Africa Solar Photovoltaic (PV) Market Size, Industry Outlook Report, Regional Analysis, Application Development, Price Trend, Competitive Landscape & Forecast, 2016 – 2023
Dover, DE -- (SBWIRE) -- 03/28/2016 -- Africa solar photovoltaic (PV) market size is anticipated to witness substantial growth by 2023 and is likely to grow at a CAGR of over 10% from 2016 to 2023. The spur in the industry can be dedicated to high electricity prices accompanied by increasing government initiatives towards renewable energy is expected to drive the industry growth over the forecast period. In addition, solar irradiation is also likely to propel industry demand.
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Government established renewable energy independent power producer program (REIPPP) is anticipated to significantly contribute to the Africa solar PV market. Proliferating advancements outside of the procurement program is likely to open up huge growth avenues for the PV market as solar is now the preferred energy source due to increasing prices of retail electricity over upcoming years. East and South Africa solar PV market is likely to lead regional industry development.
Africa solar power industry is expected to boost its alternative energy capacities by installing large number of large scale photovoltaic power stations. Increasing demand for electricity, rising awareness about environment sustainability accompanied by the benefits of resorting to renewable energy sources is expected to drive the industry demand. In addition, attributes such as superior output efficiency, economical solar PV installation cost and affordable maintenance is expected to positively impact the industry growth. Falling prices along with favorable government regulations and schemes might boost the industry over the forecast period.
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Cost optimization offered by these systems is expected to intensify the industry demand. Proliferating installation of these systems is likely to encourage job creation, stimulate local economies and also deliver low cost energy. Rising blackout threats and increasing load shedding frequency might propel the industry growth from 2016 to 2023.
South Africa solar PV market size should experience significant gains, since 2013 a number of plants have been commissioned, which include the Jasper Project of 96 MW. This station offers power for over 30,000 homes and is one of Africa's largest. South Africa is anticipated to be very ideal solar technology implementations, as most of the areas in the region receive more than 2,500 hours of sunlight over the year. This can be attributed to the equatorial location of the region, thus ultimately aids in generating optimal electricity and also aid the systems to work even on cloudy days. Due to electricity price hikes in the region, solar energy is expected to become much viable cost efficient as well as viable option for the businesses in the region. Even the installation of the systems involve high initial investment, it can be recouped within a period of five to eight years on an average from the date of installation. Implementation of these systems also offer attractive savings model to the numerous businesses owing to striking internal rate of return (IRR) offered considering the solar electricity it then gets free of cost once the initial payback period is completed.
Although this clean source of energy is steadily growing, the ignorance about the technology among the people might hamper industry growth in the region. As the region has enjoyed many years of readily available thermal power the mind set change among the people might take a little longer. Providing guidance on the initial outlay for purchasing solar PV might furnish massive growth avenues for Africa solar PV market over the several upcoming years. For instance, the domestic government recognizes the value for public-private joint ventures in development of solar projects. RustMo1 Solar Farm with 7 MWs production capacity is one of the instances. The unit is already connected to the national grid and is now generating power for Eskom.
Africa solar PV market can be segmented on the basis of grid type, by technology and by end use. On the basis of grid type it can be segregated into grid-connected and off-grid. Based on technology the industry can be segregated into thin film PV as well as crystalline PV. On the basis of end use the industry can be segmented into residential, commercial as well as utility-scale.
Key industry participants occupying major Africa solar PV market share include Dream Quest Enterprises, Setsolar, Sunnywin Energy, Tenesol Manufacturing (PTY), Yandalux and SolaireDirect Technologies among others.
REC, a Norwegian company, announced intent to enter the East and South Africa solar PV market in June 2015. The company anticipates 100 GW of solar PV installed capacity by 2030.
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