At 3.7 million products sold, India has an impressive 44% of the entire global cash market

According to a newly published report by the Global Off-Grid Lighting Association (GOGLA), India has emerged as the world’s largest cash market for off-grid solar products, with 1.3 million products sold in H1 2018 alone.  This accounts for an impressive 44 percent of global sales.  3.7 million off-grid solar products were sold globally during the first half (H1) of 2018, an increase of four percent in comparison to the same time last year, the report finds.

India Grabs the Top Spot, Sells 1.3 Million Off-Grid Solar Products in H1 2018: Report

Industry estimates show off-grid solar devices have attained approximately 17 percent of the potential global market. Additionally, stable growth has been recorded for multi-light and solar home systems.  According to the report, during the first half of 2018, 26 MW of solar capacity was installed globally, a 40 percent increase compared to the same period in 2017.

2017 was a challenging year for the Indian market. Reasons for this period’s lack of growth include demonetization, the introduction of the Goods and Services Tax (GST), and the launch of the Government’s Saubhagya program. The Indian market has since regained momentum, largely due to an improvement in the microfinance segment, the report says.

When putting a monetary value on the global market share, India also emerged on top. With a market cash value of $37 million (1.3 million products sold), India accounts for a staggering 44 percent of the global market share.  Kenya was far behind with only $5 million (300,000 products) sold.

Earlier, Mercom had reported that over 90 percent of households that replaced toxic kerosene lamps with solar alternatives reported they had experienced improvements in both health and safety.

In April 2018, GOGLA reported sales of $115 million (4.14 million products) from companies who sold off-grid solar products on the global market, the equivalent of installing around 22 MW of solar panels. This is an 18 percent increase compared to the first half of the year.

Source: https://mercomindia.com/india-top-sells-1-3-million-off-grid-solar-h1-2018/