+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

West Africa Solar PV Panel Market Size, Share & Trends Analysis Report by Technology (Thin film, Crystalline Silicon), by Grid (On-grid, Off-grid), by Application (Residential, Industrial, Commercial), by Region, and Segment Forecasts, 2022-2030

  • PDF Icon

    Report

  • 57 Pages
  • July 2022
  • Region: Africa
  • Grand View Research
  • ID: 5645002
The West Africa solar PV panels market size is expected to reach USD 844.27 million by 2030. 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.

West Africa Solar PV Panels Market Report Highlights

  • In terms of revenue, the 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
Frequently Asked Questions about the West African Solar PV Panel Market

What is the estimated value of the West African Solar PV Panel Market?

The West African Solar PV Panel Market was estimated to be valued at $98.78 Million in 2022.

What is the growth rate of the West African Solar PV Panel Market?

The growth rate of the West African Solar PV Panel Market is 30.8%, with an estimated value of $844.27 Million by 2030.

What is the forecasted size of the West African Solar PV Panel Market?

The West African Solar PV Panel Market is estimated to be worth $844.27 Million by 2030.

Who are the key companies in the West African Solar PV Panel Market?

Key companies in the West African Solar PV Panel Market include SunPower Corporation, Trina Solar, Canadian Solar, First Solar, Jinko Solar, JA Solar Technology Co., Ltd., Hanergy Holding Group Ltd., HIANS Energy Solutions Ltd., and Sunhive.

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market segmentation & scope
1.2. Information procurement
1.2.1. Purchased database
1.2.2. internal database
1.2.3. Secondary sources & third-party perspectives
1.2.4. Primary research
1.3. Information analysis
1.3.1. Data analysis models
1.4. Market formulation & data visualization
1.5. Data validation & publishing
Chapter 2. Executive Summary
Chapter 3. West Africa Solar PV Panels Market Variables, Trends & Scope
3.1. Industry Value Chain Analysis
3.2. Raw Material Trends
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Opportunity Assessment
3.4. Penetration & Growth Prospect Mapping
3.5. Regulatory Framework
3.6. Business Environment Analysis Tools
3.6.1. Industry Analysis - Porter’s
3.6.2. PESTEL Analysis
3.7. Impact of Corona Virus on West Africa Solar PV Panels Market
Chapter 4. West Africa Solar PV Panels Market Technology Outlook
4.1. Market Size Estimates & Forecasts and Trend Analysis, 2019 - 2030 (Revenue, USD Million)
4.2. Thin film
4.2.1. Market estimates and forecasts by region, 2019 - 2030 (Revenue, USD Million)
4.3. Crystalline
4.3.1. Market estimates and forecasts by region, 2019 - 2030 (Revenue, USD Million)
4.4. Others
4.4.1. Market estimates and forecasts by region, 2019 - 2030 (Revenue, USD Million)
Chapter 5. West Africa Solar PV Panels Market Technology Outlook
5.1. Market Size Estimates & Forecasts and Trend Analysis, 2019 - 2030 (Revenue, USD Million)
5.2. On-Grid
5.2.1. Market estimates and forecasts by region, 2019 - 2030 (Revenue, USD Million)
5.3. Off-Grid
5.3.1. Market estimates and forecasts by region, 2019 - 2030 (Revenue, USD Million)
Chapter 6. West Africa Solar PV Panels Market Application Outlook
6.1. Market Size Estimates & Forecasts and Trend Analysis, 2019 - 2030 (Revenue, USD Million)
6.2. Residential
6.2.1. Market estimates and forecasts by region, 2019 - 2030 (Revenue, USD Million)
6.3. Commercial
6.3.1. Market estimates and forecasts by region, 2019 - 2030 (Revenue, USD Million)
6.4. Industrial
6.4.1. Market estimates and forecasts by region, 2019 - 2030 (Revenue, USD Million)
Chapter 7. West Africa Solar PV Panels Regional Outlook
7.1. West Africa Solar PV Panels Market, By Region, 2019 & 2027
7.2. West Africa
7.2.1. Market estimates and forecasts by Technology, 2019 - 2030 (Revenue, USD Million)
7.2.2. Market estimates and forecasts by Grid, 2019 - 2030 (Revenue, USD Million)
7.2.3. Market estimates and forecasts by Application, 2019 - 2030 (Revenue, USD Million)
7.2.4. Nigeria
7.2.4.1. Market estimates and forecasts by Technology, 2019 - 2030 (Revenue, USD Million)
7.2.4.2. Market estimates and forecasts by Grid, 2019 - 2030 (Revenue, USD Million)
7.2.4.3. Market estimates and forecasts by Application, 2019 - 2030 (Revenue, USD Million)
Chapter 8. Competitive Landscape
8.1. SunPower Corporation
8.1.1. Company Overview
8.1.2. Financial Performance
8.1.3. Product Benchmarking
8.1.4. Recent Developments
8.2. Trina Solar
8.2.1. Company Overview
8.2.2. Financial Performance
8.2.3. Product Benchmarking
8.2.4. Recent Developments
8.3. Canadian Solar
8.3.1. Company Overview
8.3.2. Financial Performance
8.3.3. Product Benchmarking
8.3.4. Recent Developments
8.4. First Solar
8.4.1. Company overview
8.4.2. Financial performance
8.4.3. Product benchmarking
8.4.4. Recent Developments
8.5. Jinko Solar
8.5.1. Company Overview
8.5.2. Financial Performance
8.5.3. Product Benchmarking
8.5.4. Recent developments
8.6. JA Solar Technology Co., Ltd.
8.6.1. Company Overview
8.6.2. Financial Performance
8.6.3. Product Benchmarking
8.6.4. Recent Developments
8.7. Hanergy Holding Group Ltd.
8.7.1. Company Overview
8.7.2. Financial Performance
8.7.3. Product Benchmarking
8.7.4. Recent Developments
8.8. HIANS Energy Solutions Ltd.,
8.8.1. Company Overview
8.8.2. Financial Performance
8.8.3. Product Benchmarking
8.8.4. Recent Developments
8.9. ARTsolar (Pty) Ltd
8.9.1. Company Overview
8.9.2. Financial Performance
8.9.3. Product Benchmarking
8.9.4. Recent Developments
8.10. Sunhive
8.10.1. Company Overview
8.10.2. Financial Performance
8.10.3. Product Benchmarking
8.10.4. Recent Developments
List of Tables
Table 1 West Africa Solar PV Panels Market, 2019-2030 (USD Million)
Table 2 West Africa Solar PV Panels Market estimates and forecasts by Application, 2019-2030 (USD Million)
Table 3 West Africa Solar PV Panels Market estimates and forecasts by Grid, 2019-2030 (USD Million)
Table 4 West Africa Solar PV Panels Market estimates and forecasts by Technology, 2019-2030 (USD Million)
Table 5 West Africa Solar PV Panels-Key Market Restraint
Table 6 West Africa Solar PV Panels market by region, 2019-2030 (USD Million)
Table 7 West Africa Solar PV Panels Market by Technology, 2019-2030 ( USD Million)
Table 7 West Africa Solar PV Panels market by Grid, 2019-2030 (USD Million)
Table 8 West Africa Solar PV Panels market by Application, 2019-2030 (USD Million)
Table 9 Nigeria Solar PV Panels market by Technology, 2019-2030 (USD Million)
Table 10 Nigeria Solar PV Panels market by Grid, 2019-2030 (USD Million)
Table 11 Nigeria Solar PV Panels market by Application, 2019-2030 (USD Million)
List of Figures
Fig. 1 Market segmentation & scope
FIG. 2 West Africa Solar PV Panels market size and growth prospects
FIG. 3 West Africa Solar PV Panels Value chain analysis
FIG. 4 Market Dynamics
FIG. 5 West Africa Solar PV Panels market-Penetration & Growth Prospect Mapping
FIG. 6 Porter’s Five Forces Analysis
FIG. 7 PEST Analysis for West Africa Solar PV Panels Industry
FIG. 8 West Africa Solar PV Panels Solar Panels Market: Technology Movement Analysis 2021 & 2030
FIG. 9 West Africa Solar PV Panels Solar Panels Market: Grid Movement Analysis 2021 & 2030
FIG. 10 West Africa Solar PV Panels Solar Panels Market: Application Movement Analysis 2021 & 2030
FIG. 11 West Africa Solar PV Panels Solar Panels Market: Country Movement Analysis 2021 & 2030

Companies Mentioned

  • SunPower Corporation
  • Trina Solar
  • Canadian Solar
  • First Solar
  • Jinko Solar
  • JA Solar Technology Co., Ltd.
  • Hanergy Holding Group Ltd.
  • HIANS Energy Solutions Ltd.,
  • ARTsolar (Pty) Ltd
  • Sunhive

Methodology

Loading
LOADING...