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West Africa Renewable Energy Market Size (2024 - 2029)

The West Africa Renewable Energy Market is anticipated to experience growth over the forecast period, driven by increased environmental awareness, regulatory measures, and reduced costs in electricity generation. Despite the challenges posed by the higher costs of renewable energy compared to fossil fuels, advancements in solar cell technology, particularly with thin film technology, present promising opportunities for market expansion. Nigeria is projected to dominate the market share in the region, largely due to governmental efforts to reduce reliance on imported fossil fuels.

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Market Size of West Africa Renewable Energy Industry

West Africa Renewable Energy Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 2.00 %
Market Concentration Medium

Major Players

West Africa Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

West Africa Renewable Energy Market Analysis

The West Africa Renewable Energy Market is expected to grow at a CAGR of more than 2.0% during the forecast period.

COVID-19 negatively impacted the market in 2020. Currently, the market has reached pre-pandemic levels.

  • Over the long term, factors such as increased environmental awareness and regulations and decreased cost per kilowatt of electricity generated are expected to boost the market.
  • On the other hand, the high price of renewable energy relative to fossil fuels is expected to restrain the market.
  • However, new models of solar cells made of a thin film technology that uses narrow coatings of cadmium telluride in solar cells, which have higher efficiency and lower cost, may prove to be an opportunity in the sector.
  • Nigeria is expected to have the largest share of renewable energy in the region due to the government's focus on decreasing dependence on imported fossil fuels.

West Africa Renewable Energy Industry Segmentation

Renewable energy is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, water movement, and geothermal heat.

The West Africa Renewable Energy Market is segmented by type and geography. By type, the market is segmented into hydropower, solar, wind, and others. The report also covers the market size and forecasts for the renewable energy market in major countries across the region. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).

Type
Hydro
Solar
Wind
Others
Geography
Nigeria
Ghana
Others
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West Africa Renewable Energy Market Size Summary

The West Africa Renewable Energy Market is poised for growth, driven by increased environmental awareness and regulatory measures, alongside decreasing costs per kilowatt of electricity generated. Despite the challenges posed by the higher cost of renewable energy compared to fossil fuels, advancements such as thin film solar cell technology present significant opportunities. Nigeria is anticipated to lead the region's renewable energy sector, largely due to government initiatives aimed at reducing reliance on imported fossil fuels. The hydropower segment is expected to remain dominant, with substantial infrastructure already in place in countries like Nigeria and Ghana, supported by ongoing investments in large-scale projects.

The market landscape in West Africa is moderately consolidated, with key players including Power Construction Corporation of China Ltd, Energicity Corp, and Wärtsilä Oyj Abp, among others. Nigeria's substantial electricity consumption and population size are expected to further bolster its renewable energy market share, particularly in hydropower, which currently constitutes the majority of its renewable capacity. However, the forecast period is likely to see a shift with increased investments in solar energy, exemplified by significant projects such as the solar PV power plants being developed by Sterling & Wilson Renewable Energy. These developments underscore the region's commitment to expanding its renewable energy infrastructure and capacity.

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West Africa Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Installed Capacity Forecast in MW, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Hydro

      2. 2.1.2 Solar

      3. 2.1.3 Wind

      4. 2.1.4 Others

    2. 2.2 Geography

      1. 2.2.1 Nigeria

      2. 2.2.2 Ghana

      3. 2.2.3 Others

West Africa Renewable Energy Market Size FAQs

The West Africa Renewable Energy Market is projected to register a CAGR of 2% during the forecast period (2024-2029)

REDAVIA GmbH, China Civil Engineering Construction Corporation, Wärtsilä Oyj Abp , Energicity Corp and Power Construction Corporation of China are the major companies operating in the West Africa Renewable Energy Market.

West Africa Renewable Energy Market Report Snapshots

West Africa Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)