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Africa Off Grid Solar Lighting Market from Industrial application will grow at 16% CAGR to cross $2.7 billion by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-15 

Africa Off Grid Solar Lighting Market for Industrial application is forecast to reach 2.7 million units by 2024, with highest gains at over 16% CAGR

Africa Off Grid Solar Lighting Market size is expected to reach USD 1.41 billion by 2024.SLS, SHS and LSHS are key products prevalent in the industry. Solar lantern system was largest product segment followed by SHS. The SHS Africa off grid solar lighting market size was over 3 million units in 2015. 

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.  

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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 timeframe. 

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Key insights from the report include:

  • 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. 
  •  
  • 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. 
  • The industry has witnessed forward integration with local vendors to supply and educate rural population & students about off grid products. For instance, SunnyMoney joined hands with Artcaffé to promote solar products amongst students in rural Kenya.

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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