Off-Grid Solar Market Now Worth $1.75 Billion

World Bank & GOGLA Report Says Sector Requires Up To $2.2 Billion In Over Next 5 Years To Reach 823 Million Users By 2030

Off-Grid Solar Market Now Worth $1.75 Billion

The annual off-grid solar market’s annual turnover globally has grown by an estimated 30%, according to the World Bank Group's Lighting Global report that claims it is now $1.75 billion strong. (Source: International Finance Corporation)

With an annual growth of 30% between 2017 & 2019, the off-grid solar industry has grown to become a $1.75 billion market with more than 180 million in off-grid solar units having been sold globally and 420 million users, according to the 2020 Off-Grid Solar Market Trends Report released by the World Bank & Global Off-Grid Lighting Association (GOGLA).

Released under the bank’s Lighting Global Program, the report observes that companies are increasingly focused on financial sustainability as they explore new geographies with established markets achieving saturation. It points towards two new business models in the off-grid solar industry, namely beyond energy companies that use PAYGO data to offer financing for non-energy products and services, and next-generation off-grid utilities.

Off-grid solar products could reach 823 million users in total by 2030. In order to sustain the current market growth trajectory, the sector will need an investment of $1.7 billion to $2.2 billion over the next five years.

Letting business opportunities aside, the global potential for this market is substantial as there are also more than 1 billion people with unreliable grid connectivity and over 70 million farmers as prospective users.

The Off-Grid Solar Market Trends Report  is available on the website of the Lighting Global Program. 

About The Author

Anu Bhambhani

Senior News Editor: Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.Before joining our team, Anu worked in various positions at publications of the Times Group in New Delhi. As a Principal Correspondent, she conceptualized special features and supplements for both The Times of India and The Economic Times. While Anu delved deep into solar at TaiyangNews, environment topics have been close to her heart before. As Assistant Editor, she was responsible for launching Planet Earth for The Economic Times, a special series on environment. Before joining the Times Group, Anu was a Copy Editor at the Hindustan Times.Anu holds a Masters degree in Journalism and Mass Communications from the University of Rajasthan. She also studied at the Centre for Science and Environment in New Delhi on E-Outreach: New Media Technologies for Advocacy and Strategic Communication, Social Media

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