Africa Off Grid Solar Lighting Market size is expected to reach USD 1.41 billion by 2024; according to a new research report by Global Market Insights, Inc.
According to the report, the market is categorized on application basis as residential, commercial, and industrial. Commercial application segment accounted over 20% of total share in 2015 and is forecast to reach USD 310 million, with calculated at over 16% CAGR.
Increasing need to enlighten rural Africa by clean light source is forecast to be key growth driver. Approximately, over 590 million of the regional population have no access to electricity, which includes over 130 million urban populations. Furthermore, large population segment is dependent on conventional light source such as kerosene lamps and candles. Oscillating kerosene prices coupled with increasing awareness regarding health hazards synced with conventional light source may complement off grid solar lighting market from 2016 to 2024.
Technological development offers added features such as extra battery life and multiple features such as mobile charging. Increasing cell phone customer base is anticipated to drive off grid solar lighting market over forecast time frame.
- Solar lanterns product segment was dominant product segment in 2015 accounting over 50% of total share. Increasing demand for portable, affordable, and clean electricity source in rural Africa is forecast to drive Africa off grid solar lighting market size for solar lanterns.
- Solar Home System (SHS) is projected to expand at over 17% CAGR up to 2024. Increasing customer base for cell phones is likely to boost SHS demand over the forecast timeframe. Residential applications were largest in 2015, increasing awareness to replace kerosene lamps with solar lights is likely to boost off grid solar lighting market size for residential application. Industrial application is forecast to reach 2.7 million units by 2024, with highest gains at over 16% CAGR.
- Kenya off grid solar lighting market size dominated Africa in 2015 and is forecast to remain largest over the forecast timeframe owing to large number of retail stores, government incentives, and financial stability in the country.
- Rwanda off grid solar lighting market is anticipated to witness highest gains over 18% CAGR. Government initiatives such as subsidy, pay as you go scheme, and other benefits is likely to propel industry growth in the country. Basis components required in off grid solar product includes, PV panel, batteries, connecters, and assembling parts.
- Africa off grid solar lighting market share is fairly fragmented with large number of local suppliers. Major industry players include SunnyMoney, WakaWaka, and, Philips. Other market share contributor includes BareFoot Power, BBOXX, ASE, Sun Tech, and Nuru Light.