The West Africa solar PV Panels market size was valued at USD 78.11 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.8% from 2022 to 2030. rising demand for renewable and clean power generation and government policies related to incentives and tax rebates for solar PV systems are expected to drive the growth of the industry over the forecast period. Decreasing prices of solar PV panels around the globe have made solar power a viable alternative for fossil fuel power generation.
After the outbreak of COVID-19, the Nigeria Solar PV market witnessed a low demand for small PV projects. In addition, system costs associated with the reduction of costs of PV modules and the support of related government measures are expected to drive the market over the forecast period. Increasing awareness about off-grid solar generation in the country is expected to boost the demand for solar PV panels in the off-grid segment, in turn, fostering the overall market growth.
In the Paris Climate Agreement, Nigeria, Ghana, Guinea-Bissau, Gambia, and many other countries in West Africa submitted ambitious goals such as reducing the utilization of fossil fuels for power generation and increasing the investments in renewable sources of energy such as solar and wind.
COVID-19 has resulted in hindering the market for solar PV panels in the residential sector owing to factors such as disruptions in the supply chain resulting in delays in existing projects. Furthermore, demand has declined for the solar PV systems in some of the locations by residential end users to sustain during the COVID-19 pandemic.
The thin-film segment occupied a dominant revenue share of around 49.75% in 2021, owing to its narrow design, durability, and flexible & lightweight materials. Thin-film solar PV panels find major application in commercial and utility-scale projects as these lightweight panels have low installation costs. The low efficiency of thin-film solar PV panels is compensated by the economies-of-scale installation. Thin-film solar panels are being developed as a cost-effective substitute for silicon-based solar modules as these panels can be easily produced in mass.
The crystalline silicon segment is projected to witness substantial growth over the forecast period owing to the extended lifecycle of panels, low weight volume ratio, and low-cost manufacturing of silicon semiconductors. Monocrystalline solar PV panels are made from the highest-grade silicon and possess higher space efficiency compared to thin-film solar PV panels.
The Industrial segment occupied a dominant market share of around 39.38% in 2021. The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector. In June 2021, RP Global and OOLU in West Africa together announced the launch of Westa Solar, which is a commercial and industrial solar venture in West Africa.
Rooftop solar PV equipped with an energy battery storage system provides reliable secondary power in residential households, thereby boosting product demand across the residential segment. The deployment of large-scale storage systems to protect against peak demand power changes has resulted in the adoption of extra-large rooftop solar PV systems to store the desired power in batteries.
Commercial solar PV panels have a lifespan of over 15-20 years and can be used to power commercial buildings in off-grid or remote locations, pre-heating ventilation air, and water heating in offices, businesses, and others. Various governments in West Africa are in the process of increasing their energy capacities and providing access to electricity for the rest of the population. The demand for solar PV panels is expected to increase due to the government’s focus on promoting new and renewable sources of electricity in the country.
The on-grid type segment accounted for a share of 73.52% of the West Africa solar PV panels market in 2021. The dominant position of the on-grid type segment can be attributed to the low operating and maintenance costs of grid-connected PV systems and their non-complexity. On-grid PV systems have low costs as the excess electricity generated by them is transmitted to grids.
The growth of the off-grid segment can be attributed to the fact that off-grid systems are self-sustaining systems as they store and save energy obtained from solar PV in batteries for usage when grids face power outages. The rising demand for energy from consumers in isolated locations, along with the formulation and stringent implementation of various regulatory policies for decentralizing power generation in West Africa, is expected to fuel the growth of the off-grid type segment in the coming years.
The increase in the number of PV panel manufacturers in West Africa, along with improving capacities of off-grid solar PV panels, is expected to drive the growth of the off-grid type segment of the solar PV panel industry in West Africa. Hence, it is expected to further contribute to the growth of the off-grid type segment during the forecast period.
The market growth is attributed to the large-scale solar power plants under construction that are expected to be operational over the forecast period. The falling prices and increasing installation of photovoltaic modules are expected to drive the growth. However, increasing adoption of alternative renewable technologies, such as wind and hydro, is expected to restrain the growth. On the other hand, the lack of support for private PV systems and the abundant availability of oil & gas for power generation are some of the factors slowing the industry’s growth.
Recent trends in the market, such as the acquisition of solar PV plants by established vendors, are expected to increase the service life and maintenance of solar plants. The presence of companies in the region, such as Starsight Energy, Rubitec Solar, Arnergy, AUXANO SOLAR, and Solarforce Nigeria, will increase the service life and maintenance of solar PV plants. Thin-film solar panels can produce energy even when sunlight is not directly falling on them so the output is higher. This is expected to boost the demand for thin film technology over the forecast period.
Some manufacturers have forward integrated into the value chain, wherein they provide solar system parts directly to residential end users along with the required EPC services to deploy solar PV systems. For instance, Tesla is integrated across the value chain, from manufacturing to deployment of solar PV systems for residential end users. Some prominent participants in the West Africa solar PV panels market include:
SunPower Corporation
Canadian Solar
Trina Solar
First Solar
Jinko Solar
JA Solar Technology Co., Ltd.
Hanergy Holding Group Ltd.
HIANS Energy Solutions Ltd.
ARTsolar (Pty) Ltd.
Sunhive
Report Attribute |
Details |
Market size value in 2022 |
USD 98.78 million |
Revenue forecast in 2030 |
USD 844.27 million |
Growth rate |
CAGR of 30.8% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2019 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD million and CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, capacity forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Technology, grid, application, region |
Region scope |
West Africa |
Country scope |
Nigeria |
Key companies profiled |
SunPower Corporation; Canadian Solar; Trina Solar; First Solar; Jinko Solar; JA Solar Technology Co., Ltd.; Hanergy Holding Group Ltd.; HIANS Energy Solutions Ltd.; ARTsolar (Pty) Ltd.; Sunhive |
Customization scope |
Free report customization (equivalent to up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the West Africa solar PV panel market report based on technology, grid, application, and region:
Technology Outlook (Revenue, USD Million, 2019 - 2030)
Thin film
Crystalline Silicon
Others
Grid Outlook (Revenue, USD Million, 2019 - 2030)
On-grid
Off-grid
Application Outlook (Revenue, USD Million, 2019 - 2030)
Residential
Industrial
Commercial
Regional Outlook (Revenue, USD Million, 2019 - 2030)
West Africa
Nigeria
b. The West Africa solar PV panel market size was estimated at USD 78.11 million in 2021 and is expected to reach USD 98.78 million in 2022.
b. The West Africa solar PV panel market is expected to witness a compound annual growth rate of 30.8% from 2022 to 2030 to reach USD 844.27 million by 2030.
b. The thin film was the largest technology segment accounting for 49.75% of the total revenue in 2021 owing to its narrow design, durability, and flexible & lightweight materials.
b. Some of the major solar PV players include SunPower Corporation, Hanergy Solar, Trina Solar, and ARTsolar (Pty) Ltd.
b. Key factors driving the growth of the West Africa solar PV panel market include the increasing demand for photovoltaic cells and favorable policies and regulations.
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