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The South Africa - Solar Energy Market size is forecast to increase by USD 3,742.04 million, at a CAGR of 32.03% between 2023 and 2028. The report includes historic market data from 2018 - 2022. The market is witnessing a growing demand for the growing PAYG model, and the scaling up of renewables in transport.
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A key factor shaping the market growth is the scaling up of renewables in transport. Cape Town's Electric Vehicle Framework comprises leveraging EV roll-out and charging to increase the share of renewables and is considering the requirement of public EV charging stations to operate on renewable energy.
Moreover, this will need the electrification of transport systems, which, in turn, is expected to increase the adoption of solar energy sources for power generation. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the regional market growth during the forecast period.
The grid-connected segment is estimated to witness significant growth during the forecast period. Grid-connected segment supplies solar energy directly to the building without any energy storage system. In addition, during surplus electricity, it is fed back to the grid, and if any shortfall is detected, the electricity is used by the grid. Furthermore, the increasing number of renewable energy sources, electric mobility, and the digitalization of the grid are expected to fuel the growth of the segment.
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Moreover, South Africa is shifting its focus to solar PV systems for power generation to strengthen energy security and support economic growth and environmental sustainability. In addition, significant cost reductions of solar PV systems offer a cost-effective way to provide electricity. Furthermore, the adoption of grid-connected residential solar systems and mini-grids that utilize solar energy has significantly reduced the cost-per-watt value in South Africa. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
One of the key factors driving the market growth is the sunny climatic conditions. South Africa is a sunny country, averaging 8-10 daily sunshine hours in the majority of the regions. In addition, as it is located in a latitude zone where the incidence of solar radiation is substantially higher than the rest of the globe, the country enjoys outstanding levels of solar radiation. Hence, the use of solar energy is the most readily accessible resource in South Africa.
Moreover, solar energy began to gain traction half a decade back, with total capacity increasing to 7.8 GW by 2020. In addition, the rising energy demand has started to overwhelm the existing power-generating plants in South Africa. Furthermore, the government policies and increased investments in solar PV projects to increase the installed solar PV capacity of the country in the coming years. Hence, such factors are driving the regional market growth during the forecast period.
Competition from alternative energy sources is one of the key challenges hindering market growth. Besides the rapid growth in the adoption of renewable energy sources such as solar power generation, the use of fossil fuels including oil, coal, and natural gas still accounts for a substantial portion of the country's energy mix. For example, according to the International Trade Administration, in 2023, South Africa's fossil fuels accounted for approximately 85% of the total electricity generation.
Moreover, there is an increasing preference in the country for using fossil fuels rather than renewable energy sources due to the abundance of fossil fuels. In addition, the cost of establishing a renewable energy farm for producing power is substantially high, and the power output from renewable energy sources is not on par with that from fossil fuels. Therefore, the preference for non-renewable energy sources is high in the market. Hence, such factors are hindering the regional market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ARTsolar Pty Ltd: The company offers solar energy solutions which provide cutting edge PV panels, solar inverters, and solar batteries that are designed to deliver exceptional performance and reliability.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue and provides market research and growth analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028.
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South Africa Solar Energy Market Scope |
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Report Coverage |
Details |
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Page number |
135 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 32.03% |
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Market Growth 2024-2028 |
USD 3,742.04 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
26.68 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ARTsolar Pty Ltd, Canadian Solar Inc., Eaton Corp. Plc, Enel Spa, Ener G Africa, Energy Partners Solar Pty Ltd, 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, Schneider Electric SE, Sharp Corp., Soventix GmbH, SunPower Corp., and Trina Solar Co. Ltd. |
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Market dynamics |
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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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Market Segmentation by Technology
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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