Rising Prices of Kerosene Oil Encouraging Adoption of Solar Products
Due to the underdeveloped grid infrastructure and power generation facilities in developing regions, the demand for alternative modes of energy is substantially increasing. According to a survey, in 2013 approximately 18% of the world’s population was deprived of electricity. As a result of this, the dependence on solid and liquid fuels such as wood, coal and, kerosene increased at a significant rate. To decrease the pressure on solid and liquid fuels, and cut down the annual costs incurred on lighting, both developing and developed countries are focusing on the development of high-end off-grid solar lighting systems. Concerns regarding the depletion of non-renewable resources are expected to further drive the adoption of off-grid solar lighting techniques. According to a report published by Transparency Market Research, the global off-grid solar lighting market is expected to rise at a 17.56% CAGR between 2016 and 2024. Geographically, Asia Pacific dominated the global off-grid solar lighting market in 2014 with a market worth US$365.09 mn. It is expected to maintain a lead and to rise to a valuation of US$2,294 mn by 2024.
Kevin Dooley