It’s predicted that South Africa's solar photovoltaic (PV) market will grow 1.7 times its current size in five years.

Market research firm Modo Intelligence recently announced that South Africa's PV market will grow from 6.05 gigawatts (GW) in 2024 to 10.27 GW in 2029. The annual growth rate (CAGR) during this era is 11.17%.

Growth aspects included ▲cost reduction, ▲government support, and ▲energy shortage.

To begin with, it was emphasized that solar energy is becoming increasingly cheaper, and the associated fee of PV modules and installation systems has decreased significantly. The evaluation is that that is making solar energy easily accessible from homes to businesses.

Supportive policies similar to renewable energy independent producer procurement programs are also playing a vital catalyst role. The policy goals to introduce 8400 megawatts (MW) of solar PV generation capability into the South African electricity grid by 2030.

It was also emphasized that demand for solar energy is increasing as South Africa faces ongoing power supply shortages.

Nonetheless, it also identified that PV may face competition from other renewable energy sources similar to wind and hydropower.

“Despite these variables, the outlook for South Africa’s PV market is optimistic,” Modo Intelligence said. “We expect solar to play a serious role within the country’s electricity supply.”

Reporter Taeyong Kim future@aitimes.com