Market Size of Africa Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.00 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
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Africa Renewable Energy Market Analysis
The renewable energy market in Africa is expected to grow at a CAGR of more than 8% during the forecast period of 2022-2027. Factors such as supportive government policies, the increasing power demand, and efforts to electrify most of the population in the countries are expected to drive the renewable energy market growth in Africa. However, the dependency on fossil fuels such as coal for power generation is expected to restrain the market growth during the forecast period.
- Due to favourable land and climate conditions, solar energy is expected to continue to grow significantly in the African renewable energy market. Further, several projects are under construction and are expected to be operational during the forecast period.
- The untapped offshore wind energy potential in Africa is likely to create ample opportunity for renewable energy players in the future.
- South Africa, with more than 10.193 GW of installed renewable energy capacity in 2021, is a significant renewable energy market in Africa. Further, it is likely to dominate over the forecast period owing to the upcoming renewable energy projects and investments.
