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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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The major key players in the Africa renewable energy market include Scatec Solar, Goldwind, Solar-Saver, Off Grid Technologies, Windflow Technology Ltd, and Sustainable Power Solutions (Pty) Ltd, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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