Africa Off Grid Solar Lighting Market was 7.8 million units and is projected to expand at over 16% CAGR up to 2024.
Sellbyville, DE -- (SBWIRE) -- 02/06/2019 -- Africa Off Grid Solar Lighting Market 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 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.
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.
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Africa off grid solar lighting industry is segmented into different products like solar home system, large solar home system and solar lantern system. Solar home system (SHS)segment is predicted to register CAGR of more than 16% during forecast timeline. It provides additional features like small electronic gadget charging as well as cell phone charging. All these factors are predicted to promote demand for the segment.
Large solar home system (LSHS) is predicted to touch $111 million mark by end of 2024. People belonging to middle income group population in developed African nations like South Africa are shifting to LSHS due to irregular supply of power and due to ability of LSHS bulbs to light 4 to 5 bulbs. All these factors are predicted to drive segment growth.
Africa off grid solar lightning market is segmented into different applications like residential application, industrial application and commercial application. Residential application segment contributed more than $240 million for 2015. Kerosene lamp substitution with off grid lightning products is predicted to be key factor for industry expansion in residential application segment. In addition to this, diminishing product price along with health risks associated with kerosene lamp is predicted to enhance expansion.
Industrial application segment is predicted to touch $130 million mark by end of forecast timeline. Off grid lightning products can help small scale firms with uninterrupted power supply for smooth functioning of daily business procedures. Commercial application segment is predicted to register CAGR of 16% during forecast timeframe. It can be utilized in small scale industries like retail firms helping in contributing towards additional working hours at night that can boost their sales.
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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.
- Industrial application is forecast to reach 2.7 million units by 2024, with highest gains at over 16% CAGR.
- 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.
Africa off grid solar lightning market share is segmented with large proportion of regional manufacturers. Key industry players profiled in the report include
- Barefoot Power
- SunnyMoney Africa Ltd.
- Nuru Energy
- Phillips Electronics