How big is the solar PV market?

With a forecasted market size set to reach $2.8 billion by 2030 and an 18.0% Compound Annual Growth Rate (CAGR), the prospects for this segment remain robust and promising. One of the primary drivers propelling this growth is the increasing reliance on solar photovoltaic (PV) modules and energy storage systems.

Can business and geostrategic fundamentals support the growth of solar?

With decreasing solar and storage prices (see article later in this report) and growing concerns about energy security at national and individual level, it seems business and geostrategic fundamentals unite to support a continued exponential growth of solar across the globe.

Can the annual solar Outlook report be used year-round?

As a result, the report can be used year-round as the go-to reference document for all solar decision-makers active in Africa. For 2024, we have brought in some changes and have therefore split the Annual Solar Outlook report into 2 main parts.

Will solar PV & storage improve Africa's competitiveness?

As the battery costs continues to fall by an expected 10 % or more per year, the competitiveness of solar PV plus storage will improve radically, especially in Africa where so many businesses are relying on expensive diesel or a mostly fossil fuel-powered and often unreliable electricity grid.

How has the solar industry evolved in 2023?

This type of performance had not been seen since 2017. But the PV industry has evolved massively in those 6 years, with 4 times more solar installed in 2023 than in 2017. This clearly indicates a sustained growth trajectory for solar across the globe.

Are n-type solar panels a good investment?

The enhanced temperature coefficients, higher efficiencies, and superior reliability of n-type panels offer a reliable path to navigate the threats of rising temperatures while achieving higher financial returns. Taking a 100MW utility power plant in Accra, Ghana for example.