Between 2013 and 2019, solar energy consumption in South Africa exhibited a strong upward trajectory, marked by significant year-on-year growth rates, peaking at 400% in 2014. Growth moderated but remained robust through 2020. However, the trend saw a dip in 2022, with consumption decreasing by 9.37%. In 2023, consumption recovered slightly, growing by 5.17%. As of 2023, the consumption stands at 0.061 Exajoules. Looking forward, the CAGR from 2024 to 2028 is forecasted at 3.22%, indicating a more moderate growth pace, with a total growth rate over this period estimated at 17.19%.
Future trends to watch for:
- Technological advancements in solar energy efficiency.
- Policy support and regulatory changes promoting renewable energy.
- Economic factors affecting solar energy investments.
- Trends in global and regional energy prices.