Australia Solar Panel Market Size, Share, Trends 2025-2033

Australia Solar Panel Market Overview

Market Size in 2024: 8.5 Gigawatt

Market Size in 2033: 40.1 Gigawatt

Market Growth Rate 2025-2033: 16.8%

According to IMARC Group's latest research publication, "Australia Solar Panel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033", The Australia solar panel market size reached 8.5 Gigawatt in 2024. Looking forward, IMARC Group expects the market to reach 40.1 Gigawatt by 2033, exhibiting a growth rate (CAGR) of 16.8% during 2025-2033.

How Renewable Innovation and Government Policy are Reshaping the Future of Australia Solar Panel Market

• Driving Record Installation Growth: Australia's solar rollout reached new heights with 4.7 GW of combined small- and large-scale PV installed in 2024, while rooftop solar installations are on track to surpass 25 GW total capacity, already outstripping coal-fired power generation capacity.

• Powering Government Renewable Targets: Australia has set an ambitious target of achieving 82% renewable energy by 2030, with plans to add an extra 32 GW of capacity while filling reliability gaps left by retiring coal power stations, supported by the Climate Council projecting 49.4 GW total capacity by decade's end.

• Enhancing Cost Competitiveness: Large-scale solar PV technology costs have fallen dramatically from AUD 135 per megawatt-hour in 2015 to an expected AUD 44.50-61.50 per MWh in 2024, making solar the most cost-effective energy generation option across Australia's diverse energy markets.

• Attracting Battery Storage Investment: Close to 75,000 home battery units were sold in Australia in 2024, up from 46,127 in 2023, while energy storage attracted record investment with AUD 6.3 billion committed to large-scale batteries, reflecting critical need for grid firming capacity.

• Strengthening Market Milestones: Australia reached 4 million small-scale renewable energy installations in December 2024 through the government's most successful renewable energy scheme, with rooftop solar playing a significant role in reducing cost of living for energy consumers nationwide.

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Australia Solar Panel Market Trends & Drivers:

Australia's solar panel market is experiencing unprecedented growth driven by record-breaking installation rates and strong government policy support. The country's solar rollout reached new heights in 2024 with 4.7 GW of combined small- and large-scale photovoltaic systems installed, demonstrating the sector's remarkable momentum. Rooftop solar installations are on track to surpass 25 GW of total installed capacity by the end of 2024, with this distributed generation capacity already exceeding that provided by coal-fired power stations. The Clean Energy Council reports that 3 GW of rooftop PV was installed from 300,375 units in 2024 alone, complemented by 1.1 GW worth of commissioned large-scale generation projects over the same period. This installation surge reflects both declining costs and increasing consumer awareness of solar's economic and environmental benefits.

Government renewable energy targets are creating a supportive policy framework that accelerates solar adoption across all market segments. Australia has set an ambitious target of achieving 82% renewable energy by 2030, supported by plans to add an extra 32 GW of generation capacity while filling reliability gaps left by retiring coal power stations. The Climate Council projects that Australia could add a further 26.4 GW of rooftop solar by the end of the decade, bringing total capacity to 49.4 GW. The Renewable Energy Target scheme creates market incentives for renewable generation, while state-level policies provide additional support through feed-in tariffs, rebates, and streamlined approval processes. This comprehensive policy support is driving sustained investment in solar infrastructure while positioning Australia as a global leader in renewable energy transition.

Dramatic cost reductions have made solar technology increasingly competitive with traditional energy sources, creating powerful market dynamics that favor continued expansion. Large-scale solar PV technology costs have fallen from AUD 135 per megawatt-hour in 2015 to an expected AUD 44.50-61.50 per MWh in 2024, making solar the most cost-effective energy generation option across most Australian markets. This cost competitiveness, combined with abundant solar resources across the continent, is attracting significant investment in both utility-scale solar farms and distributed rooftop systems. The integration of battery storage is enhancing solar's value proposition, with close to 75,000 home battery units sold in 2024, up from 46,127 in 2023. Energy storage attracted record investment levels with AUD 6.3 billion committed to large-scale batteries, reflecting the critical role of storage in maximizing solar energy utilization and providing grid stability services.

Australia Solar Panel Market Industry Segmentation:

The report has segmented the market into the following categories:

Technology Type Insights:

• Monocrystalline Silicon

• Polycrystalline Silicon

• Thin-Film Solar Panels

• Bifacial Solar Panels

• Others

Installation Type Insights:

• Rooftop Solar Systems

• Ground-Mounted Systems

• Floating Solar Systems

• Building-Integrated PV

• Others

Application Insights:

• Residential

• Commercial & Industrial

• Utility-Scale

• Off-Grid Applications

• Others

End User Insights:

• Households

• Commercial Buildings

• Industrial Facilities

• Utilities

• Government Facilities

• Others

Capacity Range Insights:

• Small-Scale (<100 kW)

• Medium-Scale (100kW-1MW)

• Large-Scale (1MW-10MW)

• Utility-Scale (>10MW)

• Others

Breakup by State:

• Queensland

• New South Wales

• Victoria

• South Australia

• Western Australia

• Tasmania

• Northern Territory

• Australian Capital Territory

Recent News and Developments in Australia Solar Panel Market

• March 2024: Australia's solar rollout reached new heights with 4.7 GW of combined small- and large-scale PV installed in 2024, while rooftop solar installations achieved 25 GW total capacity, surpassing coal-fired power generation capacity for the first time in the nation's energy history.

• September 2024: The Clean Energy Council reported that rooftop solar capacity has outstripped coal-fired power generation, with installations on track to pass 25 GW by year-end, while the sector benefited from cost reductions bringing large-scale solar to AUD 44.50-61.50 per MWh.

• December 2024: Australia reached a major milestone of 4 million small-scale renewable energy installations through the government's most successful renewable energy scheme, with rooftop solar playing a significant role in the nation's target to achieve 82% renewable energy by 2030.

• January 2025: Battery storage integration accelerated significantly with close to 75,000 home battery units sold in 2024, up from 46,127 in 2023, while energy storage attracted record investment of AUD 6.3 billion, demonstrating the critical role of storage in solar market expansion.

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