The World Bank’s Energy Sector Management Assistance Program (ESMAP) and GOGLA, will publish the Off-Grid Solar Market Trends Report 2024 at the upcoming Global Off-Grid Solar Forum & Expo 2024 (October 8th - 10th) in Nairobi, Kenya. The report reveals that despite 685 million people still lacking electricity globally, off-grid solar could best power 41% of these populations by 2030. It highlights the investment, challenges, and opportunities within the sector and serves as a critical resource for investors, policymakers, and industry leaders.

When?

• The story is embargoed until 00:01 GMT on the 8th of October, see link at the end of the article.

Key findings of the report include:

• 685 Million People Without Power: The number of unelectrified people grew for the first time in 20 years, with 85% living in sub-Saharan Africa, up from 50% in 2010.
• Investment Gaps: $21 billion is needed to meet off-grid solar’s contribution to universal electricity access by 2030, but only $1.2 billion in investments has been secured over the last two years.
• Increasing Public Funding as Off-Grid Solar Rises in the International Agenda: The World Bank lent a record USD 660 million to scale up Off-Grid Solar solutions in the 2024 financial year and committed USD 733 million for results-based financing since 2018, while most recently committing with the African Development Bank to electrify 300 million people in Africa as the Mission 300 initiative.
• Resilient Sales: Despite economic challenges like inflation, currency devaluation, and regional conflicts, over 50 million off-grid solar products were sold annually in 2022 and 2023, surpassing pre-pandemic sales with the sector generating a market turnover of $3.8 billion in 2022.
• Growing Demand for Larger Systems: 75,000 larger solar systems were sold in 2023 to power schools, health centers, and other public facilities, reflecting increasing demand in rural areas. As of 2023, off-grid solar solutions were estimated to benefit over 560 million people
• Increasing Off-Grid Solar  integration in energy transition: Governments are increasingly integrating OGS into energy transition plans to support climate goals. Nigeria, Ghana, and Kenya have all launched net-zero plans by 2060, emphasizing OGS's role in reducing emissions and advancing renewable energy, especially in rural areas.
• Reduction of carbon emissions: Replacing diesel generators used by businesses with OGS could save an estimated USD 6.3–12.5 billion in fuel costs, while avoiding a significant 8.3–16.6 metric tons of carbon dioxide equivalent (MTCO₂e) of greenhouse gas emissions per year.
• Cost Barriers: Over half of the unelectrified population cannot afford off-grid solar solutions without subsidies, calling for increased public funding and consumer support.  

https://www.esmap.org/Off-Grid_Solar_Market_Trends_Report_2024