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South Africa Solar Photovoltaic (PV) Market Size (2024 - 2029)

The South Africa Solar Photovoltaic market is projected to experience significant growth over the forecast period, driven by decreasing costs of solar PV modules and supportive government policies. Despite facing challenges from competing renewable energy sources like onshore wind, small-hydropower, and bioenergy, the market is expected to benefit from opportunities arising due to frequent power outages and the increasing demand for reliable electricity.

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Market Size of South Africa Solar Photovoltaic (PV) Industry

South Africa Solar Photovoltaic (PV) Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Volume (2024) 6.05 gigawatt
Market Volume (2029) 10.27 gigawatt
CAGR (2024 - 2029) 11.17 %

Major Players

South Africa Solar Photovoltaic (PV) Market Major Players

*Disclaimer: Major Players sorted in no particular order

South Africa Solar Photovoltaic (PV) Market Analysis

The South Africa Solar Photovoltaic Market size is estimated at 6.05 gigawatt in 2024, and is expected to reach 10.27 gigawatt by 2029, growing at a CAGR of 11.17% during the forecast period (2024-2029).

  • Over the medium term, declining solar PV modules and associated system costs, coupled with supportive government policies, are also expected to drive the growth of the market.
  • On the other hand, increasing competition from alternative renewable energy sources such as onshore wind power, small-hydropower, and bioenergy may negatively impact the market's growth and is one of the major restraints for the market.
  • However, increasing power outages in the country, leading to the electricity crisis and growing demand for continuous power, are expected to provide growth opportunities during the forecast period.

South Africa Solar Photovoltaic (PV) Industry Segmentation

Solar photovoltaics are materials and devices that convert sunlight into electrical energy. The South African solar photovoltaic market is segmented by type, end user, and deployment. By type, the market is segmented into crystalline silicon and thin film. By end user, the market is segmented into residential, commercial & industrial (C&I), and utility. By deployment, the market is segmented into ground-mounted and rooftop. For each segment, the market sizing and forecasts have been done based on installed capacity (MW).

Type
Crystalline Silicon
Thin Film
End User
Residential
Commercial and Industrial (C&I)
Utility
Deployment
Ground-mounted
Rooftop
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South Africa Solar Photovoltaic (PV) Market Size Summary

The South African solar photovoltaic (PV) market is poised for significant growth over the forecast period, driven by declining costs of solar PV modules and supportive government policies. The market is expected to expand as the country seeks to address its electricity crisis and increasing demand for reliable power sources. The government's efforts to reduce dependency on conventional energy sources and promote renewable energy, particularly solar, are evident in various initiatives and programs. Despite the potential challenges posed by competition from other renewable energy sources like wind and bioenergy, the solar PV market is expected to benefit from the rising need for alternative energy solutions due to frequent power outages.

The residential sector in South Africa is anticipated to be a key driver of growth in the solar PV market, supported by urban migration, rising incomes, and increased investment in housing. The government's National Electrification Programme and initiatives like the Renewable Energy Independent Power Producers Program (REIPPPP) are set to enhance the adoption of solar PV technology. These programs aim to significantly increase the country's solar capacity, aligning with broader energy goals. Additionally, the introduction of financial incentives such as rebate schemes for rooftop solar installations is expected to further stimulate market expansion. The involvement of major industry players and ongoing projects underscore the market's potential for development and investment.

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South Africa Solar Photovoltaic (PV) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Photovoltaic (PV) Installed Capacity and Forecast in MW, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Declining solar PV modules

        2. 1.5.1.2 Supportive Government Policies

      2. 1.5.2 Restraints

        1. 1.5.2.1 Increasing Competition from Alternative Renewable Energy Sources

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Crystalline Silicon

      2. 2.1.2 Thin Film

    2. 2.2 End User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and Industrial (C&I)

      3. 2.2.3 Utility

    3. 2.3 Deployment

      1. 2.3.1 Ground-mounted

      2. 2.3.2 Rooftop

South Africa Solar Photovoltaic (PV) Market Size FAQs

The South Africa Solar Photovoltaic Market size is expected to reach 6.05 gigawatt in 2024 and grow at a CAGR of 11.17% to reach 10.27 gigawatt by 2029.

In 2024, the South Africa Solar Photovoltaic Market size is expected to reach 6.05 gigawatt.

South Africa Solar Photovoltaic (PV) Market Report Snapshots

South Africa Solar Photovoltaic (PV) Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)