Africa off grid solar market to hit US$1.4bn by 2024

28Feb 2017
The Guardian Reporter
The Guardian
Africa off grid solar market to hit US$1.4bn by 2024
  • • Key industry participants include SunnyMoney, Philips, and WakaWaka. Other notable industry players are BareFoot Power, D Light, Sun Tech, BBOXX, ASE, and Nuru Light

Africa Off Grid Solar Lighting Market size is expected to reach US$1.41 billion by 2024; according to a new research report by Global Market Insights, Inc.

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 million units in 2015.

The market is categorized on application basis as residential, commercial, and industrial. Commercial application segment accounted over 20 per cent of total share in 2015 and is forecast to reach US$310 million, with calculated at over 16 per cent 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 timeframe.

Meanwhile, Tanzania is among 31 low income countries that will benefit from financial support from United Kingdom and Canada.

The new loan agreement will see the recipients of the support get US$2.71 billion from the UK for the poverty reduction and growth trust (PRGT) in support of the International Monetary Fund’s (IMF) low-income member countries.

The United Kingdom’s continued support to the PRGT in loan resources for the IMF’s low income member countries is a critical element towards sustaining the Fund’s concessional lending operations over the medium-term.

The countries will also get another US$677.5 million from Canada for the same PRGT loan resources under the current fund-raising campaign to increase resources available for concessional lending.

Andrew Kanyegirire, Media Relations Officer of IMF, says that the PRGT entered into an amendment of the 2010 borrowing agreement by which the counterparties will provide new resources to the Loan Accounts of the PRGT in the total amount of SDR 1.1 billion.

Kanyegirire said that the augmentation under the amendment and the two new agreements are the first three loan contributions to be concluded in the context of the current board-endorsed effort to raise SDR 11 billion in new PRGT loan resources.

“No new countries have been added to the PRGT-eligible list. In addition, the framework for graduation from the PRGT was streamlined by limiting the scope to delay the graduation of countries that otherwise meet the income and market access criteria if they are subject to short-term vulnerabilities,” he said.

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