Market Size of Southern Africa Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Africa Renewable Energy Market Analysis
The renewable energy market in Southern Africa is expected to grow at a CAGR of more than 6% over the forecast period.
- The increasing power demand and efforts to electrify the majority of the population in countries like Madagascar, Zambia, and Zimbabwe are long-term drivers of the market for renewable energy in the forecast period.
- On the other hand, lack of acceptance in countries like Malawi, Madagascar, and Botswana and high installation costs for renewable energy projects are a few restraining factors for the market's growth.
- Upcoming projects in countries like South Africa and Mozambique are expected to create significant opportunities for renewable energy companies.
South Africa Renewable Energy Industry Segmentation
Renewable energy is a form of energy obtained from a source that can be replenished over time and leaves a negligible carbon footprint on the environment upon utilization. Renewable energy sources include solar, wind, geothermal, biomass, water, and tides. Renewable energy is often termed an alternative energy source as it is an alternative to fossil fuels.
The Southern Africa Renewable Energy Market is segmented by sources such as Solar, Wind, and Others. The report covers the market size and forecasts for the region. The market sizing and predictions for the segment have been made based on Installed Capacity (in GW).
| Source | |
| Solar | |
| Wind | |
| Others |
| Geogrpahy | |
| South Africa | |
| Zambia | |
| Mozambique | |
| Angola | |
| Rest of Southern Africa |
Southern Africa Renewable Energy Market Size Summary
The renewable energy market in Southern Africa is poised for significant growth, driven by increasing power demand and electrification efforts in countries such as Madagascar, Zambia, and Zimbabwe. However, challenges such as limited acceptance in certain regions and high installation costs pose constraints to market expansion. Despite these challenges, countries like South Africa and Mozambique are expected to offer substantial opportunities for renewable energy companies, particularly in solar energy, which is anticipated to maintain its dominance due to favorable land and climate conditions. Various projects are underway, including tenders in Mozambique and Zambia, aimed at expanding solar power capacity, while Angola also targets significant solar PV capacity growth.
South Africa is at the forefront of renewable energy development in the region, with plans to install substantial wind and solar power capacity as part of its Integrated Resource Plan (IRP). The government aims to achieve a significant share of renewable energy by 2030, supported by initiatives such as the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The country's commitment is further evidenced by financial investments and policy measures to accelerate the transition to clean energy. The Southern Africa renewable energy market remains fragmented, with key players like Vestas Wind Systems, Siemens Gamesa, and Scatec Solar actively participating. These developments position South Africa as a dominant force in the region's renewable energy sector.
Southern Africa Renewable 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 Installed Capacity and Forecast in MW, 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 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Source
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2.1.1 Solar
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2.1.2 Wind
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2.1.3 Others
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2.2 Geogrpahy
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2.2.1 South Africa
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2.2.2 Zambia
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2.2.3 Mozambique
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2.2.4 Angola
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2.2.5 Rest of Southern Africa
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Southern Africa Renewable Energy Market Size FAQs
What is the current Southern Africa Renewable Energy Market size?
The Southern Africa Renewable Energy Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Southern Africa Renewable Energy Market?
Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA , juwi AG , Scatec Solar ASA and Acciona, SA are the major companies operating in the Southern Africa Renewable Energy Market.
