Market Size of Australia Solar Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 41.64 gigawatt |
| Market Volume (2029) | 80.41 gigawatt |
| CAGR (2024 - 2029) | 14.07 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Solar Power Market Analysis
The Australia Solar Power Market size in terms of installed capacity is expected to grow from 41.64 gigawatt in 2024 to 80.41 gigawatt by 2029, at a CAGR of 14.07% during the forecast period (2024-2029).
The country was hit hard by the COVID-19 outbreak. Solar EPC contractors in Australia faced disruption in the procurement of the necessary equipment for projects like Neoen solar projects currently in the development phase due to the lockdown, which affected the scheduled commercial operations of the projects. Factors like favorable government schemes for small-scale solar power generation and upcoming large-scale solar power projects are expected to drive the market. Despite the presence of driving factors, the increasing share of alternative clean energy sources, hydro and wind power, and an expected delay in large-scale solar power projects are expected to restraint the growth of the market.
- Due to its high installations share, the solar photovoltaic (PV) segment is expected to dominate the solar energy market during the forecast period.
- Australia has an abundance of solar irradiance and receives solar energy throughout the year. This has created enormous opportunities to exploit solar energy from the sunniest states in the country, especially Queensland, New South Wales, and Western Australia. The factors mentioned above and the foreign direct investments provide an opportunity for the growth of the solar power market.
- Large-scale solar installations are expected to drive the market during the forecast period.
