Renewable Energy Market in South Africa Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The renewable energy market in Southern Africa is expected to grow at a CAGR of more than 6% over the forecast period. The increasing power demand and efforts to electrify the majority of the population in countries like Madagascar, Zambia, and Zimbabwe are long-term drivers of the market for renewable energy in the forecast period. On the other hand, lack of acceptance in countries like Malawi, Madagascar, and Botswana and high installation costs for renewable energy projects are a few restraining factors for the market's growth. Upcoming projects in countries like South Africa and Mozambique are expected to create significant opportunities for renewable energy companies.

In 2022, Zambia's electric utility ZESCO launched a tender for developing and constructing 50 MW of PV plants in the Southern, Western, and Luapula provinces of Zambia. Zambia is endorsing solar power through two of its initiatives, namely the Scaling Solar Program and Zambian's Renewable Energy Feed-in Tariff (REFiT) Strategy. Likewise, Angola is targeting to expand the total installed capacity of solar PV to 100 MW by 2025. Solar energy is further expected to be promoted by the country through feed-in-tariff and portfolio standards. In 2022, South Africa entered into a power purchase agreement for 273 MW of solar projects with an Independent Power Producer under the government’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), which is going to increase the solar power generation in South Africa in coming years. Southern Africa has tremendous potential for solar energy due to its geographical advantage. With a gradual increase in interest from different nations, solar power is expected to dominate the market in the future.

Read Full Market Report: https://www.mordorintelligence.com/industry-reports/southern-africa-renewable-energy-market



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