South Africa - Solar Energy Market by Application, End-user and Technology - Forecast and Analysis 2024-2028

Published: Feb 2024

Pages: 135

SKU: IRTNTR72193

Snapshot

South Africa - Solar Energy Market 2024-2028

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.

Market Overview :

The market segmentation by Application is categorized as grid-connected and off-grid
The market segmentation by End-user is categorized as utility and rooftop
The market segmentation by Technology is categorized as photovoltaic systems and concentrated solar power systems
Grid-connected is fastest growing segment during the forecast year
The grid-connected segment was the largest segment and was valued at USD 570.85 million in 2018.
It also includes an in-depth analysis of the sunny climatic conditions, the scaling up of renewables in transport, and the competition from alternative energy sources.

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Market Trends

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.

Market Largest-Growing Segments

Grid-connected

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.

Market Dynamics

Key Driver of the Market

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.

Significance Challenges of Market

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.

Market Customer Landscape

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

Major Market Companies

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.

Segment Overview

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.

Application Outlook
- Grid-connected
- Off-grid
End-user Outlook
- Utility
- Rooftop
Technology Outlook
- Photovoltaic systems
- Concentrated solar power systems

South Africa Solar Energy Market Scope
Report Coverage	Details
Page number	135
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 32.03%
Market Growth 2024-2028	USD 3,742.04 million
Market structure	Fragmented
YoY growth 2023-2024(%)	26.68
Competitive landscape	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, 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.
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.
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.

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What are the Key Data Covered in this South Africa Solar Energy Market Research Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the South Africa - Solar Energy Market between 2023 and 2028
Precise estimation of the market size and its contribution to the market in focus on the parent market
Accurate market forecast about upcoming market growth and trends and changes in consumer behavior
Growth of the market across South Africa
Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
Comprehensive market growth and forecasting analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements.

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Technology
- Exhibit 07: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 08: Parent market
- Exhibit 09: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 10: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 11: Market segments

3.3 Market size 2023

3.4 Market outlook: Forecast for 2023-2028
- Exhibit 12: Chart on South Africa - Market size and forecast 2023-2028 ($ million)
- Exhibit 13: Data Table on South Africa - Market size and forecast 2023-2028 ($ million)
- Exhibit 14: Chart on South Africa: Year-over-year growth 2023-2028 (%)
- Exhibit 15: Data Table on South Africa: Year-over-year growth 2023-2028 (%)

4 Historic Market Size

4.1 Solar energy market in South Africa 2018 - 2022
- Exhibit 16: Historic Market Size – Data Table on solar energy market in south Africa 2018 - 2022 ($ million)

4.2 Application Segment Analysis 2018 - 2022
- Exhibit 17: Historic Market Size – Application Segment 2018 - 2022 ($ million)

4.3 End-user Segment Analysis 2018 - 2022
- Exhibit 18: Historic Market Size – End-user Segment 2018 - 2022 ($ million)

4.4 Technology Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Technology Segment 2018 - 2022 ($ million)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 20: Five forces analysis - Comparison between 2023 and 2028

5.2 Bargaining power of buyers
- Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

5.3 Bargaining power of suppliers
- Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

5.4 Threat of new entrants
- Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028

5.5 Threat of substitutes
- Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028

5.6 Threat of rivalry
- Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028

5.7 Market condition
- Exhibit 26: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Application

6.1 Market segments
- Exhibit 27: Chart on Application - Market share 2023-2028 (%)
- Exhibit 28: Data Table on Application - Market share 2023-2028 (%)

6.2 Comparison by Application
- Exhibit 29: Chart on Comparison by Application
- Exhibit 30: Data Table on Comparison by Application

6.3 Grid-connected - Market size and forecast 2023-2028
- Exhibit 31: Chart on Grid-connected - Market size and forecast 2023-2028 ($ million)
- Exhibit 32: Data Table on Grid-connected - Market size and forecast 2023-2028 ($ million)
- Exhibit 33: Chart on Grid-connected - Year-over-year growth 2023-2028 (%)
- Exhibit 34: Data Table on Grid-connected - Year-over-year growth 2023-2028 (%)

6.4 Off-grid - Market size and forecast 2023-2028
- Exhibit 35: Chart on Off-grid - Market size and forecast 2023-2028 ($ million)
- Exhibit 36: Data Table on Off-grid - Market size and forecast 2023-2028 ($ million)
- Exhibit 37: Chart on Off-grid - Year-over-year growth 2023-2028 (%)
- Exhibit 38: Data Table on Off-grid - Year-over-year growth 2023-2028 (%)

6.5 Market opportunity by Application
- Exhibit 39: Market opportunity by Application ($ million)
- Exhibit 40: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by End-user

7.1 Market segments
- Exhibit 41: Chart on End-user - Market share 2023-2028 (%)
- Exhibit 42: Data Table on End-user - Market share 2023-2028 (%)

7.2 Comparison by End-user
- Exhibit 43: Chart on Comparison by End-user
- Exhibit 44: Data Table on Comparison by End-user

7.3 Utility - Market size and forecast 2023-2028
- Exhibit 45: Chart on Utility - Market size and forecast 2023-2028 ($ million)
- Exhibit 46: Data Table on Utility - Market size and forecast 2023-2028 ($ million)
- Exhibit 47: Chart on Utility - Year-over-year growth 2023-2028 (%)
- Exhibit 48: Data Table on Utility - Year-over-year growth 2023-2028 (%)

7.4 Rooftop - Market size and forecast 2023-2028
- Exhibit 49: Chart on Rooftop - Market size and forecast 2023-2028 ($ million)
- Exhibit 50: Data Table on Rooftop - Market size and forecast 2023-2028 ($ million)
- Exhibit 51: Chart on Rooftop - Year-over-year growth 2023-2028 (%)
- Exhibit 52: Data Table on Rooftop - Year-over-year growth 2023-2028 (%)

7.5 Market opportunity by End-user
- Exhibit 53: Market opportunity by End-user ($ million)
- Exhibit 54: Data Table on Market opportunity by End-user ($ million)

8 Market Segmentation by Technology

8.1 Market segments
- Exhibit 55: Chart on Technology - Market share 2023-2028 (%)
- Exhibit 56: Data Table on Technology - Market share 2023-2028 (%)

8.2 Comparison by Technology
- Exhibit 57: Chart on Comparison by Technology
- Exhibit 58: Data Table on Comparison by Technology

8.3 Photovoltaic systems - Market size and forecast 2023-2028
- Exhibit 59: Chart on Photovoltaic systems - Market size and forecast 2023-2028 ($ million)
- Exhibit 60: Data Table on Photovoltaic systems - Market size and forecast 2023-2028 ($ million)
- Exhibit 61: Chart on Photovoltaic systems - Year-over-year growth 2023-2028 (%)
- Exhibit 62: Data Table on Photovoltaic systems - Year-over-year growth 2023-2028 (%)

8.4 Concentrated solar power systems - Market size and forecast 2023-2028
- Exhibit 63: Chart on Concentrated solar power systems - Market size and forecast 2023-2028 ($ million)
- Exhibit 64: Data Table on Concentrated solar power systems - Market size and forecast 2023-2028 ($ million)
- Exhibit 65: Chart on Concentrated solar power systems - Year-over-year growth 2023-2028 (%)
- Exhibit 66: Data Table on Concentrated solar power systems - Year-over-year growth 2023-2028 (%)

8.5 Market opportunity by Technology
- Exhibit 67: Market opportunity by Technology ($ million)
- Exhibit 68: Data Table on Market opportunity by Technology ($ million)

9 Customer Landscape

9.1 Customer landscape overview
- Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 70: Impact of drivers and challenges in 2023 and 2028

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 71: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 72: Overview on factors of disruption

11.4 Industry risks
- Exhibit 73: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 74: Vendors covered

12.2 Market positioning of vendors
- Exhibit 75: Matrix on vendor position and classification

12.3 ARTsolar Pty Ltd
- Exhibit 76: ARTsolar Pty Ltd - Overview
- Exhibit 77: ARTsolar Pty Ltd - Product / Service
- Exhibit 78: ARTsolar Pty Ltd - Key offerings

12.4 Canadian Solar Inc.
- Exhibit 79: Canadian Solar Inc. - Overview
- Exhibit 80: Canadian Solar Inc. - Business segments
- Exhibit 81: Canadian Solar Inc. - Key news
- Exhibit 82: Canadian Solar Inc. - Key offerings
- Exhibit 83: Canadian Solar Inc. - Segment focus

12.5 Enel Spa
- Exhibit 84: Enel Spa - Overview
- Exhibit 85: Enel Spa - Product / Service
- Exhibit 86: Enel Spa - Key offerings

12.6 Energy Partners Solar Pty Ltd
- Exhibit 87: Energy Partners Solar Pty Ltd - Overview
- Exhibit 88: Energy Partners Solar Pty Ltd - Product / Service
- Exhibit 89: Energy Partners Solar Pty Ltd - Key offerings

12.7 ENGIE SA
- Exhibit 90: ENGIE SA - Overview
- Exhibit 91: ENGIE SA - Business segments
- Exhibit 92: ENGIE SA - Key offerings
- Exhibit 93: ENGIE SA - Segment focus

12.8 Genergy
- Exhibit 94: Genergy - Overview
- Exhibit 95: Genergy - Product / Service
- Exhibit 96: Genergy - Key offerings

12.9 IBC SOLAR AG
- Exhibit 97: IBC SOLAR AG - Overview
- Exhibit 98: IBC SOLAR AG - Product / Service
- Exhibit 99: IBC SOLAR AG - Key offerings

12.10 Jetion Solar China Co. Ltd.
- Exhibit 100: Jetion Solar China Co. Ltd. - Overview
- Exhibit 101: Jetion Solar China Co. Ltd. - Product / Service
- Exhibit 102: Jetion Solar China Co. Ltd. - Key offerings

12.11 Jiangsu Seraphim Solar System Co. Ltd.
- Exhibit 103: Jiangsu Seraphim Solar System Co. Ltd. - Overview
- Exhibit 104: Jiangsu Seraphim Solar System Co. Ltd. - Product / Service
- Exhibit 105: Jiangsu Seraphim Solar System Co. Ltd. - Key offerings

12.12 Jiangsu Zhongli Group Co. Ltd.
- Exhibit 106: Jiangsu Zhongli Group Co. Ltd. - Overview
- Exhibit 107: Jiangsu Zhongli Group Co. Ltd. - Product / Service
- Exhibit 108: Jiangsu Zhongli Group Co. Ltd. - Key offerings

12.13 JinkoSolar Holding Co. Ltd.
- Exhibit 109: JinkoSolar Holding Co. Ltd. - Overview
- Exhibit 110: JinkoSolar Holding Co. Ltd. - Product / Service
- Exhibit 111: JinkoSolar Holding Co. Ltd. - Key offerings

12.14 Renenergy
- Exhibit 112: Renenergy - Overview
- Exhibit 113: Renenergy - Product / Service
- Exhibit 114: Renenergy - Key offerings

12.15 Sharp Corp.
- Exhibit 115: Sharp Corp. - Overview
- Exhibit 116: Sharp Corp. - Business segments
- Exhibit 117: Sharp Corp. - Key news
- Exhibit 118: Sharp Corp. - Key offerings
- Exhibit 119: Sharp Corp. - Segment focus

12.16 SunPower Corp.
- Exhibit 120: SunPower Corp. - Overview
- Exhibit 121: SunPower Corp. - Product / Service
- Exhibit 122: SunPower Corp. - Key news
- Exhibit 123: SunPower Corp. - Key offerings

12.17 Trina Solar Co. Ltd.
- Exhibit 124: Trina Solar Co. Ltd. - Overview
- Exhibit 125: Trina Solar Co. Ltd. - Product / Service
- Exhibit 126: Trina Solar Co. Ltd. - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 127: Inclusions checklist
- Exhibit 128: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 129: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 130: Research methodology
- Exhibit 131: Validation techniques employed for market sizing
- Exhibit 132: Information sources

13.5 List of abbreviations
- Exhibit 133: List of abbreviations

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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