Market Size of Ghana Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ghana Solar Energy Market Analysis
The Ghanaian solar energy market is projected to register a CAGR of over 20% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. It has now reached pre-pandemic levels.
- In the medium term, factors such as increasing demand for solar photovoltaic installations, increasing investments in ongoing and upcoming solar energy projects, and the government's efforts to reduce the reliance on fossil fuel-based power generation are expected to drive the market during the forecast period.
- On the other hand, the high cost of solar rooftop systems and the associated need for batteries for electricity storage are likely to restrain the growth of the market.
- Nevertheless, as per the Renewable Energy Masterplan (REMP), by 2030, Ghana is expected to increase the proportion of renewable energy in the national energy generation mix from 42.5 MW in 2015 to 1363.63 MW (with grid-connected systems totaling 1094.63 MW). This factor is expected to create several opportunities for the solar energy market.
