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The solar energy market has grown significantly in recent years, driven by technological advances and declining costs. It is expected to continue its growth trajectory as countries and companies transition to cleaner energy sources to combat climate change. The market includes a range of products such as solar panels, solar batteries, and solar inverters, which are used in residential, commercial, and industrial applications.
The energy market is expected to continue growing, with increasing demand for energy worldwide as populations grow and economies develop. However, the mix of energy sources is expected to shift towards cleaner and more sustainable options, with renewable energy sources like solar, wind, and hydropower projected to continue growing rapidly. Fossil fuels are expected to gradually decline in importance, although they are likely to remain significant contributors to the global energy mix for several decades, especially in countries that rely almost totally on fossils.
The outlook for the nuclear power market varies depending on the region and country. In some countries, such as China, nuclear power is expected to continue to grow and be an important part of their energy mix. However, in other countries, such as Germany and Japan, there are plans to phase out nuclear power in the coming years. Additionally, the development of new nuclear power projects has been slow due to several factors, including safety concerns, public opposition, and high costs. The construction of new nuclear power plants has also faced delays and cost overruns. The ongoing Russia-Ukraine war has far-reaching effects on the nuclear market, as sanctions imposed on Russia cast doubts on the future of its nuclear industry in the global arena.
The data encompasses B2B enterprises. Figures are based on the value of electricity production in the energy market.
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.
The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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Explore the rapid growth of solar power in New Zealand. Discover key industry players, future-focused projects, and how the nation is harnessing the sun for a greener tomorrow.
Laura is a renewable and software industry sales professional, currently working at RatedPower as Sales Overlay in North America & Territory Manager Oceania. With a background in International Business and International Trade, Laura previously worked in the business strategy area in various companies as well as as a market analyst for the Government of Spain in Australia.
As the world pivots towards a greener future, more and more nations are bolstering their efforts to transition from fossil fuels to renewable energy sources. New Zealand is one country that has completely bought into the importance of this change, and they are experiencing a remarkable surge in solar energy adoption. Let's delve a little bit deeper into the Kiwis'' recent solar energy boom and take a look at exactly what they''ve been doing.
The energy market in New Zealand is both dynamic and evolving. They boast an impressively diversified grid, with hydropower and geothermal energy accounting for a significant portion of the nation's power supply. In 2021, over 80% of the country's energy was derived from green sources, underlining its commitment to renewable resources.
Despite lacking a concrete long-term strategy — which is slated for release in 2024 — New Zealand has laid out ambitious objectives with the nation aiming to generate 100% of its electricity from renewable sources by 2030. This goal necessitates substantial investments in the wind and solar energy sectors, both integral components to achieving another target they have, deriving half of total energy consumption from renewables by 2035.
As mentioned, a comprehensive plan is being created as we speak, but it hasn''t been without its challenges. Policy uncertainty coupled with the financial burden associated with the final stages of a complete green transition are hurdles that need to be overcome.
Another challenge lies in New Zealand''s heavy reliance on hydroelectric power. A lack of adequate rainfall could significantly disrupt this generation source, prompting the country to seek alternative solutions like large-scale battery storage systems. In response to these potential pitfalls, the government launched the NZ Battery Project in 2020, aimed at exploring viable options for energy storage.
The New Zealand solar market has seen its installed capacity increase threefold from 90 MW in 2018 to approximately 270 MW as of 2023. This substantial surge can be largely attributed to the rise of "distributed generation," where most solar installations directly feed into the local distribution network.
The distributed solar generation sector has experienced particularly robust growth and is projected to reach 535 MW by 2030, which is especially impressive given the country''s low population. This figure includes emerging solar farms, indicating a shift towards larger-scale solar energy production. Notably, grid-connected solar farm projects are currently under development, including farms with capacities of 39 MW and 32 MW respectively. Nevertheless, already announced projects in Kōwhai Park and Ruakākā surpass the projected growth.
Furthermore, there has been a noticeable uptick in interest in designing solar plants in New Zealand over the past year, supported by data from RatedPower that shows over 350 GW were simulated in the country by more than 20 different companies this year alone, a fivefold increase compared to the previous year.
However, it's worth noting that the intermittency of solar generation presents a challenge for New Zealand as it moves towards a renewable power system. Even with increased growth in solar, New Zealand will still need to make use of other renewable technologies for times when there''s a lack of sunlight.
Despite this obstacle, the utility sector is expected to dominate the solar market due to declining generation costs and upcoming initiatives promoting solar energy use. The previously mentioned target from the New Zealand government for renewables to make up to 95% of its total energy share by 2035 is set to provide a significant boost for investments in the solar industry.
Another consideration is that while these targets encourage growth in the solar market, they also promote competition from other renewable sources like wind, geothermal, and hydropower. These sectors may moderate the growth of the solar market due to their established presence in New Zealand.
Overall, despite facing a couple of different challenges, the New Zealand solar market shows promising potential for further expansion. With an expected compound annual growth rate (CAGR) of more than 3% between 2023-2028, it's clear that New Zealand's commitment to renewable energy is driving significant progress within its burgeoning solar sector.
In the New Zealand solar market, Meridian Energy Ltd stands as a significant player. With a strong commitment to renewable energy, Meridian contributes to decarbonization efforts and generates power exclusively from renewable sources like wind, water, and sunlight. They support the establishment of EV chargers nationwide, and they advocate for electrified process heating as an eco-friendly alternative to solid fuel methods.
One of the largest independent advisory, design, and engineering consultancy companies in the Asia-Pacific region, BECA employees over 3000 staff members in 25 offices all around the world. BECA have delivered on projects in 70 different countries spanning the full range of energy solutions, operating in both advisory, project management, and direct delivery capacities.
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