Market Size of West Africa Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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West Africa Renewable Energy Market Analysis
The West Africa Renewable Energy Market is expected to grow at a CAGR of more than 2.0% during the forecast period.
COVID-19 negatively impacted the market in 2020. Currently, the market has reached pre-pandemic levels.
- Over the long term, factors such as increased environmental awareness and regulations and decreased cost per kilowatt of electricity generated are expected to boost the market.
- On the other hand, the high price of renewable energy relative to fossil fuels is expected to restrain the market.
- However, new models of solar cells made of a thin film technology that uses narrow coatings of cadmium telluride in solar cells, which have higher efficiency and lower cost, may prove to be an opportunity in the sector.
- Nigeria is expected to have the largest share of renewable energy in the region due to the government's focus on decreasing dependence on imported fossil fuels.
