South Africa Solar Pv Panels Market Size & Outlook
South Africa solar pv panels market, 2018-2030 (US$M)
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South Africa solar pv panels market highlights
- The South Africa solar pv panels market generated a revenue of USD 722.2 million in 2023 and is expected to reach USD 895.0 million by 2030.
- The South Africa market is expected to grow at a CAGR of 3.1% from 2024 to 2030.
- In terms of segment, thin film was the largest revenue generating technology in 2023.
- Thin Film is the most lucrative technology segment registering the fastest growth during the forecast period.
Solar pv panels market data book summary
| Market revenue in 2023 | USD 722.2 million |
| Market revenue in 2030 | USD 895.0 million |
| Growth rate | 3.1% (CAGR from 2023 to 2030) |
| Largest segment | Thin film |
| Fastest growing segment | Thin Film |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thin Film, Crystalline Silicon |
| Key market players worldwide | JinkoSolar Holding Co Ltd DR, Canadian Solar Inc, Hanwha, GCL Technology Holdings Ltd, First Solar Inc, SunPower Corp |
Other key industry trends
- In terms of revenue, South Africa accounted for 0.4% of the global solar pv panels market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, UAE solar pv panels market is projected to lead the regional market in terms of revenue in 2030.
- Egypt is the fastest growing regional market in Middle East & Africa and is projected to reach USD 771.2 million by 2030.
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Solar PV Panels Market Scope
Solar PV Panels Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Africa solar pv panels market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar pv panels market will help companies and investors design strategic landscapes.
Thin film was the largest segment with a revenue share of 48.48% in 2023. Horizon Databook has segmented the South Africa solar pv panels market based on thin film, crystalline silicon covering the revenue growth of each sub-segment from 2018 to 2030.
The government of South Africa has been launching incentive schemes and tax rebates to increase the penetration of solar PV panels in the country. For instance, in February 2023, the government of South Africa announced a rebate scheme for rooftop PV in residential applications.
The government invested USD 216.7 million in the scheme, under which residential users can claim rebates for up to 25% of the total cost of the panels. In December 2021, Winch Energy launched an off-grid solar energy campaign to fund solar off-grid developments in Sierra Leone and Uganda.
The campaign will provide individuals to invest in Africa’s growing renewable energy market via Crowd cube, which is a British investment crowdfunding platform starting at USD 11.31. Increasing awareness about off-grid solar generation in the country is expected to boost the demand for solar PV panels in the off-grid segment, in turn, fostering overall market growth.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Africa solar pv panels market , including forecasts for subscribers. This country databook contains high-level insights into South Africa solar pv panels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Africa solar pv panels market size, by technology, 2018-2030 (US$M)
South Africa Solar PV Panels Market Outlook Share, 2023 & 2030 (US$M)
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