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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)

Market Report I 2023-04-05 I 101 Pages I The Insight Partners

Discounted by 30% to 2024-06-30

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 register a CAGR of 19.3% from 2022 to 2028.

Eskom, one of the major electric utility energy companies, faces major challenges in generating electricity as per the requirement in South Africa due to a major dependency on coal as an energy source, which holds ~80% share in the energy mix. Eskom's coal-fired power stations are unable to meet the required production capacity, which lowered by 2.2% in 2022 as compared to pre-lockdown levels of 2019. These factors have compelled the government and consumers to adopt renewable energy sources. According to the Council of Scientific & Industrial Research (CSIR), in 2022, the contribution of renewable energy technologies reached 7.3% of global mix, with a total of 6.2 GW installed capacity. As per President Ramaphosa's statements in South Africa Weekly newsletter, the government signed the procurement deals in Bid Windows 5 and 6 for the 2800MW of renewable energy production, intended to be completed by 2025 under the Renewable Independent Power Producer Programme (REIPPP).

Further, the increasing power crisis has triggered investments in solar PV system installation, including batteries as the main energy storage component. In December 2022, Eskom, South Africa's main utility and grid operator, began constructing its first battery energy storage system (BESS) project. The project aims for the capacity of 8MW of power and 32MWh energy storage. In this, the solar power market holds 2MW of solar PV installation in the first stage and 58MW of solar PV in the second installation phase. Thus, the batteries for solar energy storage market in South Africa is driven by the significant utilization of solar energy to deal with power shortages and lower power generation capacities of the electric grid.

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South Africa Batteries for Solar Energy Storage Market Size-Key Insights:

Growing environmental awareness to curtail carbon emission via the integration of effective energy conservation measures will drive the solar energy storage market growth. Moreover, upcoming enhancements and upgrades with an aim to achieve a cost-competitive business scenario will positively influence industry dynamics. Escalating energy demand across the country on the back of rising industrial projects and population can bode well for prominent companies fostering their penetration across the country. These factors are strengthening the demand for batteries for solar energy storage.

The report segments the South Africa batteries for solar energy storage market analysis as follows:

The batteries for solar energy storage market study primarily focuses on three segments-battery type, application, and connectivity. The battery type segment in South Africa batteries for solar energy storage market is further categorized into lead acid, lithium-ion, nickel cadmium, and others. The application segment in South Africa batteries for solar energy storage market is sub-segmented into residential, commercial, and industrial. The connectivity segment in South Africa batteries for solar energy storage market is further bifurcated into off-grid and on-grid.

A few of the key players operating in the batteries for solar energy storage market analysis in South Africa 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. Various other companies are also developing advanced technologies and offerings to contribute to the market growth. Further, several other important companies have been studied and analyzed during this research study to get a holistic view of the ecosystem.

The overall South Africa Batteries for solar energy storage market growth has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the South Africa batteries for solar energy storage market growth with respect to all the market segments. Multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. This process includes experts such as VPs, business development managers, market intelligence managers, national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the South Africa batteries for solar energy storage market growth.

TABLE OF CONTENTS

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)

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