South Africa got its first solar electricity producing power plant in 2012. It has very high ‘renewable resource’ usage targets not just in electrical power generation but also to meet the growing energy demand. The country’s installed capacity for solar power is expected reach 8.4 GW by 2030 from 922MW in 2014. South Africa has added 800MW just in 2014 (over 122MW in 2013), and entered into ‘top 10’ in added capacity rankings. The country is also expected to have installed over four million solar panels and have the plans to set up 1.6 million more.
The global annual solar power production is estimated to reach 500GW by 2020, from 40.134 GW in 2014, making solar power market one of the fastest growing one with South Africa being in the forefront. South Africa solar photovoltaic market is estimated to reach $XX billion in 2020.
With fossil fuel prices fluctuating continuously and disasters like Fukushima and Chernobyl raising serious questions about nuclear power, renewable sources of energy are the answer to the world’s growing need for power. Hydro Power has environmental concerns; so apart from water the other renewable source of energy in abundance is Solar. The Earth receives 174 petawatts of solar energy every year. It is the largest energy source on the Earth. Other resources like oil and gas, water, coal etc. require lot of effort and steps to produce electricity, solar energy farms can be established easily which can harness electricity and the electricity produced is simply given to the grid.
Falling costs; government policies and private partnerships; downstream innovation and expansion; availability of excellent solar irradiation levels, and various incentive schemes for the use of renewable energy for power generation are driving the solar power market at an exponential rate.
On the flipside, high initial investment, intermittent energy Source, and Stringent Requirements are restraining the market from growth.
In the recent years, a lot of research is going on in this field to make solar panel production easier, cheaper and also to make them smaller, sleeker and more customer friendly. A lot of efforts are being put into increase the efficiency of solar panels which used to have a very meager efficiency percentage. Different techniques like Nanocrystalline solar cells, thin film processing, metamorphic multijunction solar cell, polymer processing and many more will help the future of this industry.
This report comprehensively analyzes the South Africa solar photovoltaic market by segmenting it based on Materials (crystalline silicon, thin film, multijunction cell, adaptive cell, nanocrystalline, and others). Estimates in each segment are provided for the next five years. Key drivers and restraints that are affecting the growth of this market along with recent trends and developments, government policies and regulations were discussed in detail. Value chain analysis and Porters five force analysis were also covered in the report. The study also elucidates on the competitive landscape and key market players.