Zimbabwe Renewable Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Zimbabwe Renewable Energy Market Analysis
The Zimbabwe Renewable Energy Market is expected to register a CAGR of 3% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the long term, factors such as increasing renewable energy adoption and supportive government policies are expected to drive the market.
- On the other hand, the lack of financial backing for renewable energy projects hinders the market's growth.
- Nevertheless, solving intermittency problems using energy storage systems is expected to create enormous opportunities for the renewable energy market.
Zimbabwe Renewable Energy Market Trends
This section covers the major market trends shaping the Zimbabwe Renewable Energy Market according to our research experts:
Hydropower Source to Witness Significant Growth
- With rapid economic development and insufficient energy supply, hydropower plays a bigger role and has immense potential to cater to the energy demand in Zimbabwe. According to International Hydropower Association (IHA), in 2021, the installed hydropower capacity in Zimbabwe was 1,081 MW which increased by approximately 15% as compared to 2017 (941 MW).
- Zimbabwe relies heavily on hydro-powered resources to generate electricity. As per the International Renewable Energy Agency (IRENA), Zimbabwe generated around 7 TWh of electricity in 2021 via hydro-powered resources, accounting for 58.2 % of the total electricity generated in the country.
- The Zambezi River holds a substantial amount of Zimbabwe's hydropower potential. Since 2018, the government has met about 80% of its hydroelectric needs from the Kariba South Bank power facility on the Zambezi River. However, the biggest difficulties in establishing reliable hydropower output are the country's inadequate electrical system, a lack of funds for maintaining and constructing more hydropower stations, and erratic weather conditions caused by climate change.
- Additionally, the 2,400 MW Batoka Gorge hydropower project, jointly owned by Zambia and Zimbabwe, is expected to begin construction in 2023. The project has been in plans since 2012 but never materialized due to the lack of funding. But in August 2022, both countries held meetings and started arranging finances for the project. Investment in the project is estimated to be around USD 4.5 billion. It is likely to generate a revenue of more than USD 750 million annually, thus enhancing the GDP of Zimbabwe and Zambia.
Favorable Government Policies Driving the Market Demand
- Zimbabwe's renewable energy market is expected to grow steadily in the future due to supportive government initiatives to increase power generation in the country. The government of Zimbabwe has increased its focus on increasing power generation capacity by integrating renewables into the mix.
- As of 2021, the installed renewable energy capacity was 1,211 MW compared to 878 in 2015. The installed capacity in the country has increased by almost 38%. A similar trend in growth rate is expected during the forecasted period.
- Zimbabwe's increased economic activity in various sectors, including housing development and construction, has fueled a demand for energy and electricity demand in general. The Government of Zimbabwe estimates the surge in power demand to peak at 2000 MW in 2023, as compared to 1200 MW in 2021.
- In January 2021, the Ministry of Finance and Economic Development rolled out its National Development Strategy (NDS) Phase 1, which will run from 2021 to 2025. In this plan, the government has aimed to increase the electricity supply to 3467 MW by 2025 as compared to 2317 MW in 2020. Out of the 3467 MW, the government aims to generate 1100 MW via renewable energy sources.
- Moreover, the NREP (National Renewable Energy Policy) also aims to have installed 250,000 solar geysers by 2030 in new and old buildings, to increase the use of institutional and domestic biogas digesters, to deploy the use of solar mini-grids, off-grid solar solutions and solar water pumping solutions, and generally to increase the use of renewable technologies. Moreover, the policy aim is to increase electricity penetration rates in rural and urban areas.
Zimbabwe Renewable Energy Industry Overview
The Zimbabwe renewable energy market is highly consolidated. Some of the major players (in no particular order) include Zimbabwe Power Company, Global Solar (Pvt) Ltd, Cool Solar Africa, Nyangani Renewable Energy (Pvt) Ltd, and Iskraemeco Group.
Zimbabwe Renewable Energy Market Leaders
Global Solar (Pvt) Ltd
Cool Solar Africa
Nyangani Renewable Energy (Pvt) Ltd
Zimbabwe Power Company
Iskraemeco Group
*Disclaimer: Major Players sorted in no particular order
Zimbabwe Renewable Energy Market News
- In December 2022, Zimbabwe announced a government implementation agreement (GIA) to expedite the commissioning of 27 solar IPP installations. The 1 GW of projects range from 5 MW arrays to 100 MW solar parks and will cost about USD 1 billion in total.
- In January 2022, The United Nations Sustainable Development Goals Fund (SDG Fund) approved Zimbabwe's USD 45 Million program on catalyzing investments in Renewable Energy for the acceleration of the attainment of the Sustainable Development Goals (SDGs) in the country. The UN SDG-Fund is contributing USD 10 Million to the program whilst the Government of Zimbabwe, through the Infrastructure Development Bank of Zimbabwe (IDBZ) and local partners, including Old Mutual Investment Group (OMIG), Zimnat Asset Management, and CABS, is supporting the program with a total of USD 35 Million.
Zimbabwe Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Mix, 2021
4.3 Renewable Energy Installed Capacity and Forecast in MW, till 2028
4.4 Government Policies and Regulations
4.5 Recent Trends and Developments
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Generation Source
5.1.1 Hydropower
5.1.2 Solar
5.1.3 Bioenergy
5.1.4 Other Generation Sources
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Global Solar (Pvt) Ltd.
6.3.2 Cool Solar Africa
6.3.3 Nyangani Renewable Energy (Pvt) Ltd.
6.3.4 Zimbabwe Power Company
6.3.5 Iskraemeco Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Zimbabwe Renewable Energy Industry Segmentation
Renewable energy is energy collected from renewable resources such as sunlight, wind, water movement, and geothermal heat that are naturally replenished on a human timescale. Renewables are a cheaper form of power generation, reducing expenses related to diesel for power generators in remote areas.
The Zimbabwe Renewable Energy Market is segmented by Generation Source. By Generation Source, the market is segmented into Hydropower, Solar, Bioenergy, and others. For each segment, the market sizing and forecasts have been done based on installed capacity (MW.
| Generation Source | |
| Hydropower | |
| Solar | |
| Bioenergy | |
| Other Generation Sources |
Zimbabwe Renewable Energy Market Research FAQs
What is the current Zimbabwe Renewable Energy Market size?
The Zimbabwe Renewable Energy Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Zimbabwe Renewable Energy Market?
Global Solar (Pvt) Ltd, Cool Solar Africa, Nyangani Renewable Energy (Pvt) Ltd, Zimbabwe Power Company and Iskraemeco Group are the major companies operating in the Zimbabwe Renewable Energy Market.
What years does this Zimbabwe Renewable Energy Market cover?
The report covers the Zimbabwe Renewable Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Zimbabwe Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Zimbabwe Renewable Energy Industry Report
Statistics for the 2024 Zimbabwe Renewable Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Zimbabwe Renewable Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
