Off-Grid Solar Extended to Market Worth $1.75 Billion Over the Past Decade: World Bank

“Despite its strong growth trajectory, even more investments are needed for the sector to continue playing a key role in achieving universal access to electricity by 2030,” said the report titled ‘Off-Grid Solar Market Trends Report-2020’

February 26, 2020. By News Bureau

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The off-grid solar sector has extended into a $1.75 billion annual market helping 420 million users over the past 10 years with further scope for growth, as per a recent report by the World Bank.

“Despite its strong growth trajectory, even more investments are needed for the sector to continue playing a key role in achieving universal access to electricity by 2030,” said the report titled ‘Off-Grid Solar Market Trends Report-2020’.

According to the World Bank, in a business-as-usual scenario, the off-grid solar sector would serve 388 million people with the most basic level of electricity access by 2030. “To sustain this scenario over the next five years, the sector needs $1.7 billion to $2.2 billion in external investments from 2020 to 2024,” it added.

It added that for accomplishing universal access to electricity by 2030, the off-grid solar sector would need to serve about 132 million households, which would require between $6.6 billion to $11 billion in additional financing.

Of this total, $6.1 billion to $7.7 billion will need to come from investments into off-grid solar companies, and up to $3.4 billion as public subsidies to bridge the affordability gap, the report added.

As the sector matures and productive use of off-grid solar solutions such as solar water pumps, cold storage and other products servicing public institutions become natural expansion areas, companies are increasingly focused on its financial sustainability.

The report added that companies need to demonstrate profitability and increase transparency around operational efficiencies.

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