Africa solar photovoltaic market Analysis, Regional Outlook, Competitive Market Share By 2023.
Africa solar photovoltaic (PV) market size is anticipated to witness substantial growth by 2023 and is likely to grow at a CAGR of over 10% from 2016 to 2023. The spur in the industry can be dedicated to high electricity prices accompanied by increasing government initiatives towards renewable energy is expected to drive the industry growth over the forecast period. In addition, solar irradiation is also likely to propel industry demand.
Government established renewable energy independent power producer program (REIPPP) is anticipated to significantly contribute to the Africa solar PV market. Proliferating advancements outside of the procurement program is likely to open up huge growth avenues for the PV market as solar is now the preferred energy source due to increasing prices of retail electricity over upcoming years. East and South Africa solar PV market is likely to lead regional industry development.
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Africa solar power industry is expected to boost its alternative energy capacities by installing large number of large scale photovoltaic power stations. Increasing demand for electricity, rising awareness about environment sustainability accompanied by the benefits of resorting to renewable energy sources is expected to drive the industry demand. In addition, attributes such as superior output efficiency, economical solar PV installation cost and affordable maintenance is expected to positively impact the industry growth. Falling prices along with favorable government regulations and schemes might boost the industry over the forecast period.
South Africa solar PV market size should experience significant gains, since 2013 a number of plants have been commissioned, which include the Jasper Project of 96 MW. This station offers power for over 30,000 homes and is one of Africa’s largest. South Africa is anticipated to be very ideal solar technology implementations, as most of the areas in the region receive more than 2,500 hours of sunlight over the year. This can be attributed to the equatorial location of the region, thus ultimately aids in generating optimal electricity and also aid the systems to work even on cloudy days.
Due to electricity price hikes in the region, solar energy is expected to become much viable cost efficient as well as viable option for the businesses in the region. Even the installation of the systems involve high initial investment, it can be recouped within a period of five to eight years on an average from the date of installation. Implementation of these systems also offer attractive savings model to the numerous businesses owing to striking internal rate of return (IRR) offered considering the solar electricity it then gets free of cost once the initial payback period is completed.