Africa Off Grid Solar Lighting Market to hit $1.4bn by 2024

Africa off grid solar lighting market share is fragmented with large number of local manufacturers. Key industry participants include SunnyMoney, Philips, and WakaWaka. Other notab;e industry players include BareFoot Power, D Light, Sun Tech, BBOXX, ASE, and Nuru Light.

Africa Off Grid Solar Lighting Market size is expected to reach USD 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 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.

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.

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