Key Market Indicators
Australia's solar capacity is projected to soar to nearly 50,000 megawatts by 2028, up from approximately 31,000 megawatts in 2023. This growth represents an annual compound growth rate (CAGR) of 7.5%. Since 2001, the nation's solar supply has surged by an impressive 29% annually, showcasing Australia's commitment to expanding its renewable energy infrastructure. In terms of solar energy consumption, Australia is expected to reach 0.78 exajoules by 2028, a significant rise from the 0.44 exajoules recorded in 2023. This marks an average annual growth rate of 9.2%. Since 2006, Australian demand for solar energy has increased dramatically, with an annual uptick of over 30%. This trend underscores the growing reliance on solar power as a key component of the country's energy mix.
