According to data from the World Bank, there are currently about 1 billion people without electricity in the world, and 2 billion people have no access to reliable electricity. During the period 2010-2017, nearly 400 million people have already obtained electricity through off-grid photovoltaic power, and off-grid photovoltaic power will provide electricity to 740 million people in 2022.
Despite the rapid increase in electrification, population growth in many regions of the world is outpacing electrification. At current rates, 95% of the world's population without access to electricity lives in sub-Shadow Africa. According to preliminary estimates by Wood Mackenzie, an annual investment of $52 billion will be required by 2030 to provide utility power.
Wood Mackenzie noted that the general energy access sector, especially off-grid PV and small PV grids, is experiencing rapid growth, driven by global oil and gas majors, European utilities and independent power producers, and clean energy OEMs Manufacturer's strategic investment. Collaborations such as these see new business opportunities in fast-growing emerging markets.
As the off-grid energy access industry begins to mature, strategic investors will deeply shape the market's trajectory and redefine the customer-centric utility business model by expanding services beyond basic electricity connectivity again. "Ultimately, the energy access opportunity represents the prospect of having the changing needs and data of the next billion customer base," said Benjamin Attia, analyst and head of reporting at Wood Mackenzie.