Australia Solar Energy Market Insights Forecasts to 2033

• The Australia Solar Energy Market Size was valued at USD 36.55 Gigawatt in 2023.
• The Market is Growing at a CAGR of 14.13% from 2023 to 2033
• The Australia Solar Energy Market Size is Expected to Reach USD 137.0 Gigawatt by 2033

The Australia Solar Energy Market is Anticipated to Reach USD 137.0 Gigawatt by 2033, growing at a CAGR of 14.13% from 2023 to 2033.

Market Overview

The Australia solar energy market is a significant contributor to the country's transition to renewable energy, providing a clean and sustainable source of electricity for both residential and commercial sectors. The market includes grid-connected and off-grid solar systems, along with innovations in solar storage and energy management technologies. The growth of the market is driven by factors such as high sunlight levels, rising electricity costs, environmental awareness, technological advancements, and the growing demand for sustainable energy sources. Government initiatives, such as the Small-scale Renewable Energy Scheme (SRES) and feed-in tariffs, are also instrumental in shaping the market. State governments also offer rebates and subsidies to make solar energy more accessible. The Australian government's commitment to reducing carbon emissions and investing in renewable energy is expected to further drive the growth of the solar energy sector.

Report Coverage

This research report categorizes the market for the Australia solar energy market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Australia solar energy market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Australia solar energy market.

Driving Factors

The large amounts of sunlight in Australia make it a perfect place to generate solar electricity, which is one of the causes driving the expansion of the solar energy market in that country. More households and businesses are looking for sustainable and reasonably priced energy alternatives as a result of rising electricity prices, solar energy can result in significant long-term cost reductions. Solar energy is becoming more widely available and appealing due to technological developments in solar panel efficiency and storage systems, as well as a dramatic drop in installation prices. Australia's uptake of solar power has been further spurred by rising environmental consciousness and the drive for better energy choices.

Restraining Factors

Solar power's intermittency, reliance on sunshine, and supply fluctuations pose significant challenges. Despite advancements in energy storage technology, its widespread use may be limited by high initial costs and limited availability. Government incentives may impact market expansion, and policy changes or reduced subsidies may impact market expansion. Other obstacles include limited financing options and initial installation costs.

Market Segmentation

The Australia solar energy market share is classified into technology and application.

• The solar photovoltaic (PV) segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The Australia solar energy market is segmented by technology into solar photovoltaic (PV) and concentrated solar power (CSP). Among these, the solar photovoltaic (PV) segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Solar photovoltaic (PV) technology is the most popular solar energy in Australia due to its cost, scalability, and simplicity of installation. Residential and business customers are increasingly choosing PV due to falling panel costs and rooftop solar systems. Government incentives and the ability to interact with current power infrastructure also contribute to the wider adoption of solar PV.

• The residential segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the Australia solar energy market is divided into residential, non-residential, and utility. Among these, the residential segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The rise in homeowners installing solar energy systems is primarily driven by rising electricity bills and environmental concerns. Government incentives like feed-in tariffs and rebates are also encouraging homeowners to adopt solar photovoltaic (PV) systems as an affordable and sustainable energy source.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia solar energy market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Sunpower
• Tesla Energy
• Sungrow Power Supply
• First Solar
• Origin Energy
• AGL Energy
• SolarEdge Technologies
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In October 2024, the ESA Series All-in-One Energy Storage System is one of six new products that GoodWe Australia revealed at All-Energy Australia 2024. Designed to maximize energy storage and management for both domestic and commercial applications, this system consists of a 50kW inverter and a 100kWh battery with parallel possibilities.

Market Segment

This study forecasts revenue at Australia, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Australia solar energy market based on the below-mentioned segments:

Australia Solar Energy Market, By Technology

• Solar Photovoltaic (PV)
• Concentrated Solar Power (CSP)

Australia Solar Energy Market, By Application

• Residential
• Non-Residential
• Utility