Australia Solar Power Market Report and Forecast 2025-2034

Australia Solar Power Market Outlook

The Australia solar power market size is projected to grow at a CAGR of 11.77% between 2025 and 2034.

Key Takeaways

• Geoscience Australia reports that Australia receives an annual average of 58 million petajoules (PJ) of solar radiation, a figure approximately 10,000 times greater than the country's total power consumption.

• As per the Department of Climate Change, Power, the Environment, and Water, renewable power sources, including solar power contributing to 14%, comprised 32% of Australia's total electricity generation in the year 2022.

• According to recent data from the Clean Power Regulator (CER), around 3.04 million Australian homes and businesses had rooftop photovoltaic (PV) systems installed by the end of 2021.

In the Australia solar power market, the commercial sector drives growth as businesses can achieve substantial electricity bill reductions by generating their power from solar power, resulting in significant long-term cost savings.

Solar power in the commercial sector provides cost savings via lower electricity bills, favourable return on investment (ROI), financial incentives such as tax rebates, stable power costs, sustainability for corporate social responsibility, power independence, and marketing benefits.

Solar power in the residential sector offers power bill savings, enhanced property values, tax credits, environmental advantages, power self-reliance, secure long-term investments, minimal maintenance, and off-grid capabilities for homeowners.

According to the Clean Power Council (CEC), Australia saw a significant increase in renewable power, with renewables contributing nearly 40% of the country's electricity supply in 2023. The Clean Power Australia 2024 report indicates a 9.7% increase from the previous year, largely driven by 5.9GW of new clean power capacity, particularly from rooftop solar installations.

Market Segmentation

Australia Solar Power Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Solar Module

• Polycrystalline
• Amorphous Silicon Cells
• Monocrystalline
• Cadmium Telluride
• Others

Market Breakup by Technology

• Concentrated Solar Power Systems
  • Linear Fresnel
  • Parabolic Trough
  • Power Tower

• Solar Photovoltaic System
  • Mono-Si
  • Thin Film
  • Multi-Si
  • Others

Market Breakup by Application

• Commercial

• Residential

• Industrial

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Australian Capital Territory

• Western Australia

• Others

The Australia solar power market key players are Iberdrola Australia Limited, Neoen Australia Pty Ltd., First Solar, Tindo Operations Co Pty Ltd., Lightsource bp Renewable Power Investments Limited., GEM Power Australia Pty Ltd., Sunboost Power Pty Ltd. and Australian Solar Group among others.

Key Highlights of the Report