South Africa Solar Energy Market Insights Forecasts to 2033

• The South Africa Solar Energy Market Size was valued at USD 6.05 Gigawatt in 2023.
• The Market is Growing at a CAGR of 10.74% from 2023 to 2033
• The South Africa Solar Energy Market Size is Expected to Reach USD 16.78 Gigawatt by 2033

The South Africa Solar Energy Market is Anticipated to Reach USD 16.78 Gigawatt by 2033, growing at a CAGR of 10.74% from 2023 to 2033.

Market Overview

In simple terms, solar energy is the energy directly obtained from the sunlight that gets converted into heat, electricity, and other forms of energy. The availability of abundant solar resources makes it the prime location for several products in the country. As South Africa lies just beneath the equator, an abundant sunny climate is experienced in the region. The South African solar energy sector holds great potential, as natural resources in this country abound in the sun. Africa is often referred to as the 'Sun Continent'. Over half of the South African population does not have electricity access. Solar energy, installed correctly, can assist this region reduce its dependence on traditional power sources, like coal and oil. It is also an efficient method of generating power in remote regions. Expansion of renewables in transportation, as well as recent developments in South Africa’s solar energy market, will lead to growth of the market.

Report Coverage

This research report categorizes the South Africa solar energy market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Africa solar energy market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Africa solar energy market.

Driving Factors

The most important driving factor is the sunny conditions for 9 to 11 hours per day in most of the regions. South Africa country generally lies in a latitude zone where the sunlight exposure is too high. Thus, South Africa uses readily available resources. Due to the availability of abundant sunlight, solar energy projects are in high demand. The market will be expanded in the coming year. Due to the solar energy sources, carbon emissions is being reduced. These are the factors that drive the market.

Restraining Factors

The key factor that restrains the market is the competition from other energy resources. The use of fossil fuels in some parts of South Africa still exists. This led to the low use of solar energy. Due to the abundant availability of fossil fuels, the use of renewable sources has decreased. High-costing and lack of infrastructure are the major factors which restrain the market.

Market Segmentation

The South Africa solar energy market share is classified into technology and application.

• The solar photovoltaic segment is expected to hold the largest market share through the forecast period.

The South Africa Solar Energy market is segmented by technology into solar photovoltaic (PV) and concentrated solar power (CSP). Among these, solar photovoltaic is expected to hold the largest market share through the forecast period. Due to the rising consumption of electricity, investment in solar photovoltaic projects is also increasing which leads to the domination of this segment. This segment has low maintenance costs, a long life cycle, and no fuel cost. This leads to increasing demand for this segment.

• The utility segment is expected to dominate the South Africa solar energy market during the forecast period.       

Based on the application, the South Africa Solar Energy market is divided into residential, non-residential, and utility. Among these, the utility segment is expected to dominate South Africa. Building a plant of utilities is much more convenient than the other conventional power plants due to easy electric connection. The use of solar energy is being increased due to the increasing energy demand. Therefore, such factors drive the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Africa solar energy market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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.
• Trina Solar Co. Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts South Africa, regional, and country revenue from 2020 to 2033. Spherical Insights has segmented the South Africa solar energy market based on the below-mentioned segments:

South Africa Solar Energy Market, By Technology

• Solar Photovoltaic (PV)   
• Concentrated Solar Power (CSP)

South Africa Solar Energy Market, By Application

• Residential
• Non-Residential
• Utility