Australia Rooftop Solar Panel Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 9.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Rooftop Solar Panel Market Analysis
The Australian rooftop solar market is expected to register a CAGR of more than 9% during the forecast period.
The outbreak of COVID-19 negatively impacted the market. Currently, the market has reached pre-pandemic levels.
- Factors such as declining solar PV and associated equipment costs and increasing rooftop solar installations are expected to be significant drivers for the market.
- However, a lack of general awareness, the high cost of electricity storage, and competition from alternative clean energy sources are expected to hinder the market's growth during the forecast period.
- Australia is expected to have the highest share of solar power, with nearly 40% of the electricity grid, by 2050, which is expected to provide opportunities in the Australian solar rooftop market in posterity.
Australia Rooftop Solar Panel Market Trends
Residential Segment to Dominate the Market
- Australia is one of the leading countries in the solar PV market, driven primarily by household rooftop installations. More than 27.3% of homes are connected to rooftop solar PV, with almost 3 million households enjoying the benefits of rooftop solar across Australia.
- As of December 2021, there were 389577 rooftop solar installations, the highest number in the industry's history. This resulted in the industry adding 3 GW of new capacity in 2021.
- In 2021, small-scale solar (systems up to 100 kW) was responsible for 24.9% of Australia's clean energy generation and produced 6.5% of the country's total electricity.
- Electricity production from solar PV has zero greenhouse emissions, which is likely to drive the demand for solar rooftops in the residential segment.
- Around half of the counties have the unused potential for rooftop solar in residential zones. It is estimated that only around one-fifth of all residential buildings have installed a rooftop solar system.
- The eastern states in the country accounted for around 70% of the total installed capacity. Queensland, New South Wales, South Australia, and Western Australia are the leaders in rooftop solar installation. Around 1-in-3 houses in South Australia and Queensland have solar PV installation.
- The small-scale solar added 3316 MW of new capacity in 2021, compared to the previous year of 2963 MW set in 2020. New South Wales once again installed the newest rooftop solar capacity in 2021, adding 996 MW throughout the year, followed by Queensland with 854 MW, Victoria with 681 MW, and Western Australia with 367 MW
- While most PV installations in Australia are residential, rooftop solar on commercial buildings is growing. Hence, the residential segment is expected to dominate the market.
Declining Costs of Solar PV Driving the Market Demand
- Declining solar PV costs and the increasing electricity costs in the country are estimated to result in huge demand for the rooftop solar market during the forecast period.
- As per IRENA's Renewable Power Generation Costs statistics, Australia's solar PV cost reached USD 1023 per kW in 2021 from USD 7803 per kW in 2010. The declining solar PV installation costs are expected to drive the rooftop solar market during the forecast period.
- Another cost-effective advantage of solar PV in electricity generation is that the excess electricity produced from solar PV can be directed into the grid, delivering a feed-in payment, or it can be stored in a rechargeable battery for later use.
- The revenues generated or savings that occur in electricity costs by selling PV electricity are almost equal to or higher than the long-term costs incurred during financing and installing a PV system. Thus, the technology is more beneficial for end users on account of cost savings.
- Furthermore, the country offers a solar credit scheme. Under this initiative, every megawatt-hour of qualifying energy generation is eligible for large and small-scale technology certificates (LTCs and STCs). They offer a discount on the cost of installing the solar system. Hence, the declining costs of installing solar PV are likely to drive the market.
Australia Rooftop Solar Panel Industry Overview
The Australian rooftop solar market is moderately fragmented. The key players in the market (in no particular order) include Risen Energy Co. Ltd, Trina Solar, Energy Matters, GEM Energy, and Tindo Solar, among others.
Australia Rooftop Solar Panel Market Leaders
Energy Matters
GEM Energy
Tindo Solar
Trina Solar
Risen Energy Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Australia Rooftop Solar Panel Market News
- January 2022: Semper Solaris partnered with Enphase Energy, Inc., a global energy technology company, to deploy IQ8 solar microinverters, which provide sunlight backup during an outage for residential rooftop installation.
- September 2022: Solar Bay and Logos commenced construction of Australia's largest roof-mounted solar storage project, airlifting in the first of more than 120,000 solar panels that were expected to be installed atop an 800,000 sqm industrial warehousing facility in southwestern Sydney.
Australia Rooftop Solar Panel Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Rooftop Solar Installed Capacity and Forecast in MW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION - BY END USER
5.1 Residential
5.2 Commercial and Industrial (C&I)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Risen Energy Co. Ltd.
6.3.2 Trina Solar
6.3.3 Infinite Energy
6.3.4 Energy Matters
6.3.5 GEM Energy
6.3.6 Tindo Solar
6.3.7 Adam Solar
6.3.8 Soltek Energy
6.3.9 RACV Solar
6.3.10 Maxeon Solar Technologies Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Australia Rooftop Solar Panel Industry Segmentation
Solar is one of the renewable energy sources that generate electricity through the sun. The Australia Rooftop Solar energy market is segmented by end-user. By end-user, the market is segmented into residential and commercial and industrial (C&I). For each segment, the market sizing and forecasts have been done based on installed capacity (megawatts).
Australia Rooftop Solar Panel Market Research FAQs
What is the current Australia Rooftop Solar Market size?
The Australia Rooftop Solar Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in Australia Rooftop Solar Market?
Energy Matters, GEM Energy, Tindo Solar, Trina Solar and Risen Energy Co., Ltd. are the major companies operating in the Australia Rooftop Solar Market.
What years does this Australia Rooftop Solar Market cover?
The report covers the Australia Rooftop Solar Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia Rooftop Solar Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia Rooftop Solar Panel Industry Report
Statistics for the 2024 Australia Rooftop Solar Panel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia Rooftop Solar Panel analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
