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South Africa Batteries for Solar Energy Storage Market is expected to reach US$ 45,788.05 thousands by 2028

Published: Wednesday, 05 Apr 2023 by The Insight Partners Share on :
 
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According to our latest market study on “South Africa Batteries for Solar Energy Storage Market Growth Forecast to 2028 – COVID-19 Impact and Country Analysis – by battery type, application, and connectivity,” the market was valued at US$ 15,844.30 thousands in 2022 and is expected to reach US$ 45,788.05 thousands by 2028; it is estimated to register a CAGR of 19.3% from 2022 to 2028.

In April 2022, the Department of Mineral Resources and Energy (DMRE) issued a request for proposals for Bid Window 6 of the Renewable Energy Independent Power Producer Procurement (REIPPP) program with an aim to develop 2,600 MW of renewable energy capacity; of which, solar will account for 1,000 MW. In May 2022, the National Energy Regulator of South Africa (NERSA) approved proposals for the development of a 200 MW solar photovoltaic (PV) project by SOLA Group, Cape Town-based energy firm. Similarly, in June 2022, NERSA approved an additional 15 solar PV projects with a total capacity of 139 MW for commercial and private usage. Thus, several solar developments, such as issuing of tenders and project launches, have been witnessed across the country's energy landscape in 2022 as part of robust initiatives to accelerate the initiative of the energy mix. Thus, South Africa is working strongly to enhance the solar energy potential that will subsequently augment the need for battery storage systems during the projected period.

Impact of COVID-19 Pandemic on South Africa Batteries for Solar Energy Storage Market Analysis

In South Africa, the COVID-19 pandemic significantly impacted the economy, due to which GDP contracted by 8% in 2020. The COVID-19 pandemic reduced battery production activities due to delayed solar power projects. The authorities in South Africa had to redirect their funds to health and welfare programs and facilities. The pandemic also forced the production facilities to shut down, which hampered the solar batteries production business in 2020. 

However, with the release of lockdown restrictions by the government and ease of import duties in 2021, the manufacturing business restarted, gradually assisting the growth of the market in the region. During the post-pandemic period, the surge in investment initiatives by key players in batteries manufacturing plants has lowered product price which boosted the market growth.

South Africa Batteries for Solar Energy Storage Market Analysis – Strategic Insights

The South Africa batteries for solar energy storage market study primarily focuses on three segments—battery type, application, and connectivity. The battery type segment in South Africa batteries for solar energy storage market is further categorized into lead acid, lithium-ion, nickel cadmium, and others. The application segment in South Africa batteries for solar energy storage market is sub-segmented into residential, commercial, and industrial. The connectivity segment in South Africa batteries for solar energy storage market is further bifurcated into off-grid and on-grid.

Deltec Energy Solutions Pty Ltd, Solar MD (Pty) Ltd, Enervision (Pty) Ltd, Blue Nova Energy (Pty) Ltd, iG3N (Pty) Ltd, Primus Power Corp, Bushveld Energy Ltd, MetIndustrial Pty Ltd, EnerSys, and LG Electronics Inc are among the key players operating in the batteries for solar energy storage market. In addition, several other important companies have been studied and analyzed during this research study to get a holistic view of the ecosystem.

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