Comprehensive study of Africa Off Grid Solar Lighting Market 2019: Leading Players are SunnyMoney, WakaWaka, Koninklijke Philips N.V., Suntech Power, BBOXX Limited
Furthermore, plummeting prices of off grid renewable energy systems, owing to technological innovations and growing economies of scale are predicted to further drive the industry trends. Even today, a major chunk of the African population depends on non-renewable energy sources such as candles and kerosene, which are responsible for greenhouse effects. Thus, growing concerns over fossil fuel emissions causing climatic changes as well as fluctuations in seasonal cycles is forecast to benefit market over the years to come.
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Large Solar Home Systems, Solar Lanterns, and Solar Home Systems are the major products of Africa Off Grid Solar Lighting Industry. Solar Lanterns, which dominated the product landscape in 2015, are predicted to favor market development over the coming years.
High urge for inexpensive products and clean energy sources will support the growth. Solar Home Systems are projected to push Africa Off Grid Solar Lighting Market value over the coming seven years, by recording a CAGR of 17% over 2016-2024. High demand for mobiles and smart phones is expected to enhance the popularity of solar home systems.
Africa Off Grid Solar Lighting Market Growth drivers
• Increasing off grid electricity demand
• Decreasing solar Lighting product cost
• Increasing kerosene prices
• Expanding customer base for cell phones.
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Off Grid Solar Lighting Systems find major applications across Residential, Industrial, and Commercial sectors. Residential application, worth USD 240 million in 2015, is projected to elevate Africa off grid solar lighting market revenue over the coming timeframe.
Market players will try to increase their ROI through product development, product benchmarking, introduction of new technologies, and heavy R&D investments. SunnyMoney, WakaWaka, Koninklijke Philips N.V., Suntech Power, BBOXX Limited, BareFoot Power, Nuru Light, ASE, and D. Light are the major players of Africa Off Grid Solar Lighting Industry.
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Below are the regional trends impacting market over 2016-2024:
• Rwanda off grid solar lighting industry is projected to record a CAGR of 18% over the coming timeframe, driven by favorable government initiatives along with the presence of many retail stores.
• Kenya industry, which dominated Africa off grid solar lighting market in 2015, is projected to grow substantially over the next few years. Supportive government policies inclusive of incentives, tax benefits, and subsidies will push the regional share.
• South Africa off grid solar lighting industry will hit USD 65 million by 2024, owing to enhanced use of large solar home systems.
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