Solar Power Surge: South Africa’s PV Market Forecasted To Reach 10.27 GW By 2029 – Report

The future of South Africa’s energy landscape is getting greener, with a new report by Mordor Intelligence predicting a surge in the solar photovoltaic (PV) market. The report, titled “South Africa Solar Photovoltaic (PV) Market Size & Share Analysis – Growth Trends & Forecasts (2024 – 2029),” forecasts a jump from a market size of 6.05 gigawatt (GW) in 2024 to a whopping 10.27 GW by 2029. This translates to a remarkable compound annual growth rate (CAGR) of 11.17%.

Sunshine isn’t the only reason for optimism. Here are some key factors driving this solar boom:

Cost Cuts: Solar power is becoming increasingly affordable, with the report highlighting a significant decrease in the cost of solar PV modules and installation systems. This is making solar a more attractive option for everyone, from homes to businesses.

Government Push: Supportive policies like the ambitious Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) are acting as a major catalyst. REIPPPP aims to inject a massive 8,400 MW of solar PV generation capacity into the national grid by 2030, a game-changer for South Africa’s energy mix.

Energy-Hungry Nation: South Africa’s ongoing struggles with power outages are fueling a growing demand for reliable and sustainable alternatives like solar power.

However, the report acknowledges a potential hurdle:

Renewable Rivalry: The solar PV market might face competition from other renewable energy sources like wind and hydropower.

Despite this potential challenge, the overall forecast for the South African solar PV market is undeniably sunny. With the increasing need for energy security, government initiatives, and falling costs, the sector is poised for a bright future. The report also predicts significant growth in the residential segment, fueled by rising disposable incomes and the rapid pace of urbanization.

This surge in solar power adoption is expected to be a major step towards South Africa’s transition to a cleaner and more sustainable energy future, with sunshine playing a leading role in powering the nation.