Africa Renewable Energy Market Size (2024 - 2029)

Africa Renewable Energy Market Size Summary

The renewable energy sector in Africa is poised for significant expansion, driven by supportive government policies, increasing power demand, and efforts to electrify the continent. Despite challenges posed by reliance on fossil fuels like coal, the market is expected to experience robust growth. Solar energy, in particular, is anticipated to be a major driver of this growth due to Africa's favorable land and climate conditions. Numerous solar projects are underway, with countries like South Africa, Egypt, and Nigeria making substantial investments to harness solar power. These initiatives are part of broader efforts to meet ambitious renewable energy targets and reduce carbon emissions, with South Africa leading the charge through its Renewable Energy Independent Power Producer Procurement Programme.

South Africa stands out as a key player in the African renewable energy market, boasting significant installed capacity and a strong pipeline of projects. The country's strategic focus on increasing renewable energy capacity, coupled with its rich natural resources, positions it as a dominant force in the region. Initiatives such as the Integrated Resource Plan and the expansion of solar PV manufacturing capabilities further bolster South Africa's market position. The African renewable energy market is moderately fragmented, with major companies like Vestas Wind Systems, Juwi Holding, and ACWA Power playing pivotal roles. Recent acquisitions and investments, such as Infinity Group's purchase of Lekela Power and Eskom's multi-phase investment plan, underscore the growing interest and potential in Africa's renewable energy landscape.