West Africa Solar PV Panels Market Growth & Trends
The West Africa solar PV panels market size is expected to reach USD 844.27 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 30.8% from 2022 to 2030. Growing concerns over energy conservation and transition from non-renewable sources of energy to renewable sources are projected to surge the demand for solar energy and panels over the estimated period.
The captured solar radiations are further converted into power, which is used in applications such as commercial, industrial, and residential. Increasing usage of solar power as a potential source of commercial energy generation has gained acceptance owing to the reducing PV panel cost, which is excepted to further enhance the growth of the industry.
Countries prone to natural calamities such as tropical cyclones and floods can be targeted by the installers. At times of natural calamities, many times utilities are unable to supply electricity owing to the damage to the electricity distribution system. In this scenario, solar PV systems can act as a feasible solution for residential customers to guarantee an uninterruptible power supply.
Escalating environmental concerns have encouraged regulatory authorities to draft supportive policies and plans for solar photovoltaics across the region. The regulatory authorities emphasize the installation of solar PV in applications such as residential, and commercial buildings.
West Africa receives a high amount of sunlight throughout the year which makes solar PV panels more efficient. Many countries in the region are looking to capitalize on the region’s solar power favorable climate and install solar power stations. Countries such as Togo, Mali, Nigeria, and Niger have promoted investment in solar power generation in their countries. These factors are expected to drive market growth in the forecast period.
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West Africa Solar PV Panels Market Report Highlights
In terms of revenue, thin film accounted for the largest market share of 49.75% in 2021 and is further expected to witness stable growth over the projection period
As of 2021, others segment includes the organic and concentrating type of solar PV panels. On-grid PV systems have low costs as the excess electricity generated by them is transmitted to grids
Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in December 2021, Falcore Power and Energy is the developer of Gezhouba Lagos Solar PV Park. It is a 360 MW solar PV project located in Lagos, Nigeria. The construction of the project will start by 2022 and operations will commence by 2023
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