy Market, By Solar Module:

o Monocrystalline

o Polycrystalline

o Cadmium Telluride

o Amorphous Silicon Cells

o Others

· Australia Solar Energy Market, By Application:

o Residential

o Commercial

o Industrial

· Australia Solar Energy Market, By End-use:

o Electricity Generation

o Heating

o Charging

o Lighting

· Australia Solar Energy Market, By Region:

o New South Wales

o Victoria

o Queensland

o Western Australia

o South Australia

o Tasmania

o Northern Territory

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Australia Solar Energy Market.

Available Customizations:

Australia Solar Energy Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Australia Solar Energy Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

4. Voice of Customer

5. Australia Solar Energy Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Technology (Photovoltaic Systems and Concentrated Solar Power Systems)

5.2.2. By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others)

5.2.3. By Application (Residential, Commercial and Industrial)

5.2.4. By End-User (Electricity Generation, Heating, Charging and Lighting)

5.2.5. By Region

5.3. By Company (2022)

5.4. Market Map

6. New South Wales Solar Energy Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Technology

6.2.2. By Solar Module

6.2.3. By Application

6.2.4. By End-User

7. Victoria Solar Energy Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Technology

7.2.2. By Solar Module

7.2.3. By Application

7.2.4. By End-User

8. Queensland Solar Energy Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Technology

8.2.2. By Solar Module

8.2.3. By Application

8.2.4. By End-User

9. Western Australia Solar Energy Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Technology

9.2.2. By Solar Module

9.2.3. By Application

9.2.4. By End-User

10. South Australia Solar Energy Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Technology

10.2.2. By Solar Module

10.2.3. By Application

10.2.4. By End-User

11. Tasmania Solar Energy Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Technology

11.2.2. By Solar Module

11.2.3. By Application

11.2.4. By End-User

12. Northern Territory Solar Energy Market Outlook

12.1. Market Size & Forecast

12.1.1. By Value

12.2. Market Share & Forecast

12.2.1. By Technology

12.2.2. By Solar Module

12.2.3. By Application

12.2.4. By End-User

13. Market Dynamics

13.1. Drivers

13.2. Challenges

14. Market Trends and Developments

15. Policy & Regulatory Framework

16. Australia Economic Profile

17. Company Profiles

17.1. AGL Energy Limited

17.1.1. Business Overview

17.1.2. Key Revenue and Financials

17.1.3. Recent Developments

17.1.4. Key Personnel

17.1.5. Key Product/Services

17.2. Infigen Energy Ltd

17.2.1. Business Overview

17.2.2. Key Revenue and Financials

17.2.3. Recent Developments

17.2.4. Key Personnel

17.2.5. Key Product/Services

17.3. Neoen SA

17.3.1. Business Overview

17.3.2. Key Revenue and Financials

17.3.3. Recent Developments

17.3.4. Key Personnel

17.3.5. Key Product/Services

17.4. FirstSolar Inc.

17.4.1. Business Overview

17.4.2. Key Revenue and Financials

17.4.3. Recent Developments

17.4.4. Key Personnel

17.4.5. Key Product/Services

17.5. Sunpower Corporation

17.5.1. Business Overview

17.5.2. Key Revenue and Financials

17.5.3. Recent Developments

17.5.4. Key Personnel

17.5.5. Key Product/Services

17.6. Trindo Solar Pty Ltd

17.6.1. Business Overview

17.6.2. Key Revenue and Financials

17.6.3. Recent Developments

17.6.4. Key Personnel

17.6.5. Key Product/Services

17.7. GEM Energy

17.7.1. Business Overview

17.7.2. Key Revenue and Financials

17.7.3. Recent Developments

17.7.4. Key Personnel

17.7.5. Key Product/Services

17.8. Canadian Solar Inc.

17.8.1. Business Overview

17.8.2. Key Revenue and Financials

17.8.3. Recent Developments

17.8.4. Key Personnel

17.8.5. Key Product/Services

17.9. Trina Solar Co. Ltd

17.9.1. Business Overview

17.9.2. Key Revenue and Financials

17.9.3. Recent Developments

17.9.4. Key Personnel

17.9.5. Key Product/Services

18. Strategic Recommendations

19. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Australia Solar Energy Market in 2022?

The market size of the Australia Solar Energy Market was estimated to be USD 2.48 billion in 2022.

Which was the dominant segment by infrastructure service in the Australia Solar Energy Market?

Commercial and Industrial has emerged as the dominant segment in the Australia Solar Energy Market. Due to being one of the largest energy consumers, the commercial and industrial sector typically pays higher electricity expenses. The industry has the most advantageous use profiles and stands to gain from the installation of rooftop solar PV systems across substantial roof areas.