Market Size of Ghana Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ghana Solar Energy Market Analysis
The Ghanaian solar energy market is projected to register a CAGR of over 20% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. It has now reached pre-pandemic levels.
- In the medium term, factors such as increasing demand for solar photovoltaic installations, increasing investments in ongoing and upcoming solar energy projects, and the government's efforts to reduce the reliance on fossil fuel-based power generation are expected to drive the market during the forecast period.
- On the other hand, the high cost of solar rooftop systems and the associated need for batteries for electricity storage are likely to restrain the growth of the market.
- Nevertheless, as per the Renewable Energy Masterplan (REMP), by 2030, Ghana is expected to increase the proportion of renewable energy in the national energy generation mix from 42.5 MW in 2015 to 1363.63 MW (with grid-connected systems totaling 1094.63 MW). This factor is expected to create several opportunities for the solar energy market.
Ghana Solar Energy Industry Segmentation
Solar energy is heat and radiant light from the sun that can be harnessed with technologies such as solar power (which is used to generate electricity) and solar thermal energy (which is used for applications such as water heating).
The solar energy market in Ghana is segmented by development. By development, the market is segmented into ground-mounted and rooftop solar. For each segment, the market sizing and forecasts are calculated based on installed capacity (MW).
| Development | |
| Ground-mounted | |
| Rooftop Solar |
Ghana Solar Energy Market Size Summary
The solar energy market in Ghana is experiencing significant growth, driven by increasing demand for solar photovoltaic installations and substantial investments in solar projects. The government's commitment to reducing reliance on fossil fuels and enhancing the renewable energy mix is a key factor propelling the market forward. Despite challenges such as the high cost of solar rooftop systems and the need for battery storage, initiatives like the Renewable Energy Masterplan (REMP) are expected to create numerous opportunities for solar energy expansion. The rooftop solar photovoltaic segment, in particular, is gaining traction due to environmental concerns, favorable policies, and declining installation costs, which are anticipated to support market growth over the forecast period.
Ghana's proactive approach in promoting renewable energy is evident through various government initiatives and projects aimed at increasing energy access and reducing carbon emissions. The Renewable Energy Act and projects like the Ghana Energy Development and Access Project (GEDAP) underscore the country's commitment to renewable resources. The installation of solar plants and mini-grids, supported by international grants, further highlights Ghana's strategic focus on solar energy. The market is characterized by a fragmented landscape with key players such as Trina Solar Ltd and JinkoSolar Holdings Co. Ltd. Recent developments, including feasibility studies for floating solar power plants, indicate ongoing efforts to diversify and expand solar energy capacity in the country.
Ghana Solar Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Solar Energy Installed Capacity and Forecast in GW, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Market Drivers
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1.5.2 Market Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Development
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2.1.1 Ground-mounted
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2.1.2 Rooftop Solar
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Ghana Solar Energy Market Size FAQs
What is the current Ghana Solar Energy Market size?
The Ghana Solar Energy Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)
Who are the key players in Ghana Solar Energy Market?
Trina Solar Ltd, JinkoSolar Holdings Co. Ltd, SunPower Innovations, Translight Solar and Redavia Solar Power are the major companies operating in the Ghana Solar Energy Market.
