Africa Renewable Energy Market to be Grow at a CAGR of 6% in the Forecast Period of 2024-2032

The Africa renewable energy market is one of the fastest growing markets owing to the rich sources, as well as installed capacities in countries like Ethiopia, Morocco, South Africa, and Egypt. South Africa is the leading country within the region. Africa is witnessing an increased demand for PV as South Africa and other African countries are becoming the manufacturing hubs of the PV (photovoltaic) modules, widely used for generating solar energy. The overall capacity of the region expanded by 15% in 2018.

Africa is a rich source for solar energy, hydropower, as well as bioenergy. The region is also looking forward to exploring more sources for wind energy in regions like Kenya, Morocco, and South Africa. In June 2020, Vestas (OTCMKTS: VWDRY), one of the leading companies in the global renewable market, was awarded a turnkey South African wind project. The project includes the supply, installation, as well as the commissioning of turbines. It must cover the scope of the civil and electrical works of the turbines.

The regional market has plenty of feedstock available for bioenergy, thus the potential for bioenergy development is good and can meet the increasing demand in the market. Within the region, Kenya is the only nation to have adopted geothermal generation owing to the favourable geographical location. Ethiopia is also a major market within Africa due to the abundance of renewable energy resources. The country is expected to witness rapid growth in the forecast period.

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Market Analysis by Type and Region:

• The types of renewable energy in Africa include hydropower, wind, solar, bioenergy, solid biofuels, bagasse, and geothermal.

• The major regional markets for renewable energy in Africa are South Africa, Egypt, Ethiopia, and Kenya, among others.

 Key Findings of the Report:

• The exploration of new sourcing locations is driving the Africa renewable energy market growth.

• The market is being aided by the rising environmental concerns among consumers, and the rising demand for sustainable development is also aiding the market growth.

• The growing demand for biomass energy is propelling the market growth for renewable energy further in Africa.

• The growing demand for electricity in the region is also pushing the market growth further.

• The transition from fossil fuels to renewable energy is expected to catalyse the market growth.

• The rising investment in renewable energy plants is also supporting the market growth.

Key Offerings of the Report:

• The EMR report provides an overview of the Africa renewable energy market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types and major regions of renewable energy in Africa.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models. 

The major key players in the Africa renewable energy market include Goldwind, Sustainable Power Solutions, and Scatec ASA, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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