SAN ANTONIO, October 1, 2018 -- A new analysis by Verify Markets shows in 2017, the Africa and Asia distributed renewable energy market was valued at an estimated $320.5 million. Kenya lead the market with an estimated 23.7 percent share in 2017. India, with an estimated 20.0 percent market share, had been the second major market in 2017. Nigeria, at a CAGR of 74.2 percent, is expected to witness fastest during the forecast period. Grid unavailability, an unstable power supply, and low-income levels in remote and rural regions of Africa and Asia have been creating opportunities for distributed renewable energy offerings in the region. Kenya has been the primary recipient of global investments in distributed renewable energy market in Africa and Asia due to favorable government policies.
Affordability, availability, and acceptance have been the key market drivers in the regions. Easy consumer loans through widespread network of micro finance institutions have been key to the Indian distributed renewable energy market. Cash sales had an estimated 98.0 percent share in Indian distributed renewable energy market in 2017 on account of ready cash availability through consumer loans offered by micro finance institutions. Kenya, Uganda, Tanzania and Nigeria have been the major distributed renewable energy markets in Africa predominated by PAYGO model offered by M-KOPA Solar Kenya Ltd, d.light design Inc. and Green Light Planet Inc., among others.
M-KOPA Solar Kenya Ltd, d.light design Inc., and Green Light Planet Inc. have been the major organizations in African and Asian distributed renewable energy market in 2017. Lumos Global B.V. witnessed incredible growth from 2016 to 2017 in Nigerian distributed renewable energy market. Partnerships with NGOs and financial institutions have been instrumental to organizational growth and expansion in distributed renewable energy market in the region.
Lack of product awareness and inaccessible remote locations have been the major challenges for African and Asian distributed renewable energy market. PAYGO will likely dominate the distributed renewable energy market during the forecast period due to increasing technological prowess and digital literacy. Additionally, country specific drivers and limitations have been discussed elaborately in the report.
The African and Asian Distributed Renewable Energy Market is poised for tremendous growth. For in-depth understanding of the market, you can review our report titled the ‘Distributed Renewable Energy Market- Africa and Asia’. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power market reports:
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