South Africa Solar Energy Systems Market to Grow at a CAGR of 15.84% during the Forecast period 2024-2028
Increasing awareness about net-zero emission plan and
electrification in rural and remote areas are likely to propel the demand in the
South Africa Solar Energy Systems market.
According to the
TechSci Research report, “South Africa Solar Energy Systems Market - By
Region, Competition Forecast & Opportunities, 2018-2028F” South Africa Solar Energy
Systems Market was valued at USD 826.73 million in 2022 and is anticipated to
project robust growth in the forecast period with a CAGR of 15.84%. The
industry is expected to grow throughout the estimated time period because of
the growing need for sustainable energy generating options to take the place of
conventional energy sources. Due to falling solar energy system costs, solar
energy is becoming more competitive in the energy generating industry.
Component prices are expected to continue to decrease in the coming years, as a
result of major expenditures made in solar energy technologies. As a
consequence, it is projected that solar energy systems will become more
inexpensive than coal or gas power plants that are now in use. Demand for the
product is expected to rise due to a preference for renewable energy sources
and a reduction in reliance on fossil fuels.
Browse over 79 market data
Figures spread through 172 Pages and an in-depth TOC on the "South Africa Solar Energy Systems Market"
South Africa Solar
Energy Systems market is divided into product type, type of solar panel, type
of solar battery, type of solar inverter, service, end-use, and region. Based
on product type, the market is segmented into solar panels, solar inverters, and
solar batteries. Based on the type of solar panel, the market is segmented into
monocrystalline, polycrystalline, and thin film. Based on the type of solar
battery, the market is segmented into lithium ion, lead acid, and flow battery.
Based on the type of solar inverter, the market is segmented into central,
string, and micro. Based on service, the market is segmented into new
installation and maintenance & repair. Based on end user, the market is
segmented into commercial, residential, industrial, and agriculture. The market
analysis also studies the regional segmentation to devise regional market
segmentation, divided among Gauteng, KwaZulu-Natal, Western Cape, Eastern Cape,
Mpumalanga, Limpopo, North-West, Free State, Northern Cape.
Based on region, Gauteng
dominates in the South Africa solar energy systems market with a market share
of 35.96%, in 2022. The Gauteng government introduced a solar panel incentive
programme that gives refunds of up to 30% off the price of solar panels. This
programme is anticipated to increase Gauteng's demand for solar panels system.
Additionally, a green
strategic programme for Gauteng was published in partnership with the Gauteng
department of Economic development and Gauteng municipalities. The Gauteng
Provincial Government provided contributions to the Gauteng City Region
Observatory (GCRO).
Based on end user, commercial
dominates in the South Africa solar energy systems market with a market share
of 41.17% in 2022. It is well-known that the commercial market includes solar
rooftop installations with capacities ranging from 10 kW to 1 MW due to the broad
range of uses. The capacity of all ground mounted installations can be larger
than 10 MW, depending on the project's scale and application, which will cause
the market to expand in the coming years.
The nation has been
investing in research related activities to effective solar technology so that
it would be more affordable for household and commercial applications. For
instance, in July 2021, Trina Solar Co. Ltd. stated that it is expanding into
South Africa by establishing a new solar PV distribution facility.
Based on product type, solar
panel dominates in the South Africa solar energy systems market with a market
share of 78.17%, in 2022. As they are in charge of transforming solar energy
into electrical energy, solar panels are the most important component of the
solar energy system. Depending on the installation's needs, multiple solar
panel types including crystalline silicon and thin film are utilized. To boost
the effectiveness and lifetime of the panel, significant investments have been
made in new solar panel technology.
Key market players in the South
Africa Solar Energy Systems market include:
- Jinko Solar Co.,
Ltd.
- Trina
Photovoltaic South Africa Ltd.
- Canadian Solar
South Africa (Pty) Ltd
- ARTsolar (Pty)
Ltd
- Ginlong (Solis) Technologies
Co. Ltd
- Seraphim Solar
- iG3N (Pty) Ltd
- IBC SOLAR South
Africa (Pty) Ltd
- First National
Battery
- Lento Industries
Pvt. Ltd.
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“A rise in energy consumption
due to increase in population is the main factor fueling the expansion of the
solar energy industry in South Africa. Additionally, a rise in demand for
renewable energy sources has been observed across the country, along with
supportive government laws that have sped up industry expansion. Moreover,
growing investment in the energy sector is propelling the market growth. For
instance, Tronox Holdings launched a 200 MW solar power project in South Africa
on March 23, 2022. In addition, the business executed a long-term power
purchase deal. The 200 MW solar project is expected to provide 40% of Tronox's
South African electricity needs. The project would be completed by the end of
2023, according to Tronox. Since this project would be finished in 2023, the
market is furthermore anticipated to expand over the anticipated time.” said Mr Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“South Africa Solar Energy Systems Market Segmented By
Product Type (Solar Panels {Monocrystalline, Polycrystalline, Thin Film}, Solar
Inverters {Central, String, Micro}, Solar Batteries {Lithium Ion, Lead Acid,
Flow Battery}), By Service (New Installation, Maintenance & Repair), By
End-Use (Commercial, Residential, Industrial, Agriculture), By Region,
Competition Forecast & Opportunities, 2028F ”, has
evaluated the future growth potential of an South Africa Solar Energy Systems market
and provides statistics and information on market structure, size, share, and
future 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 solar energy systems market.
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