Future of Solar Power – 5 Year Forecast
A look at the incredible advancements and improvements in solar power technology over the past few decades shows a true revolution is underway, particularly in efficiency, cost, and system reliability.
While we have come a long way, there is still much to be done. It will take a considerable amount of work to provide millions of people with high-quality solar power infrastructure will improve their quality of life. When looking ahead several years, what does the future hold for solar energy? Is there anything that will move the industry forward in a big way? It is impossible to predict the future immediately, but there are leading indicators that give us a good idea.
Market analysis by Mordor Intelligence predicts that by 2026, South Africa’s photovoltaic (PV) market is projected to grow over 10% with an installed capacity of 3.6 GW, up from 1.48 GW in 2019 (Mordor Intelligence). Here are some key prediction highlights:
- During the forecast period, the rooftop segment is expected to grow significantly, driven by government initiatives and upcoming rooftop installation projects predominantly in the commercial and industrial (C&I) market.
- There are several opportunities expected for market players in South Africa to meet the current demand for power in the country as power outages are rising, leading to the electricity crisis and high demand for continuous power.
- A government policy and increased investments in solar PV projects are expected to boost the country’s solar PV installations in the coming years.
There is no doubt that the solar power industry is expected to continue growing. We have been designing and distributing solar power systems for businesses at Iseli Energy since 2018. Our company has seen first-hand the explosive growth of solar power, and we’re prepared for whatever the future holds.
Are you looking for quality solar products to distribute to your customers? Reach out to us today! Our goal is to help you to serve your customers better.