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Off-Grid Solar Lighting Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024

Press Release   •   May 19, 2016 18:55 IST

Transparency Market Research has released a new market report titled “Off-Grid Solar Lighting Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.” According to this report, the off-grid solar lighting market revenue stood at US$908.65 Mn in 2015 and is projected to reach US$4,542.26 Mn by 2024 at a CAGR of 17.56% from 2016 to 2024.

Off-grid lighting is an approach to access electricity in regions or countries with low access to electricity due to poor electricity infrastructure. Solar lighting systems consist of solar panels, batteries, and inverters used for generating electricity from inverters or cells charged with the help of a solar photovoltaic panel. Solar energy is first converted into electricity and then stored in batteries for use. Off-grid solar lighting systems are better than traditional fuel-based lighting due to their low operating costs, clean energy, and non-hazardous and high quality light output. On the basis of type of lighting, they is broadly segmented into solar lantern systems (SLSs), solar home system (SHSs), and large solar home system (LSHSs). 

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A major portion of the population, which still does not have proper access to the electrical grid, is mainly depended on traditional fuel for lighting purposes. The large magnitude of available solar energy makes it an efficient source of electricity for more than 1.4 billion of the world population with no access to on-grid electricity. Off-grid solar lighting products are used in the residential, commercial, and industrial applications. Solar lantern lights are mainly used for low income segment household with unreliable or zero electricity access. Modern solar technologies have reduced the component costs, which in turn, have reduced the overall solar system costs.

Off-grid solar lighting are widely used in high voltage installations, indoor installations, urban installations, and other environmental-sensitive installations. In harsh environmental areas, such as deserts and arctic regions, these substations provide reliable operating performance. Increasing cost of land and demand for compact power systems are the primary drivers boosting the market for off-grid solar lighting. In urban areas, where availability of land is a rising concern, off-grid solar lighting can be installed in small areas within a building.

Asia Pacific was the largest market for off-grid solar lighting globally, accounting for 55.2% share in 2015. India was the leader in terms of revenue realization from off-grid solar lighting, followed by Bangladesh, in 2015. Africa was the second-largest market for off grid solar lighting in 2015. Kenya, Tanzania, Ghana, and Nigeria spearhead the Off Grid Solar Lighting market in Africa with need for clean and reliable source of off-grid electricity. Latin America was the third-largest market for Off Grid Solar Lighting, in terms of market share, in 2015. Peru and Brazil were the leading countries with highest revenue realization from Off Grid Solar Lighting in 2015. The market in Africa is expected to witness significant growth in the near future and would surpass the growth rate of Asia Pacific market by 2019. This expected growth is the result of numerous initiatives such as subsidies, campaigns, and different programs introduced by the World Bank and International Finance Corporation to promote off-grid solar lighting products.

Research Report: http://www.transparencymarketresearch.com/off-grid-solar-lighting-market.html

The market in Africa is expected to expand at the highest CAGR during the forecast period. Government policies, local manufacturing, and demand for clean fuel energy would drive the demand for Off Grid Solar Lighting in Africa.

Some of the key manufacturers of Off Grid Solar Lighting are Koninklijke Philips N.V., OSRAM GmbH, Niwa Solar, Tata Power Solar Systems Ltd., SunnyMoney, Omnivoltaic Power Co. Ltd., WakaWaka, BBOXX Ltd., Sinoware Technology Co. Ltd., and Azuri Technologies Ltd.

Transparency Market Research (TMR) is a Global market intelligence company, providing Global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.