Solar energy consumption in Africa has shown significant growth from 2013 to 2023. In 2023, the consumption stood at 0.17 Exajoules. From 2013 to 2020, the market mostly saw double-digit year-on-year (YoY) growth rates, peaking at 137.5% in 2014 and 84.21% in 2015. A notable slowdown is observed in 2021 with a YoY increase of just 16.55%, further declining to around 1.17% in 2022 and 2023.
Examining the Compound Annual Growth Rate (CAGR), the data highlights an average annual increase of 16.68% over the past five years until 2023. However, looking forward, the forecast 5-year CAGR drops significantly to 0.46%, signaling a plateauing trend in the near future.
Key future trends to watch for include:
- Technological advancements improving solar panel efficiency.
- Increased investments in infrastructure to support solar energy projects.
- Government policies and subsidies promoting renewable energy adoption.
- Potential challenges in scaling up deployment and grid integration.
