Australia Solar Photovoltaics Market to grow an Impressive CAGR through 2026
Demand for reliable and affordable energy is expected to drive the demand for Australia solar photovoltaics market in forecast period.
According to TechSci Research report, “Australia Solar Photovoltaics Market By DC Voltage Type (400 V,600 V,1000 V, & 1500 V), By Installation mode (Rooftop and Ground Mounted), By End User (Residential, Commercial and Utility), By Module Type (Monocrystalline, Polycrystalline and Thin Film), By Company, By Region, Forecast & Opportunities, 2026”, Australia solar photovoltaics market is expected to witness robust growth in the next five years owing to high demand of the energy requirements in the country. Surge in demand for solar energy from residential as well as commercial sectors is aiding the market growth positively. Conversion of solar energy into electrical energy and transfer of excess electricity into grid or rechargeable battery is aiding the solar photovoltaic market. Increasing cost of the conventional fuels across the country and need for reducing the burden on existing energy sources are the significant factor that positively influence market growth. Moreover, rising cost for electricity supply is creating lucrative opportunities for the Australia solar photovoltaic market. Due to the ongoing pandemic situation, citizens are spending more time at their homes which in turn is aiding in increase of the electricity bills. Solar power equipment is generally not affected by recession or rise in price, making it a major factor for the anticipated growth of solar photovoltaic market in Australia. Also, facility of storage of energy in form of batteries for later use is fostering the market growth. Technological innovations to upgrade battery to make it affordable is expected to influence the market in the next five years. Continuous construction in residential as well as commercial sectors is creating need for installation of solar photovoltaic in the premises for its cost-effective nature. Digitalization of the solar panel for efficient engineering process and combining bifacial solar panels or energy storage solutions can be a promising factor for the market rise in the predicted period. Favorable climatic conditions in Australia for installation of solar plants is impacting the market growth in the region. Single dwellings and high homeownership are the other two contributing factors for the expected market growth. Australia has high per capita gross domestic product which further enables consumers to opt for higher living standards and affordability for solar photovoltaic equipment. Increasing demand for sustainable energy sources is driving the market for Australia solar photovoltaics market.
However, presence of alternative clean energy sources and supply chain disruptions may create hindrance in the growth of the Australia solar photovoltaics market.
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Australia solar photovoltaics market is segmented into DC voltage type, installation mode, end user, module type, region, and company. Based on end user segment, market is categorised into residential, commercial, and utility. Utility segment is expected to hold major market share for solar photovoltaics owing to plethora of ongoing large scale solar energy projects and rise in demand for alternative energy source. Based on installation mode, Australia solar photovoltaics market is bifurcate into rooftop and ground mounted. Rooftop accounted for major market share and is expected to dominate the market due to government initiatives and incentives to promote the solar energy. Also, installation of solar energy aids in reducing the electricity expenditure.
Sun Power Corporation, Tindo Solar, Trina Solar, Risen Australia, Australian Solar Manufacturing Pty. Ltd., WINAICO Australia Pty Ltd, Q CELLS Australia Pty. Ltd, Suntech, Seraphim Solar Australia, Australian Premium Solar are some of the leading players operating in Australia solar photovoltaics market. Manufacturers are actively focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several solar photovoltaics manufacturers are coming up with their technologically advanced offerings.
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“Rebates offered by government to install solar plants on home and buildings and financial incentives in form of small-scale technology certificates and interest-free loans to boost the installation of solar energy plants is expected to propel the Australia solar photovoltaics market for the forecast period. Selling of excess electricity to electricity retailers coupled by attractive schemes provided by government is anticipated to bolster the growth of the market” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Australia Solar Photovoltaics Market By DC Voltage Type (400 V,600 V,1000 V, & 1500 V), By Installation mode (Rooftop and Ground Mounted), By End User (Residential, Commercial and Utility), By Module Type (Monocrystalline, Polycrystalline and Thin Film), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of Australia solar photovoltaics market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Australia solar photovoltaics market.
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