Africa Renewable Energy Market (2024-2030) | Trends, Value, Revenue, Size, Share, Analysis, Outlook, Forecast, Industry, Growth & Companies

Africa Renewable Energy Market Highlights

Report Name	Africa Renewable Energy Market
Forecast Period	2024-2030
Market Size	USD 10.2 Billion- 18.1Billion
CAGR	9%
Growing Sector	Utilities

Topics Covered in the Africa Renewable Energy Market Report

Africa Renewable Energy Market report thoroughly covers the market by countries, by technology, and by end user. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Africa Renewable Energy Market Size & Analysis

Africa Renewable Energy Market Size was valued at approximately USD 10.2 billion in 2024 and is projected to reach around USD 18.1 billion by 2030, growing at a CAGR of 9% during the forecast period. The growth is propelled by significant investments in wind and solar technologies across various sectors, including utilities, commercial, and residential applications. Government initiatives and favorable policies aimed at reducing carbon emissions and increasing energy access are further fueling the market’s growth trajectory.

Africa Renewable Energy Market Synopsis

Africa Renewable Energy Market is set to experience substantial growth. This growth is driven by the increasing push towards clean energy and the need to improve energy access across the continent. Governments are enacting policies to encourage renewable energy investments, and international organizations are providing funding to support large-scale projects. Moreover, the declining cost of solar and wind technologies make renewable energy solutions more accessible to both the public and private sectors.

According to 6Wresearch, the Africa Renewable Energy Market Size is expected to reach at a significant CAGR of 9% during the forecast period 2024-2030.The Africa renewable energy market is experiencing robust growth due to several key drivers, including rising energy demand, increasing awareness of environmental sustainability, and decreasing costs of renewable energy technologies. Solar energy is particularly seeing a surge in adoption across residential, commercial, and industrial sectors due to its versatility and falling costs of photovoltaic (PV) panels. Wind energy is also expanding rapidly, especially in countries with strong coastal wind resources such as Kenya and South Africa. The growth of captive power solutions for industrial and commercial sectors is another contributing factor, as more businesses seek energy independence and reliability, particularly in regions where grid stability is an issue. Additionally, government policies favoring renewables, along with international financial aid for green projects, are creating a conducive environment for market expansion. These factors will influence the Africa Renewable Energy Market Growth.

Despite the promising growth prospects, the Africa Renewable Energy Industry faces several challenges; inadequate grid infrastructure remains a significant barrier, particularly in rural areas where access to electricity is limited. Moreover, there is a lack of financing for renewable energy projects in certain regions, making it difficult for small and medium-sized enterprises to enter the market. Another challenge is the intermittency of renewable energy sources, especially wind and solar. Without adequate energy storage solutions, the reliability of renewable energy systems can be compromised. Additionally, regulatory hurdles and inconsistent policies across countries can hinder market growth.

Africa Renewable Energy Market Trends

Africa Renewable Energy Industry is witnessing several notable trends. There is a growing emphasis on decentralized energy systems, particularly in rural areas where off-grid solutions are crucial. Solar home systems and microgrids are gaining traction, as they provide reliable and affordable energy to regions lacking traditional grid infrastructure.

Another significant trend is the integration of digital technologies like smart grids and IoT to enhance energy efficiency and enable better management of renewable energy systems. Digitalization helps monitor and control energy distribution, optimizing the use of renewable resources. The market is also witnessing a shift towards hybrid renewable energy systems, where solar and wind energy are integrated with storage technologies like batteries. This development ensures continuous energy supply, even during low production periods.

Investment Opportunities in the Africa Renewable Energy Market

Africa Renewable Energy Market Share offers promising investment opportunities. As demand for sustainable energy solutions increases, investors can explore utility-scale projects, especially in solar and wind technologies. South Africa, Kenya, and Nigeria are among the top countries attracting foreign investment in renewable energy due to their favorable policies and energy needs. Additionally, there are opportunities in the off-grid solar sector, particularly in countries with low electrification rates. Companies offering solar home systems and mini-grid solutions have the potential to tap into underserved markets. Investment in energy storage technologies, like batteries, is another lucrative area as it complements the intermittent nature of renewable energy sources.

Leading Players in the Africa Renewable Energy Market

Several leading players dominate the Africa Renewable Energy Market Share. International giants such as Siemens Gamesa, Vestas, and Enel Green Power are heavily involved in large-scale wind and solar projects across the continent. In the solar energy space, companies like Solarcentury, Scatec Solar, and First Solar have made significant investments, particularly in countries like South Africa and Egypt. Additionally, local players such as BioTherm Energy and Lekela Power are leveraging their understanding of regional market dynamics to expand their footprint in the renewable energy sector. These companies, along with several others, are playing a critical role in shaping the future of Africa’s renewable energy landscape by driving technological innovations, facilitating large-scale infrastructure development, and attracting foreign investments.

Government Regulations

Government regulations play a critical role in shaping the Africa Renewable Energy Market Size. In countries like South Africa and Kenya, governments have set ambitious targets to increase the share of renewables in their energy mix. South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), for instance, has been crucial in attracting private investments in wind and solar energy projects.

Kenya, on the other hand, continues to expand its geothermal capabilities while also incentivizing solar energy projects. Nigeria has also implemented the National Renewable Energy and Energy Efficiency Policy (NREEEP), aimed at harnessing solar, wind, and biomass resources to diversify its energy sources. Additionally, cross-border initiatives like the African Renewable Energy Initiative (AREI), supported by international institutions like the World Bank, are designed to foster regional cooperation and drive investment into large-scale renewable energy infrastructure, promoting sustainable growth across the continent.

Future Insights of the Africa Renewable Energy Market

The future of the Africa Renewable Energy Market Size looks promising, with technological innovations and a rising focus on sustainability which is likely to shape the industry's trajectory. As global energy transition efforts accelerate, African nations are expected to increasingly rely on renewable sources to meet their growing energy demands. The continent’s vast natural resources, such as abundant solar radiation and significant wind potential along coastal regions, position Africa as a key player in the global renewable energy landscape. Investments in grid infrastructure, coupled with emerging technologies like energy storage solutions and off-grid renewable systems, are expected to improve energy accessibility, particularly in rural areas. Furthermore, international funding and technological partnerships will likely bolster the growth of renewable projects, with countries like South Africa, Kenya, and Nigeria continuing to lead the market.  

Market Segmentation Analysis

The report offers a comprehensive study of the subsequent market segments and their leading categories.

South Africa to Dominate the Market-By Countries

South Africa dominates the African renewable energy market, primarily due to its well-established infrastructure and government policies encouraging renewable energy adoption. South Africa has one of the largest operational wind and solar power projects on the continent, with increasing investments in grid modernization and green energy initiatives.

Wind energy to Dominate the Market-By Technology

According to Vasu, Research Manager, 6Wresearch, the Wind energy is a growing sector, particularly in South Africa, Kenya, and Morocco. The declining cost of wind turbines and enhanced grid infrastructure are making wind energy more attractive. Africa’s vast coastal regions and open land provide optimal conditions for wind farms, driving this technology’s growth.

Utilities to Dominate the Market-By End User

Utility-scale renewable energy projects are becoming more prominent, especially in South Africa, Kenya, and Morocco. These projects are designed to replace or supplement conventional power generation plants and are critical for countries striving to meet international climate goals.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023
• Base Year: 2023
• Forecast Data until 2030
• Key Performance Indicators Impacting the Market
• Major Upcoming Developments and Projects

Key Highlights of the Report

• Africa Renewable Energy Market Outlook
• Market Size of Africa Renewable Energy Market, 2023
• Forecast of Africa Renewable Energy Market, 2030
• Historical Data and Forecast of Africa Renewable Energy Revenues & Volume for the Period 2020 - 2030
• Africa Renewable Energy Market Trend Evolution
• Africa Renewable Energy Market Drivers and Challenges
• Africa Renewable Energy Price Trends
• Africa Renewable Energy Porter's Five Forces
• Africa Renewable Energy Industry Life Cycle
• Historical Data and Forecast of Africa Renewable Energy Market Revenues & Volume By Technology for the Period 2020 - 2030
• Historical Data and Forecast of Africa Renewable Energy Market Revenues & Volume By Wind for the Period 2020 - 2030
• Historical Data and Forecast of Africa Renewable Energy Market Revenues & Volume By Solar for the Period 2020 - 2030
• Historical Data and Forecast of South Africa Renewable Energy Market Revenues & Volume By Technology for the Period 2020 - 2030
• Historical Data and Forecast of South Africa Renewable Energy Market Revenues & Volume By Wind for the Period 2020 - 2030
• Historical Data and Forecast of South Africa Renewable Energy Market Revenues & Volume By Solar for the Period 2020 - 2030
• Historical Data and Forecast of Nigeria Renewable Energy Market Revenues & Volume By Technology for the Period 2020 - 2030
• Historical Data and Forecast of Nigeria Renewable Energy Market Revenues & Volume By Wind for the Period 2020 - 2030
• Historical Data and Forecast of Nigeria Renewable Energy Market Revenues & Volume By Solar for the Period 2020 - 2030
• Historical Data and Forecast of Kenya Renewable Energy Market Revenues & Volume By Technology for the Period 2020 - 2030
• Historical Data and Forecast of Kenya Renewable Energy Market Revenues & Volume By Wind for the Period 2020 - 2030
• Historical Data and Forecast of Kenya Renewable Energy Market Revenues & Volume By Solar for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Africa Renewable Energy Market Revenues & Volume By Technology for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Africa Renewable Energy Market Revenues & Volume By Wind for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Africa Renewable Energy Market Revenues & Volume By Solar for the Period 2020 - 2030
• Historical Data and Forecast of Africa Renewable Energy Market Revenues & Volume By End-User for the Period 2020 - 2030
• Historical Data and Forecast of Africa Renewable Energy Market Revenues & Volume By Utilities for the Period 2020 - 2030
• Historical Data and Forecast of Africa Renewable Energy Market Revenues & Volume By Captive Industrial for the Period 2020 - 2030
• Historical Data and Forecast of Africa Renewable Energy Market Revenues & Volume By Commercial for the Period 2020 - 2030
• Historical Data and Forecast of Africa Renewable Energy Market Revenues & Volume By Residential for the Period 2020 - 2030
• Historical Data and Forecast of South Africa Renewable Energy Market Revenues & Volume By End-User for the Period 2020 - 2030
• Historical Data and Forecast of South Africa Renewable Energy Market Revenues & Volume By Utilities for the Period 2020 - 2030
• Historical Data and Forecast of South Africa Renewable Energy Market Revenues & Volume By Captive Industrial for the Period 2020 - 2030
• Historical Data and Forecast of South Africa Renewable Energy Market Revenues & Volume By Commercial for the Period 2020 - 2030
• Historical Data and Forecast of South Africa Renewable Energy Market Revenues & Volume By Residential for the Period 2020 - 2030
• Historical Data and Forecast of Nigeria Renewable Energy Market Revenues & Volume By End-User for the Period 2020 - 2030
• Historical Data and Forecast of Nigeria Renewable Energy Market Revenues & Volume By Utilities for the Period 2020 - 2030
• Historical Data and Forecast of Nigeria Renewable Energy Market Revenues & Volume By Captive Industrial for the Period 2020 - 2030
• Historical Data and Forecast of Nigeria Renewable Energy Market Revenues & Volume By Commercial for the Period 2020 - 2030
• Historical Data and Forecast of Nigeria Renewable Energy Market Revenues & Volume By Residential for the Period 2020 - 2030
• Historical Data and Forecast of Kenya Renewable Energy Market Revenues & Volume By End-User for the Period 2020 - 2030
• Historical Data and Forecast of Kenya Renewable Energy Market Revenues & Volume By Utilities for the Period 2020 - 2030
• Historical Data and Forecast of Kenya Renewable Energy Market Revenues & Volume By Captive Industrial for the Period 2020 - 2030
• Historical Data and Forecast of Kenya Renewable Energy Market Revenues & Volume By Commercial for the Period 2020 - 2030
• Historical Data and Forecast of Kenya Renewable Energy Market Revenues & Volume By Residential for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Africa Renewable Energy Market Revenues & Volume By End-User for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Africa Renewable Energy Market Revenues & Volume By Utilities for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Africa Renewable Energy Market Revenues & Volume By Captive Industrial for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Africa Renewable Energy Market Revenues & Volume By Commercial for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Africa Renewable Energy Market Revenues & Volume By Residential for the Period 2020 - 2030
• Africa Renewable Energy Market - Key Performance Indicators
• Africa Renewable Energy Market - Import Export Trade Statistics
• Africa Renewable Energy Market - Opportunity Assessment By Countries
• Africa Renewable Energy Market - Opportunity Assessment By Technology
• Africa Renewable Energy Market - Opportunity Assessment By End-User
• Africa Renewable Energy Market - Top Companies Market Share
• Africa Renewable Energy Market - Top Companies Profiles
• Africa Renewable Energy Market - Comparison of Players in Technical and Operating Parameters
• Africa Renewable Energy Market - Strategic Recommendations

 Market Covered

The market report has been segmented and sub segmented into the following categories:

By Countries

• South Africa
• Nigeria
• Kenya
• Rest of Africa

By Technology

• Wind
• Solar

By End-User

• Utilities
• Captive Industrial
• Commercial
• Residential