Australia Solar Power Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The solar power market in Australia is expected to witness a CAGR of 20.56% during the forecast period, 2022-2027. The country was hit hard by the COVID-19 outbreak. Solar EPC contractors in Australia faced disruption in the procurement of the necessary equipment for projects like Neoen solar projects currently in the development phase due to the lockdown, which affected the scheduled commercial operations of the projects. Factors like favorable government schemes for small-scale solar power generation and upcoming large-scale solar power projects are expected to drive the market. Despite the presence of driving factors, the increasing share of alternative clean energy sources, hydro and wind power, and an expected delay in large-scale solar power projects are expected to restraint the growth of the market.
Key HighlightsThe Australian solar power market is fragmented. Some of the major companies include AGL Energy Limited, Infigen Energy Ltd, Neoen SA, FirstSolar Inc., and Sunpower Corporation.
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