Solar energy market in South Africa to grow at a CAGR of 29.74% from 2021 to 2026: Sunny climatic conditions to drive growth - Technavio

NEW YORK, March 27, 2023 /PRNewswire/ -- The size of the solar energy market in South Africa is estimated to increase by 23.31 terawatt-hour units from 2021 to 2026. The market's growth momentum will accelerate at a CAGR of 29.74%. Sunny climatic conditions are driving market growth. South Africa is located in a latitude zone with higher solar radiation than other regions or countries. Government policies and high investments in solar PV projects are expected to increase the installed solar PV capacity of the country in the coming years. Such factors are expected to impact market growth during the forecast period positively. However, the high initial investment and maintenance costs for solar PV systems are challenging market growth. The generation of solar energy requires a large area for solar panels. The efficiency of solar panels can reduce due to intermittency problems, which increases the initial investment and maintenance costs. This, in turn, leads to a significant burden on household users, which limits the use of solar panels and solar cover glass for residential purposes. Such factors are expected to hinder the solar energy market growth in South Africa during the forecast period. Discover some insights about the market before buying the full report - Request a sample report

Solar energy market in South Africa – Vendor analysis
Vendor Landscape –

The solar energy market in South Africa is fragmented, with the presence of numerous international and regional players. A few prominent vendors in the market are ARTsolar Pty Ltd., Canadian Solar Inc., Enel SPA, ENGIE SA, IBC Solar AG, JinkoSolar Holding Co. Ltd., Renenergy South Africa Pty Ltd., Jiangsu Seraphim Solar System Co. Ltd., SunPower Corp., and Trina Solar Co. Ltd.

The competition among vendors is moderate, and their growth is dependent on R&D and innovations. Frequent changes in government policies, continuous developments in technology, and environmental regulations are driving the growth of the solar market in South Africa. The declining prices of solar PV systems and stringent regulations related to carbon emissions will further attract investors.

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Vendor offerings -

• Canadian Solar Inc. - The company offers solar energy products under the BiHiKu7 brand. It offers solar modules, solar system kits, battery energy storage solutions, and other materials, components, and services.
• IBC Solar AG - The company offers solar energy products under the Longi brand.
• JinkoSolar Holding Co. Ltd - The company offers solar energy products under the Suntank brand.
• ARTsolar Pty Ltd. - The company offers solar energy products under the Alpha brand. It also manufactures crystalline solar panels.
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Solar energy market in South Africa - Segmentation assessment

Segment overview
Technavio has segmented the market based on end-user (utility and rooftop) and application (grid-connected and off-grid).

• The utility segment will account for a significant share of the market growth during the forecast period. A large number of installations of large-scale solar power plants for the generation of clean energy and reduction of carbon emissions is driving the growth of this segment. The energy can also be stored in energy storage systems when there is no sunlight. Such factors will increase the adoption of utility-scale solar power in South Africa during the forecast period.

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Solar energy market in South Africa – Key trends

Scaling up renewables in transport will be a key trend in the solar energy market in South Africa. The country is focusing on carbon emission reduction and renewable energy to fulfill its energy requirements. For instance, Cape Town plans to procure only zero-emission vehicles by 2025. Its Electric Vehicle Framework includes leveraging EV roll-out and charging to increase the share of renewables. The city is considering mandating public EV charging stations to operate on renewable energy, which will require the electrification of transport systems. These factors, in turn, will accelerate the adoption of solar energy sources for power generation during the forecast period.

Trends have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this report?

• CAGR of the market during the forecast period
• Detailed information about factors that will drive the growth of the solar energy market in South Africa between 2022 and 2026
• Precise estimation of the size of the solar energy market in South Africa and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth vendors

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Table of contents

1. Executive Summary 

  1.1 Market Overview 

  Exhibit 01:  Key Finding 1

  Exhibit 02:  Key Finding 2

  Exhibit 03:  Key Finding 5

  Exhibit 04:  Key Finding 6

  Exhibit 05:  Key Finding 7

2. Market Landscape 

  2.1 Market ecosystem 

  Exhibit 06:  Parent market

  Exhibit 07:  Market characteristics

  2.2 Value chain analysis 

  Exhibit 08:  Value chain analysis: Renewable electricity

  2.2.1 Inputs

  2.2.2 Electricity generation

  2.2.3 Electricity transmission

  2.2.4 Electricity distribution

  2.2.5 End-users

  2.2.6 Innovations

3. Market Sizing 

  3.1 Market definition

  Exhibit 09:  Offerings of vendors included in the market definition

  3.2 Market segment analysis 

  Exhibit 10:  Market segments

  3.3 Market size 2021 

  3.4 Market outlook: Forecast for 2021 - 2026 

  3.4.1 Estimating growth rates for emerging and high-growth markets

  3.4.2 Estimating growth rates for mature markets

  Exhibit 11:  Global - Market size and forecast 2021 - 2026 (TWh)

  Exhibit 12:  Global market: Year-over-year growth 2021 - 2026 (%)

4. Five Forces Analysis 

  4.1 Five Forces Summary 

  Exhibit 13:  Five forces analysis 2021 & 2026

  4.2 Bargaining power of buyers 

  Exhibit 14:  Bargaining power of buyers

  4.3 Bargaining power of suppliers 

  Exhibit 15: Bargaining power of suppliers

  4.4 Threat of new entrants 

  Exhibit 16:  Threat of new entrants

  4.5 Threat of substitutes 

  Exhibit 17: Threat of substitutes

  4.6 Threat of rivalry 

  Exhibit 18: Threat of rivalry

  4.7 Market condition 

  Exhibit 19:  Market condition - Five forces 2021

5. Market Segmentation by Application 

  5.1 Market segments

  The segments covered in this chapter are:

• Grid-connected
• Off-grid

  Exhibit 20:  Application - Market share 2021-2026 (%)

  5.2 Comparison by Application 

  Exhibit 21:  Comparison by Application

  5.3 Grid-connected - Market size and forecast 2021-2026 

  Exhibit 22:  Grid-connected - Market size and forecast 2021-2026 (TWh)

  Exhibit 23:  Grid-connected - Year-over-year growth 2021-2026 (%)

  5.4 Off-grid - Market size and forecast 2021-2026 

  Exhibit 24:  Off-grid - Market size and forecast 2021-2026 (TWh)

  Exhibit 25:  Off-grid - Year-over-year growth 2021-2026 (%)

  5.5 Market opportunity by Application 

  Exhibit 26:  Market opportunity by Application

6. Market Segmentation by End-user 

  6.1 Market segments

  The segments covered in this chapter are:

• Utility
• Rooftop

  Exhibit 27:  End-user - Market share 2021-2026 (%)

  6.2 Comparison by End-user 

  Exhibit 28:  Comparison by End-user

  6.3 Utility - Market size and forecast 2021-2026 

  Exhibit 29:  Utility - Market size and forecast 2021-2026 (TWh)

  Exhibit 30:  Utility - Year-over-year growth 2021-2026 (%)

  6.4 Rooftop - Market size and forecast 2021-2026 

  Exhibit 31:  Rooftop - Market size and forecast 2021-2026 (TWh)

  Exhibit 32:  Rooftop - Year-over-year growth 2021-2026 (%)

  6.5 Market opportunity by End-user 

  Exhibit 33:  Market opportunity by End-user

7. Customer landscape 

  Technavio's customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

  7.1 Overview

  Exhibit 34:  Customer landscape

8. Drivers, Challenges, and Trends 

  8.1 Market drivers 

  8.1.1 Sunny climatic conditions

  8.1.2 Rising adoption of renewable energy source

  8.1.3 Rising government initiative

  8.2 Market challenges 

  8.2.1 High initial investment and maintenance cost for solar PV systems

  ?8.2.2 Increasing number of alternative energy sources

  8.2.3 Intermittency in solar power generation

  Exhibit 35:  Impact of drivers and challenges

  8.3 Market trends 

  8.3.1 Scaling up renewables in transport

  8.3.2 Declining cost of solar PV panels 

  8.3.3 Increasing adoption of microgrids

9. Vendor Landscape 

  9.1 Overview

  Exhibit 36:  Vendor landscape

  9.2 Landscape disruption 

  Exhibit 37:  Landscape disruption

  Exhibit 38:  Industry risks

10. Vendor Analysis 

  10.1 Vendors covered 

  Exhibit 44:  Vendors covered

  10.2 Market positioning of vendors 

  Exhibit 45: Market positioning of vendors

  10.3 ARTsolar Pty Ltd. 

  Exhibit 41:  ARTsolar Pty Ltd. - Overview

  Exhibit 42:  ARTsolar Pty Ltd. - Product and service

  Exhibit 43:  ARTsolar Pty Ltd. - Key offerings

  10.4 Canadian Solar Inc. 

  Exhibit 44:  Canadian Solar Inc. - Overview

  Exhibit 45:  Canadian Solar Inc. - Business segments

  Exhibit 46:  Canadian Solar Inc. - Key offerings

  Exhibit 47:  Canadian Solar Inc. - Segment focus

  10.5 Enel SPA

  Exhibit 48:  Enel SPA - Overview

  Exhibit 49:  Enel SPA - Business segments

  Exhibit 50:  Enel SPA - Key offerings

  10.6 ENGIE SA 

  Exhibit 51:  ENGIE SA - Overview

  Exhibit 52:  ENGIE SA - Business segments

  Exhibit 53:  ENGIE SA - Key offerings

  Exhibit 54:  ENGIE SA - Segment focus

  10.7 IBC Solar AG 

  Exhibit 55:  IBC Solar AG - Overview

  Exhibit 56:  IBC Solar AG - Product and service

  Exhibit 57:  IBC Solar AG - Key offerings

  10.8 Jiangsu Seraphim Solar System Co. Ltd. 

  Exhibit 58:  Jiangsu Seraphim Solar System Co. Ltd. - Overview

  Exhibit 59:  Jiangsu Seraphim Solar System Co. Ltd. - Business segments

  Exhibit 60:  Jiangsu Seraphim Solar System Co. Ltd. - Key offerings

  10.9 JinkoSolar Holding Co. Ltd. 

  Exhibit 61:  JinkoSolar Holding Co. Ltd. - Overview

  Exhibit 62:  JinkoSolar Holding Co. Ltd. - Business segments

  Exhibit 63:  JinkoSolar Holding Co. Ltd. - Key offerings

  10.10 Renenergy South Africa Pty Ltd. 

  Exhibit 64:  Renenergy South Africa Pty Ltd. - Overview

  Exhibit 65:  Renenergy South Africa Pty Ltd. - Product and service

  Exhibit 66:  Renenergy South Africa Pty Ltd. - Key offerings

  10.11 SunPower Corp. 

  Exhibit 67:  SunPower Corp. - Overview

  Exhibit 68:  SunPower Corp. - Business segments

  Exhibit 69:  SunPower Corp. - Key offerings

  Exhibit 70:  SunPower Corp. - Segment focus

  10.12 Trina Solar Co. Ltd. 

  Exhibit 71:  Trina Solar Co. Ltd. - Overview

  Exhibit 72:  Trina Solar Co. Ltd. - Business segments

  Exhibit 73:  Trina Solar Co. Ltd. - Key offerings

  Exhibit 74:  Trina Solar Co. Ltd. - Segment focus

11. Appendix 

  11.1 Scope of the report 

  11.1.1 Market definition

  11.1.2 Objectives

  11.1.3 Notes and caveats

  11.2 Currency conversion rates for US$ 

  Exhibit 75:  Currency conversion rates for US$

  11.3 Research Methodology 

  Exhibit 76:  Research Methodology

  Exhibit 77:  Validation techniques employed for market sizing

  Exhibit 78:  Information sources

  11.4 List of abbreviations 

  Exhibit 79:  List of abbreviations

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