Africa and Asia in Particular Benefiting from Off-Grid Revolution
The World Banks off grid solar initiative, Lighting Global, and Bloomberg New Energy Finance have recently launched the third publication of its type – an in-depth analysis of the trends for the global off grid solar power market. The report examines a relatively new market and provides valuable insights into the rapid technological changes to ensure low cost, clean electricity for all.
The report highlights the key driving concern that over 1.2 billion people lack access to the power grid, which means they spend around $27 billion on expensive fossil fuel based generators, battery operated torches and dangerous kerosene lighting. Improvements in solar power coupled with advancements in battery technology and cost is driving a revolution in the area of off grid living around the world, in particular Africa and Asia. The report provides valuable information for investors looking at getting into the off-grid market, with market analysis by regions given.
Some of the key highlights from the report:
The sales of off-grid solar products in emerging economies are expected to reach $3.1 billion by 2020.
Annual investments in the industry have risen to $276 million in 2015, a fifteen-fold increase since 2012.
In Africa and Asia 89 million people now have improved access to energy though off-grid solar products, including the rise of pico-solar (solar kits with a solar panel smaller or equal to 10W).