Australia Solar Power Market Size, Growth, And Forecast 2024-2032

Australia Solar Power Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 16.70% (2024-2032)

Australia renewable energy sector is thriving, driven by strong investments and a growing shift toward sustainable power solutions. According to IMARC Group, the Australia solar power market size reached 34.7 GW in 2023. Looking forward, IMARC Group expects the market to reach 156.4 GW by 2032, exhibiting a growth rate (CAGR) of 16.70% during 2024-2032.

Australia Solar Power Industry Trends and Drivers:

The Australia solar power market is expanding rapidly, owing to several interconnected factors. Primarily, the market is driven by the increasing emphasis of the nation on renewable energy sources as well as an abundance of sunlight. Besides this, the use of solar power has heightened because of government initiatives, including the Renewable Energy Target (RET) and solar installation subsidies. Meanwhile, the increasing energy demand across the nation, coupled with a shift towards reducing carbon emissions, is further boosting the Australia solar power market. Additionally, the minimizing costs of solar photovoltaic (PV) systems and improvements in energy storage solutions are making solar power more accessible and attractive to both residential and commercial sectors. This trend is supported by the rising number of households and businesses installing rooftop solar systems, aiming for energy independence and cost savings.

Technological advancements and innovations in solar PV panels are contributing to the growth of the Australia solar power market. The integration of smart grids as well as energy management systems enhances the efficiency and reliability of solar power, while large-scale solar farms are being developed to meet the rising demand for renewable energy. In addition to these, Australia's commitment to achieving net-zero emissions by 2050 is fostering investments in solar power projects. Apart from these factors, the collaboration between the public and private sectors in promoting sustainable energy solutions is anticipated to propel the market. This favorable environment is expected to maintain the upward trajectory of the market. Consequently, the convergence of these factors is anticipated to propel the expansion of the Australia solar power market in the coming years.

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Australia Solar Power Industry Segmentation:

The report has segmented the market into the following categories:

Type Insights:

• Solar Photovoltaic (PV)

• Concentrated Solar Power (CSP)

Deployment Insights:

• Utility

• Non-utility

Regional Insights:

• Australia Capital Territory & New South Wales

• Victoria & Tasmania

• Queensland

• Northern Territory & Southern Australia

• Western Australia

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• COVID-19 Impact on the Market

• Porter’s Five Forces Analysis

• Strategic Recommendations

• Historical, Current, and Future Market Trends

• Market Drivers and Success Factors

• SWOT Analysis

• Structure of the Market

• Value Chain Analysis

• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us:  

IMARC Group 

Street: Morgan Park QLD 4370

City/Town: Warwick

State/Province/Region: Queensland

Country: Australia

Zip/Postal Code: 4370

Email: sales@imarcgroup.com

Phone Number: +1-631-791-1145