Ghana Solar Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Ghana Solar Energy Market Analysis
The Ghanaian solar energy market is projected to register a CAGR of over 20% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. It has now reached pre-pandemic levels.
- In the medium term, factors such as increasing demand for solar photovoltaic installations, increasing investments in ongoing and upcoming solar energy projects, and the government's efforts to reduce the reliance on fossil fuel-based power generation are expected to drive the market during the forecast period.
- On the other hand, the high cost of solar rooftop systems and the associated need for batteries for electricity storage are likely to restrain the growth of the market.
- Nevertheless, as per the Renewable Energy Masterplan (REMP), by 2030, Ghana is expected to increase the proportion of renewable energy in the national energy generation mix from 42.5 MW in 2015 to 1363.63 MW (with grid-connected systems totaling 1094.63 MW). This factor is expected to create several opportunities for the solar energy market.
Ghana Solar Energy Market Trends
This section covers the major market trends shaping the Ghana Solar Energy Market according to our research experts:
Rooftop Solar Expected to Dominate the Market
- Rooftop solar PV is a photovoltaic system with electricity-generating solar panels mounted on the rooftop of a commercial or residential building. It captures the sun's light energy and converts it into electrical energy.
- In the residential and commercial & industrial (C&I) segments, solar power is often generated by end users deploying rooftop solar photovoltaics (PV). Solar PV systems for power generation are installed on rooftops of houses and commercial buildings or industrial plants that use the energy. Excess energy produced by individual owners is sometimes sold to power companies.
- A rooftop solar PV system is smaller than ground-mounted solar PV power stations, with capacities in the megawatt range. Rooftop solar PV systems on residential buildings typically have a capacity of up to 20 kilowatts (kW), while those mounted on commercial or industrial buildings often reach 100 kW or more.
- The rooftop solar PV has witnessed much adoption in recent years in the country owing to rising environmental concerns, favorable government policies, declining solar PV installation costs, and increasing panel efficiencies. This is likely to continue and support market growth over the forecast period.
- The government of Ghana announced the solar rooftop program in 2015, with the primary objective of reducing peak load by 200 MW by utilizing solar PV technology on the national grid in the medium term. As part of the initiative, the Energy Commission was tasked with facilitating the installation of 20,000 rooftop solar PV systems in residential facilities (homes) under a capital subsidy scheme in 2016. The initiative provides qualified beneficiaries with capital subsidies in two forms: cash payments or the supply of actual solar panels after the beneficiary has purchased and installed the necessary balance of system (BoS) components (such as an inverter, batteries, and charge controllers) to complete the solar PV system. Each beneficiary is entitled to a maximum of 500 W of solar panels. Several commercial banks have expressed interest in providing loan facilities to interested beneficiaries for the procurement of BoS components for solar PV systems of their choice.
- As a result of recent growth, Ghana's installed solar energy capacity increased to 108 MW in 2021 from 3 MW in 2013.
- The African Development Fund will provide a USD 27.39 million grant to help Ghana improve energy access and decarbonization by developing renewable energy mini-grids and solar PV net metering. With the help of this grant, Ghana will install 35 mini-grids and solar PV systems in 400 schools, 200 units in healthcare facilities, and 100 units to provide community energy services in the Volta region. As part of the grant, public institutions, small and medium-sized businesses, and selected households will be able to install 12,000 rooftop net-metered solar PV systems. Under the Ghana Mini Grid and Solar Photovoltaic Net Metering Project, the grant will be used to install capacities of up to 67.5 MW.
- Owing to the above factors, the rooftop solar PV segment is likely to dominate the solar energy market in Ghana during the forecast period.
Supportive Government Efforts to Reduce the Reliance on Fossil Fuel-based Power Generation
- Ghana is a leading investor in renewable energy because of its abundant biomass, solar, wind, and hydropower resources.
- Ghana's government has actively promoted the use of renewable energy sources to reduce its dependency on fossil fuels. For instance, the government passed the Renewable Energy Act in 2011 (Act 832), which assists in developing and utilizing renewable energy resources and investments.
- As a result of recent growth, Ghana's installed renewable capacity increased to 1700 MW in 2021 from 1180 MW in 2012. Among this capacity, 108 MW is derived from solar energy.
- Ghana Energy Development and Access Project (GEDAP) is part of the SE4ALL Action Plan. It is a multi-donor-funded project that aims to increase the efficiency of Ghana's distribution system and reduce greenhouse gas emissions. IDA, the African Development Bank (AfDB), and Africa Catalytic Growth Fund (ACGF) are donors to this project.
- In November 2021, the Ghana government reaffirmed its commitment to renewable energy and Sustainable Development Goal Seven (SDG7) with Bui Power Authority (BPA), which planned to build eight solar plants in the north of the country. The potential solar plant capacities of these spots range between 10 MWp and 100 MWp, which could be successfully integrated into Ghana's National Interconnected Transmission System (NITS).
- Owing to the above points, supportive government policies are expected to drive the country's solar energy market during the forecast period.
Ghana Solar Energy Industry Overview
The solar energy market in Ghana is fragmented. Some of the major players (in no particular order) include Trina Solar Ltd, JinkoSolar Holdings Co. Ltd, SunPower Innovations, Translight Solar, and Redavia Solar Power, among others.
Ghana Solar Energy Market Leaders
-
Trina Solar Ltd
-
JinkoSolar Holdings Co. Ltd
-
SunPower Innovations
-
Translight Solar
-
Redavia Solar Power
*Disclaimer: Major Players sorted in no particular order
Ghana Solar Energy Market News
- September 2022: The Volta River Authority, with the support of the German Development Bank KfW, has appointed the Norwegian engineering consultancy Multiconsult to assess the feasibility of installing a floating solar power plant in Ghana. Multiconsult performed a feasibility study and an environmental impact assessment regarding floating solar power plants on Lake Volta, the world's largest artificial lake, and the Kpong hydropower reservoir in Ghana.
- August 2022: The Volta River Authority (VRA), the main electricity supplier in Ghana, completed the commissioning of the Kaleo solar PV plant in Nadowli-Kaleo district, Upper West Region. The 13 MWp solar plant is the first phase of the proposed 28 MWp facility at Kaleo.
Ghana Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Solar Energy Installed Capacity and Forecast in GW, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Market Drivers
4.5.2 Market Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Development
5.1.1 Ground-mounted
5.1.2 Rooftop Solar
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Trina Solar Ltd
6.3.2 JinkoSolar Holdings Co. Ltd
6.3.3 SunPower Innovations
6.3.4 Translight Solar
6.3.5 Redavia Solar Power
6.3.6 Abengoa SA
6.3.7 Engie SA
6.3.8 REC Solar Holdings AS
6.3.9 Strategic Power Solutions
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Ghana Solar Energy Industry Segmentation
Solar energy is heat and radiant light from the sun that can be harnessed with technologies such as solar power (which is used to generate electricity) and solar thermal energy (which is used for applications such as water heating).
The solar energy market in Ghana is segmented by development. By development, the market is segmented into ground-mounted and rooftop solar. For each segment, the market sizing and forecasts are calculated based on installed capacity (MW).
| Development | |
| Ground-mounted | |
| Rooftop Solar |
Ghana Solar Energy Market Research FAQs
What is the current Ghana Solar Energy Market size?
The Ghana Solar Energy Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)
Who are the key players in Ghana Solar Energy Market?
Trina Solar Ltd, JinkoSolar Holdings Co. Ltd, SunPower Innovations, Translight Solar and Redavia Solar Power are the major companies operating in the Ghana Solar Energy Market.
What years does this Ghana Solar Energy Market cover?
The report covers the Ghana Solar Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Ghana Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What opportunities does the Ghana Solar Energy Market offer for Businesses and Investors?
The Ghana Solar Energy Market offers opportunities for Businesses and Investors in various segments, including a) Off-grid and rural electrification b) Commercial and industrial solar installations c) Solar PV manufacturing, energy export, and research and development
Ghana Solar Energy Industry Report
The Ghana solar energy market has experienced substantial growth, driven by the country's abundant solar resources and favorable government policies aimed at reducing reliance on fossil fuels. This expansion has been advantageous for Ghana solar energy companies engaged in various market segments, including residential, commercial, industrial, and utility-scale installations. Rooftop solar installations have particularly gained popularity due to declining costs and increasing panel efficiencies. Key drivers include government incentives, rising energy demand, and technological advancements in solar equipment, making solar energy more affordable and accessible. The market outlook is promising with opportunities in off-grid and rural electrification, commercial and industrial sectors, and potential for local solar PV manufacturing. Market dynamics are bolstered by public-private partnerships and international cooperation, helping to overcome barriers and promote growth. Overall, the vibrant Ghana solar energy market offers significant opportunities for stakeholders to invest in sustainable energy solutions. For detailed statistics on market share, size, and revenue growth, refer to industry reports by Mordor Intelligence™, which provide a market forecast outlook and historical overview, available as a free report PDF download.
