World Bank: The off-grid solar market has grown to $1.75 billion over the past 10 years

According to the World Bank's latest report, the off-grid solar industry has grown into an annual market size of $1.
75 billion over the past 10 years, serving 420 million users, and there is room for further growth
.

The report, titled 2020 Off-grid Solar Market Trends Report, said: "Despite its strong growth trajectory, the sector needs more investment to continue to play a key role
in achieving universal access to electricity by 2030.
”

Under business-as-usual, the off-grid solar sector will provide 388 million people with the most basic electricity supply
by 2030, according to the World Bank.
"To sustain this situation over the next five years, $1.
7 billion to $2.
2 billion in external investment
will be needed from 2020 to 2024.
"

To achieve universal access by 2030, the off-grid solar sector will need to serve about 132 million households, which will require $6.
6 billion to $11 billion in additional funding
, the report added.
Of this, $6.
1 billion to $7.
7 billion will require investments in off-grid solar companies, as well as up to $3.
4 billion in public subsidies to close the affordability gap
.

As the industry matures and the productive use of off-grid solar solutions, such as solar pumps, cold storage, and other products that serve public institutions, companies are increasingly concerned about their financial sustainability
.