The Solar Power Market in Australia is expected to grow at a CAGR of 19.56% over the forecast period 2020-2025 | Instant News

New York, 28 July 2020 (GLOBE NEWSWIRE) – announces release of the report “Australian Solar Market – Growth, Trends, and Forecast (2020-2025)” –
Although there are driving factors for the market under study, factors, such as supply chain disruptions in the solar power market due to the COVID-19 outbreak, an increase in the share of clean alternative energy sources for hydropower and wind, and expected delays in large-scale solar projects, are expected can restrain market growth.

– Solar photovoltaic (PV) capacity continues its dominance over the forecast period. Factors, such as decreasing solar PV costs and related systems, are expected to increase market growth.
– Despite the large capacity of piped solar power projects (both small and large scale solar power), the global COVID-19 pandemic has caused some disruption in the supply chain of the Australian solar industry. However, supporting packages announced by the government for the renewable energy sector are expected to drive the market studied.
– In terms of deployment, utility-scale solar power is estimated to witness the fastest growth over the forecast period.

Main Market Trends
Increasing Solar PV Placement to Push the Market

– Australia has one of the highest average solar radiation per square meter, one of the highest per capita consumption of residential roofs and the world’s leading solar PV technology, but it still lags behind other parts of the world in terms of medium scale and large scale solar development.
– The electricity sector is dominated by coal, gas and oil. Renewable sources accounted for 55,093 GWh (21%) of total electricity generation in 2019. The share of solar power is around 7.8% of total electricity generation.
– According to the Clean Energy Council, electricity generated through solar power plants increased by 46% in 2019 compared to 2018, largely due to the commissioning of large-scale solar power plants in 2019.
– The cost of large scale solar PV has fallen dramatically from AUD 135 per megawatt-hour (MWh) in 2015 to the expected AUD 44.50 – AUD 61.50 per MWh in 2020 by a combination of international and local improvements and is expected to continue .
– Solar PV investment grows gradually until 2018, however, investment in large-scale clean energy projects fell 56% in Australia last year, down to the lowest level since 2016 amid renewed uncertainty about the industry’s future.
– In addition, the current outbreak of COVID-19 further exacerbates the scenario with operators in an effort to reduce the unexpected costs of taking on new projects. In addition, COVID-19 has encouraged locking up all over the world, which has hampered the smooth functioning of the supply chain. This is further expected to curb market growth.

Solar Utility Scale to Watch Fastest Growth

– The large scale renewable energy target (RET) of 2020 is considered a very successful policy. This encourages an unprecedented level of investment in the generation of new utility scales over the past two years (2017 and 2018). Around 15,700 MW of new capacity has been financially committed over the past two years (2017 and 2018), with the generation being built or recently commissioned. This new generation is largely in the form of wind and solar, which has been further supported by investments in energy storage.
– Investment in Australia’s renewable energy capacity is down 40% in 2019. Large-scale wind and wind energy projects are the biggest victims of the decline in 2019 due to a decline in investor confidence in Australia. Investment in the solar utility scale fell by almost 57% in 2019 compared to the value of the previous year.
– The lack of certainty in federal energy policy and the combination of various regulatory challenges reflects that investor confidence in large-scale renewable energy and accompanying energy storage is fragile in the country.
– Despite the policy uncertainties and the challenges of transmission and connection, the number of large-scale renewable energy projects in progress at the end of 2019 increased to 89, compared to 87 in 2018.
– As of May 2020, around 6.07 GW of AUD 9.53 billion worth of solar power capacity is under construction or due to initial stages in Australia. The enormous pipeline capacity is expected to drive the growth of utility-scale solar power in the country over the forecast period.
– Despite the large capacity of solar power plant projects in the pipeline, the global COVID-19 pandemic has caused several disruptions in Australia’s renewable energy supply chain, including solar power. Around 3 GW of wind and solar projects in Australia are expected to be delayed, due to the COVID-19 health crisis and its impact on the local economy.

Competitive Landscape
The Australian Solar Market is fragmented. Some large companies include AGL Energy Limited, Infigen Energy Ltd., Neoen SA, FirstSolar Inc., and Sunpower Corporation.

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