West Africa Solar PV Panel Market (By Technology: Thin film, Crystalline Silicon; By Grid: On-grid, Off-grid; By Application: Residential, Industrial, Commercial) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030

The West Africa solar PV Panels market size was estimated at around USD 78.3 million in 2021 and it is projected to hit around USD 844.79 million by 2030, growing at a CAGR of 30.25% from 2022 to 2030

Report Highlights

• The thin-film segment occupied a dominant revenue share of around 49.8% in 2021.
• The crystalline silicon segment is projected to witness substantial growth over the forecast period.
• The Industrial segment occupied a dominant market share of around 39.4% in 2021. 
• The on-grid type segment accounted for a share of 73.6% of the West Africa solar PV panels market in 2021. 

Growing concerns over energy conservation and transition from non-renewable sources of energy to renewable sources are projected to surge the demand for solar energy and panels over the estimated period.

The captured solar radiations are further converted into power, which is used in applications such as commercial, industrial, and residential. Increasing usage of solar power as a potential source of commercial energy generation has gained acceptance owing to the reducing PV panel cost, which is excepted to further enhance the growth of the industry.

Countries prone to natural calamities such as tropical cyclones and floods can be targeted by the installers. At times of natural calamities, many times utilities are unable to supply electricity owing to the damage to the electricity distribution system. In this scenario, solar PV systems can act as a feasible solution for residential customers to guarantee an uninterruptible power supply.

Escalating environmental concerns have encouraged regulatory authorities to draft supportive policies and plans for solar photovoltaics across the region. The regulatory authorities emphasize the installation of solar PV in applications such as residential, and commercial buildings.

West Africa receives a high amount of sunlight throughout the year which makes solar PV panels more efficient. Many countries in the region are looking to capitalize on the region’s solar power favourable climate and install solar power stations. Countries such as Togo, Mali, Nigeria, and Niger have promoted investment in solar power generation in their countries. These factors are expected to drive market growth in the forecast period.

Scope of The Report

Technology Insights

The thin-film segment occupied a dominant revenue share of around 49.8% in 2021, owing to its narrow design, durability, and flexible & lightweight materials. Thin-film solar PV panels find major application in commercial and utility-scale projects as these lightweight panels have low installation costs. The low efficiency of thin-film solar PV panels is compensated by the economies-of-scale installation. Thin-film solar panels are being developed as a cost-effective substitute for silicon-based solar modules as these panels can be easily produced in mass.

The crystalline silicon segment is projected to witness substantial growth over the forecast period owing to the extended lifecycle of panels, low weight volume ratio, and low-cost manufacturing of silicon semiconductors. Monocrystalline solar PV panels are made from the highest-grade silicon and possess higher space efficiency compared to thin-film solar PV panels.

Application Insights

The Industrial segment occupied a dominant market share of around 39.4% in 2021. The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector. In June 2021, RP Global and OOLU in West Africa together announced the launch of Westa Solar, which is a commercial and industrial solar venture in West Africa.

Rooftop solar PV equipped with an energy battery storage system provides reliable secondary power in residential households, thereby boosting product demand across the residential segment. The deployment of large-scale storage systems to protect against peak demand power changes has resulted in the adoption of extra-large rooftop solar PV systems to store the desired power in batteries.

Commercial solar PV panels have a lifespan of over 15-20 years and can be used to power commercial buildings in off-grid or remote locations, pre-heating ventilation air, and water heating in offices, businesses, and others. Various governments in West Africa are in the process of increasing their energy capacities and providing access to electricity for the rest of the population. The demand for solar PV panels is expected to increase due to the government’s focus on promoting new and renewable sources of electricity in the country.

Grid Insights

The on-grid type segment accounted for a share of 73.6% of the West Africa solar PV panels market in 2021. The dominant position of the on-grid type segment can be attributed to the low operating and maintenance costs of grid-connected PV systems and their non-complexity. On-grid PV systems have low costs as the excess electricity generated by them is transmitted to grids.

The growth of the off-grid segment can be attributed to the fact that off-grid systems are self-sustaining systems as they store and save energy obtained from solar PV in batteries for usage when grids face power outages. The rising demand for energy from consumers in isolated locations, along with the formulation and stringent implementation of various regulatory policies for decentralizing power generation in West Africa, is expected to fuel the growth of the off-grid type segment in the coming years.

The increase in the number of PV panel manufacturers in West Africa, along with improving capacities of off-grid solar PV panels, is expected to drive the growth of the off-grid type segment of the solar PV panel industry in West Africa. Hence, it is expected to further contribute to the growth of the off-grid type segment during the forecast period.

Regional Insights

The market growth is attributed to the large-scale solar power plants under construction that are expected to be operational over the forecast period. The falling prices and increasing installation of photovoltaic modules are expected to drive the growth. However, increasing adoption of alternative renewable technologies, such as wind and hydro, is expected to restrain the growth. On the other hand, the lack of support for private PV systems and the abundant availability of oil & gas for power generation are some of the factors slowing the industry’s growth.

Recent trends in the market, such as the acquisition of solar PV plants by established vendors, are expected to increase the service life and maintenance of solar plants. The presence of companies in the region, such as Starsight Energy, Rubitec Solar, Arnergy, AUXANO SOLAR, and Solarforce Nigeria, will increase the service life and maintenance of solar PV plants. Thin-film solar panels can produce energy even when sunlight is not directly falling on them so the output is higher. This is expected to boost the demand for thin film technology over the forecast period.

Key Players

• SunPower Corporation
• Canadian Solar
• Trina Solar
• First Solar
• Jinko Solar
• JA Solar Technology Co., Ltd.
• Hanergy Holding Group Ltd.
• HIANS Energy Solutions Ltd.
• ARTsolar (Pty) Ltd.
• Sunhive

Market Segmentation

• By Technology Outlook

• Thin film
• Crystalline Silicon
• Others
• By Grid Outlook
• On-grid
• Off-grid
• By Application Outlook
• Residential
• Industrial
• Commercial
• By Regional Outlook
• West Africa

• Nigeria