Australia Solar Power Market

Australia Solar Power Market Overview:

The Australia solar power market size reached 34.7 GW in 2023. Looking forward, IMARC Group expects the market to reach 156.4 GW by 2032, exhibiting a growth rate (CAGR) of 16.70% during 2024-2032. The market is witnessing significant growth mainly driven by increasing solar installations in residential, commercial, and utility sectors. Declining costs of solar panels, government incentives, and advances in energy storage technologies are also contributing positively to the market growth.

Australia Solar Power Market Trends:

Increase in Solar Installations

Australia is witnessing significant growth in solar installations mainly in the residential and commercial sectors. This surge is largely driven by a combination of government incentives, such as rebates and feed-in tariffs, which make solar power more affordable for consumers. Additionally, the continuous decline in the cost of solar panels and advancements in energy storage technology have further fueled adoption. Homeowners and businesses are increasingly turning to solar energy to reduce electricity bills and minimize their carbon footprints. The ease of access to rooftop solar systems, along with financing options, has accelerated the adoption of solar energy across urban and rural areas. This trend aligns with Australia’s broader goals of transitioning to renewable energy and reducing dependence on fossil fuels. According to industry reports, in 2023, rooftop solar contributed 11.2% to Australia's electricity supply, with 20 GW total capacity of rooftop solar photovoltaic systems. New South Wales set a record with 970 MW of new rooftop solar installations, while Queensland became the first state to exceed one million rooftop solar installations. Additionally, 57,000 behind-the-meter batteries were installed. This growth underscores the increasing popularity of rooftop solar and the potential for a substantial impact on Australia's energy landscape.

Integration of Energy Storage Systems

As solar power adoption grows, energy storage systems like batteries are becoming essential to address solar energy’s intermittency. Solar panels generate electricity only during daylight, which creates an imbalance between peak production and usage. Batteries store excess electricity produced during the day, allowing it to be used during non-sunlight hours or high-demand periods. This integration ensures a more consistent and reliable power supply, reducing grid dependency. Moreover, advanced energy storage systems enhance energy security, lower electricity costs, and support grid stabilization, particularly in regions with high solar penetration like Australia. This trend drives innovation in battery technology and promotes energy independence. For instance, in July 2024, Green Gold Energy received approval to build a 108MW solar farm with 91.7MWh of battery storage in South Australia. The project, named Morgan Solar and Battery Energy Storage, aims to draw in an investment of over AUS$185 million and create job opportunities during its 18-month construction period. The company also plans to explore green hydrogen production on-site. Additionally, plans for a 200MW solar PV farm with 200MW of battery storage in the Australian Plains region are underway.

Australia Solar Power Market News:

• In August 2024, the Australian government announced the approval of a $19bn solar project to export electricity to Singapore. The Australia-Asia Power Link will provide 6GW of renewable energy, with one-third transmitted to Singapore. SunCable, owned by entrepreneur Mike Cannon-Brookes, expects to supply 15 percent of Singapore’s energy needs by the early 2030s. The 12,000-hectare solar farm in Northern Territory aims to create 14,300 jobs and position Australia as a renewable energy leader with strict environmental protections.
• In August 2024, Capral Aluminium and Tindo Solar announced their partnership to boost Australia's renewable energy sector. Capral will supply extruded aluminum for Tindo's Australian-made solar panels and potentially support Tindo's planned Gigafactory. The facility, anticipated to create 250 jobs and produce up to 7,000 solar panels daily, is part of the push for increased domestic renewable energy production. The collaboration emphasizes the power of local manufacturing in advancing Australia's sustainable energy solutions and strengthening the nation's industrial practices.

Australia Solar Power Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type and deployment.

Type Insights:

• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)
   

The report has provided a detailed breakup and analysis of the market based on the  type. This includes solar photovoltaic (PV), and concentrated solar power (CSP).

Deployment Insights:

• Utlility
• Non-utility
   

A detailed breakup and analysis of the market based on the deployment have also been provided in the report. This includes utlility, and non-utility.

Regional Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Solar Power Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia solar power market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Australia solar power market?
• What is the breakup of the Australia solar power market on the basis of type?
• What is the breakup of the Australia solar power market on the basis of deployment?
• What are the various stages in the value chain of the Australia solar power market? 
• What are the key driving factors and challenges in the Australia solar power?
• What is the structure of the Australia solar power market and who are the key players?
• What is the degree of competition in the Australia solar power market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia solar power market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia solar power market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia solar power industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.