South Africa’s photovoltaic (PV) market expected to reach 10.27 GW by 2029

The future of South Africa’s energy landscape is becoming greener, with a new report from Mordor Intelligence predicting a rise in the solar photovoltaic (PV) market. The report, titled “South Africa Solar Photovoltaic (PV) Market Size and Share Analysis: Growth Trends and Forecasts (2024 – 2029),” forecasts a market size jump of 6.05 gigawatts (GW) by 2024. to a whopping 10.27 GW in 2029. This translates to a remarkable compound annual growth rate (CAGR) of 11.17%.
The sun is not the only reason for optimism. Below are some key factors driving this solar boom:
Cost cuts: Solar energy is becoming more affordable and the report highlights a significant decrease in the cost of solar PV modules and installation systems. This is making solar energy a more attractive option for everyone, from homes to businesses.
Government push: Supportive policies such as the ambitious Renewable Energy Independent Producer Procurement Program (REIPPPP) are acting as an important catalyst. REIPPPP aims to inject a massive 8,400 MW of solar PV generation capacity into the national grid by 2030, a game-changer for South Africa’s energy mix.
Energy-hungry nation: South Africa’s continued struggles with power outages are fueling growing demand for reliable and sustainable alternatives like solar energy.
However, the report recognizes a potential obstacle:
Renewable rivalry: The solar PV market could face competition from other renewable energy sources such as wind and hydropower.
Despite this potential challenge, the overall forecast for South Africa’s solar PV market is undeniably optimistic. With the growing need for energy security, government initiatives and decreasing costs, the sector is poised for a bright future. The report also predicts significant growth in the residential segment, driven by rising disposable incomes and rapid pace of urbanization.
This increase in solar energy adoption is expected to be an important step towards South Africa’s transition to a cleaner and more sustainable energy future, in which sunlight will play a leading role in powering the nation.

Pooja Chandak