South Africa Renewable Energy Market is Expected to be Dominated by the Hydroelectric Power Sector
Growing awareness of less
carbon emissions and favorable government regulations are expected to drive the
growth of the market during the forecast period.
According to TechSci Research
report, South Africa Renewable Energy Market- By Region, Competition,
Forecast, and Opportunities, 2028, the South Africa renewable energy market
is expected to grow at an impressive CAGR. There are several renewable energy
sources, including geothermal, solar, wind, hydropower, and biofuels. According
to estimates, renewable energy sources presently meet around 7% of the world's
energy requirements. In the near future, a large increase in this proportion is
anticipated. The key drivers expected to support the growth of the South
African renewable energy market include growing consumer adoption of green
energy, rising government initiatives to encourage the adoption of clean and
green energy, rising public and private efforts to reduce carbon emissions, and
rising environmental awareness regarding the negative environmental effects of
fossil fuels.
The costs of renewable energy
are falling as a consequence of rising technological advancements, and the
market for renewable energy is expanding as a result of the rising
competitiveness of battery storage systems. Huge investments are being made in
the adoption of renewable energy sources because of the growing
nations' concerns about climate change and ESG. To encourage
sustainability and the preservation of the environment, governments
of developed locations are providing subsidies to the corporate
sector. These elements play a significant role inthe expansion of the market
for renewable energy in South Africa.
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The South Africa renewable
energy market is divided into type, end user, and region. Based on type, the
market is divided into hydroelectric power, wind power, bioenergy, solar
energy, and geothermal energy. Based on end user, the market is divided into residential,
commercial, industrial, and others. Based on region, the market is
divided into Gauteng, KwaZulu-Natal, Western Cape, Eastern Cape, Mpumalanga,
Limpopo, Northwest, Free State, and Northern Cape.
Based on type, the hydroelectric
power segment is expected to dominate the market during the forecast period.
The growth of the hydroelectric power segment in the South African market
for renewable energy is being fueled by the growing government program to
encourage the generation and use of hydropower. As a result, there is more
demand for hydroelectric electricity, which has contributed to its domination
in the market.
Based on end use, the residential
sector is expected to dominate the market during the forecast period. Residential
renewable energy systems, such as geothermal heat pumps and wind or solar
energy systems, can be installed to reduce energy use, minimize utility costs,
and provide income for households. If there is enough land area and average
wind speeds, small residential wind energy systems can produce all the
home's electrical demands. These systems can also relate to solar and battery
storage to offer backup power in case of emergencies. All these factors are expected
to positively impact the growth of the market during the forecast period.
Key market players in the South Africa renewable energy market are:
- EDF
Renewables
- Acciona
Energia SA
- Juwi
Renewable Energies (Pty) Ltd
- Mainstream
Renewable Power Ltd
- Scatec
ASA
- Renewable
Energy Holdings (Pty) Ltd
- Engie
SA
- Enel
SpA
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“South Africa is one of the
most industrialized countries in Africa and has one of the largest domestic
mineral reserves in the world. The majority of mining companies have large
energy requirements, making them among the top electricity consumers and
greenhouse gas emitters in the country. The government is now concentrating on
solar energy to minimize greenhouse gas emissions. Companies are also embracing
the use of solar energy. For instance, in September 2021, Exxaro Resources and
Cennergi, a subsidiary of Exxaro, signed a PPA to develop the 70MW Lephalale
Solar Energy project, which would generate energy to power operations at the
Grootegeluk Complex coal mine in the Limpopo Province of South Africa. Due to this,
the market is expected to grow in the future,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“South
Africa Renewable Energy Market
By
Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal
Energy), By End User (Residential, Commercial, Industrial, and Others), By
Region, Competition, Forecast, and Opportunities, 2028” has evaluated the future
growth potential of the South Africa renewable energy market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the South Africa renewable energy market.
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