The South Africa Solar Energy Market is Expected to Grow at an Impressive CAGR

Growing awareness of less carbon emission and favorable government regulations are the factors driving the market growth in the forecast period.

According to TechSci Research report, “South Africa Solar Energy Market- By Region, Competition, Forecast and Opportunities, 2028F,” South Africa Solar Energy market is anticipated to grow in the forecast period. South Africa is one of the sunniest (high temperature location) countries in the world, with an average of 2,500 hours of sunshine per year. This provides a strong foundation for the development of solar energy projects.

In addition to having one of the largest indigenous mineral reserves in the world, South Africa is one of the most industrialized nations in Africa. Most mining businesses have substantial power needs and are among the top electricity consumers and greenhouse gas emitters in the nation. To reduce greenhouse gas emitters, the government is now focusing on solar energy. Companies are also adopting solar energy consumption. The South African government has been supportive of the development of solar energy and has implemented a number of policies to promote the use of solar power. These policies include the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), which has awarded contracts for over 6,000 MW of solar power projects. Overall, the South Africa solar energy market is well-positioned for growth in the coming years. The market is driven by a number of factors, including abundant solar resources, government support, declining costs, and increased awareness.

South Africa Solar Energy Market is divided into technology, solar module, application, end-use and region. Based on technology, the market is divided into solar photovoltaic (PV) and concentrated solar power (CSP). The solar photovoltaic (PV) is expected to dominate the market since South Africa EPC plants are moving towards solar photovoltaic. For instance, Pan African Resources PLC's Evander Gold Mines in South Africa received a 10 MW solar photovoltaic facility, in May 2022. Juwi Group was given the EPC contract for the project, which costs (USD 7.56 Million) 150 million ZAR for development and is anticipated to save (USD 0.15 Million) 3 million ZAR every month. In Q1 2021, work on the project's restored land, which belongs to Evander Mines, began. Additionally, Pan Africa announced plans to build an 8 MW solar plant and battery storage facility at its Barberton Mines, in 2023. Pan Africa has also announced intentions to add 20 MW of solar PV capacity over the following two years.

Based on End User, the market is divided into Residential, Commercial, and Industrial. The industrial sector is expected to dominate the market with the highest market share. In terms of application, the industrial sector captured more than two-fifths of the solar energy market share in 2022, and it is predicted that this trend would continue over the course of the projection period. The nation's rapid industrialization and population growth have increased demand for a variety of commercial products. The demand for power increased because of the growth in production, which in turn caused a surge in the use of solar concentrators in the industry that produces electricity.

Due to rising small-scale distributed solar power installations supported by government efforts and falling PV system costs, the residential market is anticipated to overtake in the forecast period. Utilizing solar PV technology would greatly assist in reducing South Africa's excessive reliance on coal, which would cut greenhouse gas emissions. As South Africa’s residential location is consuming more electricity, it is anticipated that the residential market would see growth in the upcoming years because of rising energy consumption, government initiatives to decarbonize the power sector, and falling solar PV system prices.

Based on application, the market is divided into Electricity Generation, Lighting, Heating, and Charging. During the projected period, the electricity generating sector is anticipated to rule the market. The search for alternative power-generating technologies prompted by the growing understanding of the negative effects of greenhouse gases on the environment led to the development of solar concentrators. The basic resource, which is an endlessly renewable source of energy like sunshine, is utilized. Furthermore, the development of solar-powered power plants as an alternate method of producing energy has been encouraged by the scarcity of fossil fuel resources in emerging countries like South Africa. Furthermore, based on region, the market is divided into Gauteng, KwaZulu-Natal, Western Cape, Eastern Cape, Mpumalanga, Limpopo, Northwest, Free State, Northern Cape, among others.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "South Africa Solar Energy Market."

Key market players in the South Africa Solar Energy Market are:

·         Canadian Solar Inc.

·         Trina Solar Co. Ltd

·         Jinko Solar Holding Co. Ltd

·         ART solar (Pty) Ltd

·         Segen Solar (Pty) Ltd

·         IBC Solar AG

·         Engie SA

·         Enel SpA

·         Energy Partners Holdings (Pty) Ltd

·         Seraphim Solar

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“The South African economy is growing, and this is leading to an increase in the demand for electricity. Solar power can help to meet this demand in a sustainable way. Overall, between 2010 and 2021, South Africa's solar PV generation capacity increased by  5,722MW, and electricity generation capacity increased by 3,933GWh. Additionally, favorable government regulations and rising number of solar PV systems are the factors propelling the market growth in the forecast period, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“South Africa Solar Energy Market Segmented by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By End-Use (Residential, Commercial, and Industrial), By Application (Electricity Generation, Lighting, Heating, and Charging), By Region, Competition, Forecast and Opportunities, 2028F” has evaluated the future growth potential of South Africa Solar 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 South Africa solar energy market.

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