Africa Solar PV Module Market Size to Grow at a Robust CAGR of 27.6% during 2023–2029

Published | 01 January 2023

Africa solar PV module market size is flourishing owing to falling prices of solar PV panels, an increasing demand power generated from renewable and sustainable sources, governments’ supportive policies relating to incentives and tax breaks for solar PV systems.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Africa solar PV module market size to grow at a CAGR of 27.60% during the forecast period between 2023 and 2029. Rising consumer environmental consciousness, the availability of government incentives and tax breaks for solar panel installation, and the significantly reduced cost of essential solar cell/module components like polysilicon and silver are the main factors driving the growth of the solar panel market. More people are choosing renewable energy sources over conventional energy sources because they are more affordable. Solar panels are also two to three times more efficient than combustion technologies and emit no noise or pollution because they don't burn fuel.

Africa Solar PV Module Market – Overview

A solar PV module is made up of several solar cells that are used to produce electricity from sunlight. Sunlight is taken in by a semiconductor cell, where it is converted into electricity as it travels through the circuit. Solar PV modules can be used for a wide range of applications, including remote power systems for cabins, telecommunications equipment, remote sensing systems, as well as home and business solar systems. Based on technology, the solar panel market can be split into photovoltaic cells and concentrated solar power systems. More quickly than the others, the market for concentrated solar power systems is anticipated to expand. Both the demand for high-concentrated photovoltaic (HCPV) systems and low-concentrated photovoltaic (LCPV) systems are anticipated to experience double-digit growth during the forecast period.

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Opportunity: Positive government actions

Solar energy is expected to surpass other energy sources in about ten years, and the market for solar panels has extremely bright long-term growth prospects. The market's promising growth prospects are primarily driven by rising solar energy system installations in both commercial and residential end-use applications. Another important factor is the focus on lowering CO2 emissions. Solar energy production will increase while coal and natural gas supplies, which are running low, are preserved. Governments all over the world are supporting the widespread installation of solar systems and promoting renewable energy sources, which is fueling the expansion of the solar panel market.

Challenge: High installation and upkeep costs

Low installation space and high operation and maintenance costs could limit industry expansion. The high initial capital expenditure and ongoing operation and maintenance are the primary cost-increasing factors in the sector. Additionally, the number of acres required for any significant solar project is stated. One of the many elements that restrict the options for land is the availability of solar radiation. Solar PV operations are difficult to deploy in populated areas, forests, agricultural land, wetlands, and water bodies due to poor accessibility and the unstable nature of the land.

Impact of COVID-19 on Africa Solar PV Module Market

Following the COVID-19 outbreak, small PV projects were in short supply in Nigeria's solar market. Furthermore, system costs associated with PV module cost reductions, as well as support for associated government initiatives, are expected to drive the market during the forecast period. The country's growing understanding of off-grid solar generation is expected to boost demand for solar PV panels in the off-grid market, thereby supporting market expansion overall. COVID-19 has hampered the market for residential solar PV panels due to factors, such as supply chain disruptions that cause delays in ongoing projects. Furthermore, residential demand for solar PV systems has decreased in some areas.

Africa Solar PV Module Market – By Application

Residential, industrial, and commercial solar PV module markets are the segments in Africa solar PV module market based on application. The industrial segment commanded a sizeable market share in 2021. It is expected that the rising demand for clean electricity will fuel both the expansion of utility projects and the industrial PV module market. According to RP Global and OOLU in West Africa, Westa Solar, a commercial and industrial solar venture, launched its operations in June 2021.

Consumer demand across the residential segment is increased by the dependable secondary power provided by rooftop solar PV coupled with an energy battery storage system in residential homes. Extra-large rooftop solar PV systems have been used in conjunction with large-scale storage systems to safeguard against changes in the supply of electricity during times of peak demand and to store the desired amount of energy in batteries.

Competitive Landscape

Africa solar PV module market is fiercely competitive. Prominent players in Africa solar PV module market include A.R.E Group, SARL Algerian PV Company, Aton Enerji, Aures Solaire, Aurasol, Copex Solar, Cleanergy, DuSol Industries, Emirates Insolaire, Specialized Battery Systems, Genergy, Asunim Solar, Sinetech (PTY) Ltd., Seraphim Solar, and Jetion Solar. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Africa solar PV module market.

Don’t miss the business opportunity in the Africa Solar PV Module Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Africa Solar PV Module Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Africa Solar PV Module Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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