South Africa - Solar Energy Market size to grow by 2,307.36 thousand toe from 2022 to 2027, The rising government support to boost market growth - Technavio
NEW YORK, Oct. 2, 2023
NEW YORK, Oct. 2, 2023 /PRNewswire/ -- The South Africa - solar energy market size is expected to grow by 2307.36 thousand toe from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 29.91% during the forecast period. To find a preview of the market overviews, market drivers, opportunities, and potentials request a free sample report
Solar Energy Market in Africa 2023-2027: Company Analysis
The solar energy market in South Africa is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified companies. The off-grid solar energy market in South Africa is expected to grow rapidly during the forecast period due to the sunny climatic conditions. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. ARTsolar Pty Ltd, Canadian Solar Inc., Eaton Corp. Plc, Enel Spa, Ener G Africa, ENGIE SA, FOXESS CO. LTD., Genergy, IBC SOLAR AG, Jetion Solar China Co. Ltd., Jiangsu Seraphim Solar System Co. Ltd., Jiangsu Zhongli Group Co. Ltd., JinkoSolar Holding Co. Ltd., Renenergy Ltd, Schneider Electric SE, Sharp Corp., Soventix GmbH, SunPower Corp., Trina Solar Co. Ltd., and Energy Partners Solar Pty Ltd
Major Companies and Key Offerings:
- Enel Spa - The company offers solar energy solutions for private individuals and developers. Also, the company offers power generation, green power, grids, retail, and Enel X services.
- Canadian Solar Inc. - The company offers solar energy modules such as TOPBiHiKu7, TOPBiHiKu6, and TOPHiKu6.
Solar Energy Market in South Africa 2023-2027: Segmentation Analysis
- The market share growth by the grid-connected segment will be significant during the forecast period. The direct supply of Solar Energy to a building that does not have an energy storage system is one of the key features of grid-connected Solar PV systems. Therefore, if there is a surplus of electricity, it shall be supplied to the grid and as soon as any shortfalls are detected, they shall be taken up by the grid. Growth of this segment is anticipated by factors like the growing number of renewable energy sources, e.g., mobility and grid digitalization. In addition, a significant reduction in cost per kilowatt hour in South Africa has been achieved by the increasing adoption of grid-connected rooftop solar systems and mini-grids that use solar energy. Moreover, solar PV systems offer a cost-effective means of supplying electricity due to significant reductions in their costs. The development of solar energy networks connected to projects in the region is supported by supportive government policies such as South Africa's Large-Scale Grid Connected Solar Park Program. Hence, these factors are expected to drive segment growth during the forecast period.
- The rising government support is a key factor driving market growth. The country enjoys very high levels of sun radiation since it is in the latitude zone, where there are a significant number of Sun Radiation incidents compared to everywhere on Earth. As a result, the most easily available sources in South Africa are solar energy. It is starting to put pressure on current power generation plants in South Africa because of increasing energy demand. In addition, the government policies and investments in renewable energy projects over the coming years are aimed at increasing this country's installable PV capacity. Hence, these factors are expected to drive market growth during the forecast period.
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Imperative Insights on the following aspects:
- What was the size of the global solar energy market in South Africa by value?
- What will be the size of the solar energy market in South Africa in 2027?
- How has the industry performed over the last 5 years?
- What factors are affecting the strength of competition in the solar energy market in South Africa?
- What main segments make up the solar energy market in South Africa?
The US - residential solar market size is estimated to grow at a CAGR of 7.27% between 2022 and 2027. The market size is forecast to increase by USD 1,863.96 million.
The India - solar power market size is estimated to grow at a CAGR of 34.24% between 2022 and 2027. The market size is forecast to increase by USD 273.82 billion.
Solar Energy Market Scope in South Africa
Growth momentum & CAGR
Accelerate at a CAGR of 29.91%
Market growth 2023-2027
2307.36 thousand toe
YoY growth 2022-2023 (%)
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled
ARTsolar Pty Ltd, Canadian Solar Inc., Eaton Corp. Plc, Enel Spa, Ener G Africa, ENGIE SA, FOXESS CO. LTD., Genergy, IBC SOLAR AG, Jetion Solar China Co. Ltd., Jiangsu Seraphim Solar System Co. Ltd., Jiangsu Zhongli Group Co. Ltd., JinkoSolar Holding Co. Ltd., Renenergy Ltd, Schneider Electric SE, Sharp Corp., Soventix GmbH, SunPower Corp., Trina Solar Co. Ltd., and Energy Partners Solar Pty Ltd
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-User
Market Segmentation by Geography
Drivers, Challenges, & Trends
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