South Africa Solar Photovoltaic Market Insights Forecasts to 2033

• The South Africa Solar Photovoltaic Market Size was valued at USD 5.50 Gigawatt in 2023.
• The Market Size is Growing at a CAGR of 11.28% from 2023 to 2033
• The South Africa Solar Photovoltaic Market Size is Expected to Reach USD 16.02 Gigawatt by 2033

The South Africa Solar Photovoltaic Market Size is Anticipated to Reach USD 16.02 Gigawatt by 2033, Growing at a CAGR of 11.28% from 2023 to 2033.

Market Overview

Transforming solar energy into electrical energy through devices that use semiconducting materials to produce electricity is known as solar photovoltaic. Photovoltaic cells are typically made up of silicon which converts solar energy into direct current electricity and then an inverter converts direct current (DC) into alternating current (AC) for homes and businesses. Without the emission of greenhouse gases, clean and sustainable energy source produces electricity thus offering more environmentally friendly power production. Various sizes of solar photovoltaic systems as large solar farms and small rooftop installations, are essential to the transition to renewable energy sources and the decrease in dependency on conventional fossil fuels. The South Africa solar photovoltaic market is expanded by abundant sunlight, decreasing cost of solar panels, government initiatives promoting renewable energy, growing energy demand, and environmental concerns. For instance, A R9 Gigawatt tax relief program was launched by the South African government to aid in the transition to clean energy. This includes individuals installing solar panels receiving a 25% tax refund and renewable energy projects receiving a 125% tax deduction.

Report Coverage

This research report categorizes the market for the South Africa solar photovoltaic based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Africa solar photovoltaic 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 photovoltaic market.

Driving Factors

Growing awareness of the environment is the major factor that drives the market of solar photovoltaic market in South Africa. Growing environmental consciousness led to an increased demand for sustainable energy solutions which drives the market. Government programs and growing public awareness drive investment in clean energy, making solar power a key component in reducing environmental pollution. Solar parks and individual solar installations meet the power needs of many households and a sizable portion of the population. By solar installations, the cost of electricity per unit is reduced. Government incentives for solar power production are the main reason for choosing to install solar by people. Zero carbon emission is one of the major factors driving solar installation.

Restraining Factors

The major obstacle facing the South African solar photovoltaic market is the lack of suitable infrastructure and facilities for recycling solar panels. In addition to a weak recycling ecosystem, sustainable development also impedes the market and also creates a threat to the buildup of electronic waste.

Market Segmentation

The South Africa solar photovoltaic market share is classified into technology, grid type, and application.

• The multi-crystalline silicon segment is expected to hold the largest market share through the forecast period.

The South Africa solar photovoltaic market is segmented by technology into monocrystalline silicon, thin film, multi-crystalline silicon, and others. Among these, the multi-crystalline silicon segment is expected to hold the largest market share through the forecast period. This is attributed to the maximum efficiency held by the multi-crystalline silicon and the long operational life. Research and developments are carried out to improve the operational efficiency.

• The on-grid segment is expected to dominate the South Africa solar photovoltaic market during the forecast period.       

Based on the grid type, the South Africa solar photovoltaic market is divided into on-grid and off-grid. Among these, the on-grid segment is expected to dominate the South Africa solar photovoltaic market during the forecast period. This is attributed to the significant portion of photovoltaic projects that are being built or are already operational are directly connected to the grid supply, which controls the power demand for the nation.

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

The South Africa solar photovoltaic market is segmented by application into utility, residential, and non-residential. Among these, the utility segment is expected to hold the largest market share through the forecast period. As a result of South Africa’s goal to increase the proportion of renewables in the overall power mix, solar is being adopted as a central resource, which is directly related to central utilities.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Africa solar photovoltaic 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.
• JinkoSolar Holding Co. Ltd.
• Trina Solar Co. Ltd.
• ARTsolar (Pty) Ltd.
• SunPower Corporation
• IBC Solar AG
• Seraphim Solar System Co. Ltd.
• Engie SA
• Renenergy South Africa Pty Ltd.
• Others

Key Target Audience

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

Recent Developments

• In November 2024, A 330kW grid-tied solar project was started by Open Access Data Centers (OADC) at its facility in Durban. Solar systems for OADC's Isando facility in Johannesburg are part of the company's larger plans to implement renewable energy.

Market Segment

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

South Africa Solar Photovoltaic Market, By Technology

• Monocrystalline Silicon
• Multicrystalline Silicon
• Thin Film
• Others

South Africa Solar Photovoltaic Market, By Grid Type

• Ground Mounted
• Rooftop
• Others

South Africa Solar Photovoltaic Market, By Application

• Residential
• Non-Residential
• Utility