The Australia solar power market is expected to expand at a CAGR of 19.5 % during the forecast period, 2021-2028. The growth of the market is attributed to favorable government schemes for small-scale solar power generation companies.
Solar power is one of the cleanest energy reserve. It has infinite pool of energy source. The radiant energy emitted from the sun is harnessed by using various technologies to use solar energy for electricity generation. Photovoltaic cells are utilized for extracting the solar energy for power utility. It is an efficient form of unconventional energy and a convenient renewable solution. Growing greenhouse emissions is driving the growth of the market.
The demand for solar cells has gained major traction owing to surge in rooftop installations, followed by increasing applications in the architectural sector. Moreover, the increasing demand for parabolic troughs and solar power towers in electricity generation is expected to boost the demand for concentrated solar power systems in the country.
Despite of the COVID-19 pandemic, the market share of alternative clean energy sources such as solar, hydro and wind power has increased at a healthy rate. Delays in large-scale solar power projects owing to the pandemic hampered the market growth; however, the market is expected to reach the pre-COVID level soon.
Solar Power Market Drivers, Restraints, Trends, and Opportunities
- Increasing environmental pollution and provision of government incentives & tax rebates to install solar panels are expected to proliferate the market growth.
- Decreasing water footprint associated with solar energy systems has fueled their demand in power generation sector, stimulating the growth of the market
- Factors such as the declining cost of solar PV and associated systems are driving the growth of the market during the forecasted period.
- The global COVID-19 pandemic has caused several disruptions in the industry's supply chain. However, supportive packages announced by the government for the renewable energy sector are expected to drive the market during the forecast period.
- Rising investment in the R&D activities and ongoing technological advancements are anticipated to fuel the market growth in the projected timeline.
Scope of Solar Power Market Report
The report on the Australia Solar Power Market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Solar Power Market - Australia Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP) and PV Deployments (Utility and Non-utility)
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Geographic Zone
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Australia
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AGL Energy Limited, Infigen Energy Ltd., Neoen SA, FirstSolar Inc., and SunPower Corporation
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Solar Power Market Segment Insights
Solar photovoltaic (PV) segment to account a large market share
Based on types, the market is bifurcated into solar photovoltaic (PV) and concentrated solar power (CSP)). The solar photovoltaic (PV) segment is projected to account for a large market share during the forecast period. The segment growth is attributed to the increased using of PV cells in the solar power market for energy generation. Low cost of solar PV and declining cost of semiconductor are further boosting the growth of the market segment.
Utility segment to exhibit a high CAGR
Based on PV deployments, the market is divided into utility and non-utility. The utility segment is projected to expand at a high CAGR during the forecast period. As of 2020, around 6.07 GW of solar power capacity, worth AUD 9.53 billion is under construction or due to the start in Australia. This huge capacity in pipeline is expected to boost the growth of utility-scale solar power in the country during the forecast period.
Despite a large capacity of solar power projects in the pipeline, the global COVID-19 pandemic has caused several disruptions in the supply chain of Australia’s renewable energy, including the solar market. Around 3 GW of wind and solar projects in Australia are expected to be delayed, due to the COVID-19 pandemic. However, declining number of cases due to the expanding vaccination drive is expected to fuel the market segment growth.
Segments
Types
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP))
PV Deployments
Country
Key players
Competitive Landscape
Some of the major companies include AGL Energy Limited, Infigen Energy Ltd., Neoen SA, FirstSolar Inc., and Sunpower Corporation.
Companies are engaging in partnerships, mergers, and acquisitions to expand their market share. Moreover, they’re heavily investing in R&D activities to build cost-effective solar power systems.
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