From 2021 to 2026, South Africa’s solar energy market is anticipated to grow by 23.31 terawatt-hour units. The market’s development force will advance at a CAGR of 29.74%. Market expansion is being fueled by sunny weather. South Africa is in a latitude zone with more solar radiation than anywhere else.
The country’s installed solar PV capacity is anticipated to rise in the coming years due to government policies and substantial investments in solar PV projects. Market expansion is expected to impact these elements during the forecast period positively. However, the market expansion is hampered by the high initial investment and upkeep costs of solar PV systems.
Solar panels need a large area to generate energy from the sun. Intermittency issues can reduce solar panel efficiency, increasing initial investment and upkeep costs. It limits the use of solar cover glass and panels for residential use because it significantly burdens household users. Such factors are supposed to prevent the sun-based energy market development in South Africa during the figured time frame.
South Africa’s solar energy market is fragmented, with numerous international and regional players. ARTsolar Pty Ltd., Canadian Solar Inc., Enel SPA, ENGIE SA, IBC Solar AG, JinkoSolar Holding Co. Ltd., Renenergy South Africa Pty Ltd., Jiangsu Seraphim Solar System Co. Ltd., SunPower Corp., and Trina Solar Co. Ltd. are a few of the market’s most prominent vendors.
There is moderate competition among vendors, and their growth is dependent on R&D. The solar market in South Africa is expanding as a result of ongoing technological advancements, environmental regulations, and frequent policy shifts. The stringent regulations regarding carbon emissions and the decreasing costs of solar PV systems will further entice investors.