South Africa Batteries for Solar Energy Storage Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Battery Type (Lead Acid, Lithium-Ion, Nickel Cadmium, and Others), Application (Residential, Commercial, and Industrial), and Connectivity (Off-Grid and On-Grid)
The South Africa Batteries for solar energy storage market was valued at US$ 15,844.30 thousands in 2022 and is expected to reach US$ 45,788.05 thousands by 2028; it is estimated to grow at a CAGR of 19.3% from 2022 to 2028.
Market Introduction
Renewable energy sources play a crucial role in securing sustainable energy with lower emissions. The growing awareness for saving energy has been promoted among citizens to increase the use of solar, wind, biomass, waste, and hydropower energies. It is evident that clean energy is less harmful and often cheaper. Solar energy storage systems are devices that reserve energy for later consumption after sundown or during energy demand peaks. Hence, South Africa is strongly promoting and adopting solar energy as an alternative to conventional energy sources. The growing awareness about renewable energy sources among consumers is reflected in the increase in demand for solar energy. According to the IEAs "Renewables 2022" forecast for Solar PV capacity in Africa, South Africa is expected to reach 12.4 GW installation by 2027 in main case from 0.3 GW addition in year 2021, while it will be 14.9 GW in accelerated case.
South Africa Batteries for solar energy storage Market Analysis, Overview and Dynamics
In April 2022, the Department of Mineral Resources and Energy (DMRE) issued a request for proposals for Bid Window 6 of the Renewable Energy Independent Power Producer Procurement (REIPPP) program with an aim to develop 2,600 MW of renewable energy capacity; of which, solar will account for 1,000 MW. In May 2022, the National Energy Regulator of South Africa (NERSA) approved proposals for the development of a 200 MW of solar photovoltaic (PV) project by SOLA Group, Cape Town-based energy firm. Similarly, in June 2022, NERSA approved an additional 15 solar PV projects with a total capacity of 139 MW for commercial and private usage. Thus, several solar developments, such as issuing of tenders and project launches, have been witnessed across the country's energy landscape in 2022 as part of robust initiatives to accelerate the initiative of the energy mix. Thus, South Africa is working strongly in favor of enhancing the solar energy potential that will subsequently augment the need for battery storage systems during the projected period.
South Africa Batteries for solar energy storage Market Analysis– Key Segments
The batteries for solar energy storage market study primarily focuses on three segments—battery type, application, and connectivity. The battery type segment is further categorized into lead acid, lithium-ion, nickel cadmium, and others. The application segment is sub-segmented into residential, commercial, and industrial. The connectivity segment is further bifurcated into off-grid and on-grid.
South Africa Batteries for solar energy storage Market Size Forecast – Major Sources and Companies Listed
Company websites, annual reports, financial reports, national government documents, and statistical databases are among the major primary and secondary sources referred to while preparing the report on the South Africa batteries for solar energy storage market. Major companies listed in the South Africa batteries for solar energy storage market report are Deltec Energy Solutions Pty Ltd, Solar MD (Pty) Ltd, Enervision (Pty) Ltd, Blue Nova Energy (Pty) Ltd, iG3N (Pty) Ltd, Primus Power Corp, Bushveld Energy Ltd, MetIndustrial Pty Ltd, EnerSys, and LG Electronics Inc.
Reasons to Buy Report
- To understand the South Africa batteries for solar energy storage market size landscape and identify market segments that are most likely to guarantee a strong return.
- To stay ahead of the race by comprehending the ever-changing competitive market landscape
- To efficiently plan mergers and acquisitions and partnership deals in the South Africa batteries for solar energy storage market analysis by identifying market segments with the most promising probable sales.
- To make knowledgeable business decisions from a perceptive and comprehensive analysis of the market performance of various segments in the market
- To obtain the South Africa batteries for solar energy storage market revenue forecast on the basis of various segments for the period 2022–2028.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Batteries for Solar Energy Storage Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 South Africa
4.3 Ecosystem Analysis
4.4 Expert Opinions
4.5 Premium Insights
5. Batteries for Solar Energy Storage Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Power Shortages and Lowering Power Generation Capacity
5.1.2 Expansion of Solar Installation in Commercial, Industrial, and Residential Projects
5.2 Market Restraints
5.2.1 High Initial Investment in Battery Manufacturing
5.3 Market Opportunities
5.3.1 Decline in Prices of Lithium-Ion Batteries
5.4 Future Trends
5.4.1 Rise in Awareness About Renewable Energy and Supportive Government Initiatives
5.5 Impact Analysis of Drivers and Restraints
6. Batteries for Solar Energy Storage– South Africa Country Analysis
6.1 Batteries for Solar Energy Storage: South Africa Country Overview
6.2 South Africa: Batteries for Solar Energy Storage Market – Revenue and Forecast to 2028 (US$ Thousands)
6.3 Market Positioning – South Africa Market Players Ranking
7. Batteries for Solar Energy Storage Market Analysis – By Battery Type
7.1 Overview
7.2 Battery for Solar Energy Storage Market, by Battery Type (2021 And 2028)
7.3 Lead Acid
7.3.1 Overview
7.3.2 Lead Acid: Battery for Solar Energy Storage Market Revenue and Forecast To 2028 (US$ Thousands)
7.4 Lithium-Ion
7.4.1 Overview
7.4.2 Lithium-Ion: Battery for Solar Energy Storage Market Revenue and Forecast To 2028 (US$ Thousands)
7.5 Nickel Cadmium
7.5.1 Overview
7.5.2 Nickel Cadmium: Battery for Solar Energy Storage Market Revenue and Forecast To 2028 (US$ Thousands)
7.6 Others
7.6.1 Overview
7.6.2 Others: Battery for Solar Energy Storage Market Revenue and Forecast To 2028 (US$ Thousands)
8. Batteries for Solar Energy Storage Market Analysis – by Application
8.1 Overview
8.2 Batteries for Solar Energy Storage Market, by Application (2021 And 2028)
8.3 Residential
8.3.1 Overview
8.3.2 Residential: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
8.5 Industrial
8.5.1 Overview
8.5.2 Industrial: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
9. South Africa Batteries for Solar Energy Storage Market Analysis – by Connectivity
9.1 Overview
9.2 Batteries for Solar Energy Storage Market, by Connectivity (2021 and 2028)
9.3 Off-Grid
9.3.1 Overview
9.3.2 Off-Grid: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
9.4 On-Grid
9.4.1 Overview
9.4.2 On-Grid: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
10. Batteries for Solar Energy Storage Market - COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Market Initiative
12. Company Profiles
12.1 Deltec Energy Solutions Pty Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview (Hudaco Industries Limited )
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Solar MD (Pty) Ltd
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Enervision (Pty) Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Blue Nova Energy (Pty) Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 iG3N (Pty) Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Primus Power Corp
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Bushveld Energy Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 First National Battery
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 EnerSys
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 LG Electronics Inc
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. South Africa: Batteries for Solar Energy Storage Market – Revenue and Forecast to 2028 (US$ Thousands)
Table 2. List of Abbreviation
LIST OF FIGURES
Figure 1. Batteries for Solar Energy Storage Market Segmentation
Figure 2. South Africa Batteries for Solar Energy Storage Market Overview
Figure 3. Batteries for Solar Energy Storage Market, by Battery type
Figure 4. Batteries for Solar Energy Storage Market, by Application
Figure 5. Batteries for Solar Energy Storage Market, by Connectivity
Figure 6. South Africa PEST Analysis
Figure 7. Batteries for Solar Energy Storage Market: Ecosystem Analysis
Figure 8. Batteries for Solar Energy Storage Market: Impact Analysis of Drivers and Restraints
Figure 9. South Africa: Batteries for Solar Energy Storage Market – Revenue and Forecast to 2028 (US$ Thousands)
Figure 10. Battery for Solar Energy Storage Market, by Battery Type (2021 and 2028)
Figure 11. Lead Acid: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
Figure 12. Lithium-Ion: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
Figure 13. Nickel Cadmium: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
Figure 14. Others: Battery for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
Figure 15. Batteries for Solar Energy Storage Market, by Application (2021 and 2028)
Figure 16. Residential: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
Figure 17. Commercial: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
Figure 18. Industrial: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
Figure 19. Batteries for Solar Energy Storage Market, by Connectivity (2021 and 2028)
Figure 20. Off-Grid: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
Figure 21. On-Grid: Batteries for Solar Energy Storage Market Revenue and Forecast to 2028 (US$ Thousands)
The List of Companies - Batteries for Solar Energy Storage Market
- Deltec Energy Solutions Pty Ltd
- Solar MD (Pty) Ltd
- Enervision (Pty) Ltd
- Blue Nova Energy (Pty) Ltd
- iG3N (Pty) Ltd
- Primus Power Corp
- Bushveld Energy Ltd
- MetIndustrial Pty Ltd
- EnerSys
- LG Electronics Inc
- To understand the South Africa batteries for solar energy storage market size landscape and identify market segments that are most likely to guarantee a strong return.
- To stay ahead of the race by comprehending the ever-changing competitive market landscape
- To efficiently plan mergers and acquisitions and partnership deals in the South Africa batteries for solar energy storage market analysis by identifying market segments with the most promising probable sales.
- To make knowledgeable business decisions from a perceptive and comprehensive analysis of the market performance of various segments in the market
- To obtain the South Africa batteries for solar energy storage market revenue forecast on the basis of various segments for the period 2022–2028.