South Africa Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The South African solar energy market is expected to witness a CAGR of 10.56% during the forecast period, 2022-2027. The COVID-19 pandemic led to a slight delay in utility project execution. Demand from the residential PV segment was severely affected due to financial uncertainty faced by the customers, whereas commercial and industrial installations faced a negative impact as optional spending was delayed. The solar energy market in South Africa is likely to be driven by the presence of abundant natural resources since most areas in South Africa receive more than 2,500 hours of sunshine per year. However, increasing adoption of alternate renewable energy sources such as wind and hydropower is expected to hinder the growth of the market.
Key HighlightsThe South African solar energy market is moderately consolidated. Some of the major players in the market include Canadian Solar Inc., ARTsolar (Pty) Ltd, Energy Partners Holdings (Pty) Ltd, IBC Solar AG, and Segen Solar (Pty) Ltd.
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