Australia Solar Energy Market Segmented by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), by Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), by Application (Residential, Commercial, and Industrial) and End-User (Electricity Generation, Heating, Charging and Lighting), By Region, Competition, Forecast and Opportunitie
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Power | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationAustralia Solar Energy Market Segmented by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), by Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), by Application (Residential, Commercial, and Industrial) and End-User (Electricity Generation, Heating, Charging and Lighting), By Region, Competition, Forecast and Opportunitie
| 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
Abundant Sunlight
Key Market Challenges
Grid Integration and Infrastructure Gaps
Technical and Maintenance Hurdles
Key Market Trends
Residential Solar Growth
Smart Energy Management
Segmental Insights
Photovoltaic Dominance
Industrial Dominance
Regional Insights
Queensland Leadership
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Recent Developments
- May 2023The 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 2023ACEN 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 |
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