Australia Solar Power Market Research Report, 2030

Australia’s solar power market has become one of the largest and most dynamic in the world, driven by the country’s abundant sunlight, favorable climate conditions, and growing demand for renewable energy solutions. With some of the highest levels of solar radiation in the world, Australia is perfectly positioned to harness solar energy, particularly in the southern and western regions, which receive ample sunlight throughout the year. Over the past decade, Australia has seen an explosive growth in the adoption of solar energy, particularly in the residential sector. The rapid decline in the cost of solar panels, combined with government incentives such as the Small-Scale Renewable Energy Scheme, has made solar power an attractive option for homeowners looking to reduce their electricity bills and carbon footprints. In addition to residential adoption, the commercial and industrial sectors in Australia are increasingly turning to solar energy to lower operational costs, enhance sustainability, and meet corporate social responsibility goals. Australia is home to numerous large-scale solar farms, and several major solar projects are being developed to meet the country’s renewable energy targets. These utility-scale solar farms are primarily located in rural and regional areas, where land availability and sunlight are abundant. Australia has set ambitious renewable energy targets, with a goal to achieve 50% renewable energy by 2030, and solar power is expected to play a crucial role in achieving this target. As the market continues to grow, Australia’s solar power industry is attracting significant investment, and the country is expected to remain a global leader in solar energy adoption and innovation. According to the research report, " Australia Solar Power Market Research Report, 2030," published by Actual Market Research, the Australia Solar Power Market is anticipated to add to more than USD 9.25 Billion by 2024–30. Technological advancements in Australia’s solar power market have played a significant role in driving growth and improving efficiency. Australia has become a hub for solar innovation, with leading manufacturers producing high-performance photovoltaic (PV) panels and energy storage solutions. The decreasing cost of solar technology and the increasing efficiency of solar panels have made solar energy more accessible to consumers and businesses alike. Energy storage systems, such as batteries, are becoming increasingly popular in Australia, as they help address the intermittent nature of solar energy and provide a reliable power supply when the sun isn’t shining. Solar-plus-storage systems are particularly important in remote and off-grid areas of Australia, where solar energy is used as the primary source of power. The Australian market is also seeing a shift toward the adoption of smart grids, which enable more efficient distribution and management of solar energy. Smart grid technology allows solar power to be integrated with other renewable energy sources and ensures a more reliable energy supply. Additionally, Australia is exploring the potential of combining solar power with other clean technologies, such as wind and hydrogen, to create a more resilient and sustainable energy system. The government’s continued support for renewable energy, along with the country’s focus on innovation, is expected to drive further growth in the solar power market. As Australia works to transition to a low-carbon economy, solar power will continue to play a central role in the country’s energy future.

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Australia’s solar power market is one of the largest and fastest-growing in the world, thanks to the country’s abundant sunshine and strong government support for renewable energy. Photovoltaic (PV) systems are the dominant technology used in Australia’s solar energy market, accounting for a significant share of solar installations. These systems are primarily used for residential, commercial, and utility-scale applications, converting sunlight into electricity using solar panels. Australia’s vast geographical area and high levels of sunlight make it an ideal location for photovoltaic systems, which are highly efficient and cost-effective. The country also has an increasing number of concentrated solar power (CSP) installations, although these are still in the early stages of development compared to PV systems. CSP technology, which uses mirrors or lenses to concentrate sunlight and generate heat, is seen as a promising option for large-scale power generation, particularly in rural areas where land and sunlight are abundant. Furthermore, solar thermal systems, such as solar water heaters, are commonly used in residential homes and commercial buildings, particularly in regions with hot climates where water heating is essential. With the Australian government setting ambitious renewable energy targets and offering various incentives for solar energy adoption, the solar power market in Australia is expected to continue its growth, contributing significantly to the country’s clean energy transition. The Australian solar power market comprises several key products, each serving different functions and applications. Solar panels are the cornerstone of the market, with both monocrystalline and polycrystalline panels being commonly used. Monocrystalline panels are preferred for residential and commercial installations due to their higher efficiency and space optimization, while polycrystalline panels are used in larger utility-scale projects where cost-effectiveness is a primary consideration. Solar charge controllers are essential for regulating the flow of electricity from the solar panels to the batteries or grid, ensuring that the systems operate efficiently and without damage. Inverters are another critical component of solar power systems, as they convert the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity, which is compatible with the electrical grid and household appliances. The rise of smart inverters, which allow for greater control and monitoring of energy usage, is also seen as an important trend in Australia’s solar market. Batteries, particularly lithium-ion and lead-acid, are becoming increasingly popular in residential and commercial solar installations to store excess energy generated during the day for use at night or during cloudy days. This is particularly important in remote areas of Australia, where access to the national grid may be limited. Other products such as solar-powered water heaters, solar air conditioners, and solar lighting systems are also gaining traction, especially in regions with high energy consumption and a demand for sustainable energy solutions. The diversity of solar power products available in Australia ensures that the market can cater to a wide range of consumer needs, from residential homeowners to large-scale industrial users. Australia’s solar power installations are generally divided into three categories: ground-mounted, roof-mounted, and specialized installations. Ground-mounted solar systems are commonly used for utility-scale solar farms, which generate significant amounts of clean energy for the national grid. These large solar farms are typically located in rural areas where land is plentiful, sunlight is abundant, and land costs are relatively low. Ground-mounted systems allow for the installation of thousands of solar panels, which can produce substantial energy to meet the growing demand for renewable power. Roof-mounted solar systems, on the other hand, are popular for residential and commercial applications. Australia has a high uptake of rooftop solar installations, driven by government incentives, rising electricity costs, and a growing awareness of environmental issues. Many Australian households and businesses have installed solar panels on their rooftops to reduce their reliance on the grid and save on electricity bills. The Australian government has been instrumental in promoting the adoption of rooftop solar by offering rebates, grants, and other financial incentives. In addition, the adoption of building-integrated photovoltaics (BIPV) is gaining momentum, with solar panels being integrated into building structures such as rooftops, facades, and windows. Specialized solar installations, such as solar-powered water heaters and solar-powered lighting systems, are also growing in popularity in Australia, particularly in regions with high energy needs. These specialized systems are ideal for reducing energy consumption in specific applications and are increasingly used in both residential and commercial settings. As Australia continues to transition to a cleaner energy future, the diversity of solar installation types will play a crucial role in meeting the country’s renewable energy targets and reducing its carbon footprint.

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Nikita Jabrela

Business Development Manager

The solar power market in Australia serves several end-use segments, including residential, commercial/industrial, and utility-scale applications. The residential solar market has experienced explosive growth in recent years, driven by rising electricity prices, government incentives, and increasing consumer awareness of the environmental impact of traditional energy sources. Australian homeowners are increasingly installing solar panels on their roofs to reduce their electricity bills and achieve greater energy independence. The government’s Small-scale Renewable Energy Scheme, which provides financial incentives for homeowners to install solar systems, has played a significant role in the expansion of the residential solar market. In addition to solar panels, residential consumers are increasingly investing in energy storage solutions, such as batteries, to store excess solar energy for use during nighttime or cloudy periods. This trend is expected to continue as more Australians look for ways to maximize the benefits of their solar systems and reduce reliance on the grid. The commercial and industrial sectors are also major contributors to Australia’s solar power growth. Many businesses are adopting solar power as a way to reduce energy costs, lower their carbon footprint, and improve their sustainability credentials. The growing emphasis on corporate social responsibility and environmental sustainability has encouraged companies to invest in renewable energy solutions, including solar panels and energy storage systems. Additionally, the commercial solar market is seeing increased adoption of solar power purchase agreements (PPAs), allowing businesses to access solar energy without the upfront costs of purchasing and installing the systems themselves. The utility-scale solar sector in Australia is one of the largest in the world, with several large-scale solar farms contributing significantly to the country’s renewable energy generation. The Australian government has set ambitious targets for renewable energy, and utility-scale solar farms are expected to play a key role in meeting these targets. Large-scale solar projects are typically located in rural and remote areas where land is plentiful, and the cost of land is relatively low. As the demand for renewable energy continues to grow, the residential, commercial, and utility-scale solar markets will be essential in helping Australia transition to a cleaner, more sustainable energy future. Major Companies present in the market: Canadian Solar Inc., Trina Solar Co., Limited, Jinko Solar Holding Co., Limited, Longi Green Energy Technology Co., Limited, JA Solar Technology Co., Limited, Sunpower Corporation, First Solar Inc., Hanwha Corporation, Abengoa, S.A., Engie SA Considered in this report • Historical year: 2018 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030

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Aspects covered in this report • Solar power market with its value and forecast along with its segments • Region-wise solar power market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • North America • Europe • Asia-Pacific • Latin America • Middle-East & Africa Types of Technology in the report: • Solar Photovoltaic • Concentrated Solar Power (CSP) • Others By Product • Solar Panels • Charge Controllers • Batteries • Inverters • Others By Installation • Ground mounted • Roof mounted • Others By Application in the report: • Residential • Commercial/ Industrial • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar power industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.