Australia Solar Power Market - Growth, Trends, and Forecast (2020-2025)
The market is segmented by Type (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)) and Deployment (Utility and Non-Utility)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The Solar Power market in Australia is expected to grow at a CAGR of more than 9% in the forecast period of 2020-2025. Factors such as supportive government policies, rapid acceptance of domestic solar energy in the duration of 2018-2019, and efforts to meet the rising power demand using renewable energy sources and decrease the country's dependency on fossil fuels are expected to be the significant contributors to the growth of the market. With the commitment of the government for different cities like Canberra, Hepburn Shire, City of Sydney, and others to provide 100% renewable energy to the city buildings and supplying rest to public lighting, the share of solar has grown at such a significant rate that Australia achieved its 2020 goal for a renewable share in 2019. On the other hand, with being one of the largest coal producers in the world, the transmission network of Australia is designed for thermal energy sources. With rapid solar power installation, sufficient transmission and distribution grid network development and its integration is expected to pose a big challenge for the power utilities. Moreover, increasing deployment of alternative renewable energy sources such as wind and bioenergy are expected to hinder the growth of the market.
Australia witnessed rapid growth in the solar market in the duration of 2018-2019. With the second-highest per-capita solar capacity, following Germany in 2018, Australia successfully increased annual solar installation by three folds in 2018, comparing to the installations in 2017.
Different states and cities like Canberra in Australia are aiming for !00% renewable in upcoming period with different strategies. Solar energy will be playing a major role in reaching this aim, creating a significant opportunity for solar energy companies in the near future.
Australia has many ambitious renewable projects lined up. With enormous solar energy potential, the country is ready to take a leap in the renewable market. Along with six auctioned projects in the state of Victoria in 2018, including three in solar energy, Australia has many projects lined up, adding several Gigawatts of capacity in the forecast period.
Scope of the report
The Australia solar power market report include:
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
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Key Market Trends
Increasing Deployment of Solar PV to Drive the Market
By the end of 2018, renewable sources generated around 21% of electricity in Australia. With a net capacity of more than 11 GW, solar energy generated more than one fifth of renewable electricity.
Solar rooftop capacity has increased at a rapid pace in late 2018, with more than 2 million Australian homes and businesses powered by rooftop solar PVs, which makes one in five households of Australia generating at least some of its energy using solar power.
Solar projects like Bulli Creek Solar farm with a capacity of 1200 MW is to be commissioned in 2020. The project will be completed in several phases and will be housing 3 million solar PV panels supplied by FirstSolar.
With a net installation of more than 3.8 GW in 2018, solar energy witnessed a growth of 45% in the commercial and 43% in the residential sector. Rooftop solar PV in the commercial and residential sectors contributed significantly with 1.6 GW out of 3.8 GW, reaching more than 8 GW net installed capacity.
With a decent number of upcoming and under construction solar projects, the solar photovoltaic (PV) market is expected to witness a significant growth rate during the forecast period.
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Future Potential with Upcoming Solar Projects and Supportive Government Policies
With more than 87 large scale renewable projects under construction or financially committed, that will be generating more than 14 GW of energy after completion, Australia will be leaping towards green energy and reducing its Carbon footprints at a considerable scale.
In Melbourne (Australia), the city’s entire tram system of 410 cars is transitioning to solar power, electricity supplied from a 35 MW solar PV plant slated for completion in 2019. Zero percent of loans for the purchase of solar and battery systems in the states of New South Wales and Queensland resulted in high demand for solar panels.
Additional subsidies on solar systems had a very positive impact on driving the solar market. The state of South Australia launched a subsidy scheme worth AUD 100 million (USD 70.5 million) for the installation of home battery systems, to facilitate rooftop solar PV. Along with this, Feed-in Tariff also increased public participation in renewable acceptance.
In 2019, the Victorian Government launched the Solar Home Program, which provides a 50 percent rebate for any solar panel system under 10kW, up to a maximum rebate of USD 2225.
With varying policies in different states of Australia for the growth of solar energy, the market of solar demand is expected to rise further in the coming years.
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The Australia Solar Power market is fragmented. Some of the major companies include AGL Energy Limited, Infigen Energy Ltd., Neoen SA, FirstSolar Inc., and Sunpower Corporation.