The current market for off-grid solar continues to expand
In the face of the pandemic's back-and-forwards, off-grid solar products have performed remarkably well, with 70 million people gaining access to electricity from the beginning of 2020 to the end of 2022.
The number of people using off-grid solar power has continued to grow, and now stands at 490 million, despite the strains the pandemic has put on supply chains and income levels.
The adverse impact of the COVID-19 pandemic was most pronounced in 2020, leading to a 22% decline in sales of mobile solar products. However, According to the prediction of relevant institutions found that the off-grid solar industry rebounded in 2021, with sales up 10%.
To achieve energy self-sufficiency by 2030, off-grid solar technology will play a key role with population growth, especially in sub-Saharan Africa. Between 2020 and 2030, off-grid solar is projected to be the cheapest energy solution for 41% of households.
But the price of off-grid solar products remains prohibitive for many homes and businesses. The repeated epidemics have also led to lower personal incomes and higher unemployment. Therefore, the market for solar products still needs to be confident enough.
At the same time, market investment in the industry continues to grow and has exceeded $2.3 billion since 2012. However, most of the money went to seven large established companies, while those in the early stages struggled to attract funding.
From 2016 to 2020, annual investment in the industry held steady at between $300 million and $350 million until 2021, when it reached $457 million. This year will be another record-breaking year.
Finally, the need for government subsidies for end-users has been highlighted, and there is a growing recognition that more public funding is needed to reach remote and low-income households to compensate for their poor affordability.
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