South Africa's renewable power generation has grown significantly from 2013 to 2023, starting at 0.76 Terawatthours (TWh) in 2013 and increasing to 13.69 TWh in 2023. The Compound Annual Growth Rate (CAGR) from 2013 to 2023 stood at 72.03%, while annual growth rates showed a declining trend, reducing from 245.78% in 2014 to just 2.17% in 2023. This trend reflects early exponential growth followed by a phase of market stabilization.
From 2024 onwards, with a forecasted CAGR of 0.81%, growth in renewable power generation is expected to decelerate, reaching approximately 14.49 TWh by 2028. The forecasted growth rate of 4.09% indicates a slower but steady increase as the market matures.
Future trends to watch for:
- Government policies and incentives to further boost renewable investments.
- Technological advancements in renewable energy solutions.
- Integration of renewable energy with other sustainable practices.
- Impact of global energy market dynamics and local socio-economic factors.