Australia Solar Power Market Size, Share & Growth | Forecast 2031

Report Description

Australia Solar Power Market Outlook 2031

The Australia Solar Power Market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 14.07% during the forecast period 2023 - 2031. The growth of solar 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.

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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. For Instance,

• According to a published report in May 2023, the electricity generation in the solar energy market in Australia is 15.26 billion Kilowatt-hours (bn KWh). It is projected that it will grow at an annual growth of 2.6% in the coming years.

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 australia Solar Power market growth; however, the market is expected to reach the pre-COVID level soon.

Artificial Intelligence Impact on Australia Solar Power Market

Artificial Intelligence (AI) has the potential to revolutionize the solar power market in Australia by improving efficiency, reliability, and sustainability. It helps to accelerate the adoption of renewable energy sources and contribute to a greener future. AI algorithms analyze weather patterns, historical data, and real-time solar panel performance to optimize the generation of solar power. This helps to maximize solar energy output and improve overall efficiency.

Furthermore, AI optimizes the operation of energy storage systems, such as batteries, by predicting demand patterns and adjusting charging and discharging cycles accordingly. This helps to balance the supply and demand of solar energy, making it more reliable and cost-effective.

Australia 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 australia solar power market growth.
• Decreasing water footprint associated with solar energy systems has fueled their demand in power generation sector, stimulating the growth of the australia solar market.
• Factors such as the declining cost of solar PV and associated systems are driving the growth of the market during the forecast 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 Australia Solar Power Market Report

The report on the Australia Solar Power Market includes an assessment of the market, trends, segments and regional markets. Solar Industry Overview and dynamics have also been included in the report.

Australia Solar Power Market Segment Insights

Solar photovoltaic (PV) segment to account a large market share

Based on types, the australia solar power market share 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. For Instance,

• According to ARENA, an Australian Renewable Energy Agency, Solar PV generated around 10 % of Australia’s electricity in 2020-21. More than 30% of Australian households have rooftop solar PV with combined capacity exceeding 11GW. It is the fastest-growing type in Australia.

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Utility segment to exhibit a high CAGR

Based on PV deployments, the australia solar power 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.

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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.