The Sunny Climatic Conditions Coupled with Scaling up Renewables in Transport to Boost Market Growth
NEW YORK, Feb. 14, 2022 /PRNewswire/ -- The Solar Energy Market vendors in South Africa should focus on grabbing business opportunities from the Utility Segment as it accounted for the largest market share in the base year.
The Solar Energy Market Share in South Africa is expected to increase by 23.31 TWh from 2021 to 2026, at an accelerated CAGR of 29.74% according to the recent market study by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
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Solar Energy Market in South Africa Facts at a Glance-
Segmentation Analysis & Forecasts
The solar energy market share growth in South Africa by the utility segment will be significant during the forecast period. The growth is attributed to the huge number of installations of large-scale solar power plants to generate clean energy and reduce carbon emissions. Furthermore, it can also be stored in energy storage systems for using it when there is no sunlight. Such factors will drive the adoption of utility-scale solar power in the country during the forecast period.
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Vendor Insights-
The solar energy market in South Africa is fragmented and the vendors are deploying growth strategies such as investment in R&D to compete in the market.
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Latest Drivers & Trends of the Market-
One of the key factors driving the solar energy market growth in South Africa is the sunny climatic conditions, as it is located in a latitude zone where the incidence of solar radiation is substantially higher than the rest of the globe. Solar energy began to gain traction in 2017, with total capacity increasing to 7.8 gigawatts by 2020. The rise in energy demand started to overwhelm the existing power generating plants in South Africa. The government policies and increased investments in solar PV projects to increase the installed solar PV capacity of the country in the coming years. Under REIPPP, the country aims to install an 8,400-megawatt generation capacity of solar PV by 2030, enough to provide energy to 1.5 million households. In addition, the country also plans to install 18 gigawatts of solar PV by 2050. Such factors are expected to positively impact the market growth during the forecast period.
Scaling up renewables in transport will drive the solar energy market growth in South Africa, as the country is focusing on reducing carbon emissions and adopting renewable sources to fulfill energy requirements. For instance, Cape Town targets to procure only zero-emission vehicles by 2025. Cape Town's Electric Vehicle Framework includes leveraging EV roll-out and charging to increase the share of renewables and is considering requiring public EV charging stations to operate on renewable energy (RE). This will require electrification of transport systems, which, in turn, will accelerate the adoption of solar energy sources for power generation during the forecast period.
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Solar Energy Market in South Africa Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 29.74% |
Market growth 2022-2026 |
23.31 TWh units |
Market structure |
Fragmented |
YoY growth (%) |
24.80 |
Performing market contribution |
South Africa at 100% |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Customer landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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SOURCE Technavio
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