Off-Grid Solar Lighting Market - Global Industry Analysis, Size &Forecast : 2024

This research study analyzes the off-grid solar lighting market in terms of volume (million units) and revenue (US$ Mn). The market has been segmented on the basis of type and geography. For the research, 2015 has been taken as the base year, while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional and country level from 2015 to 2024. The report provides a broad competitive analysis of companies engaged in the off-grid solar lighting business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the off-grid solar lighting market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive industry analysis of off-grid solar lighting with the help of Porter's Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and profitability of the off-grid solar lighting market. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.

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The high-level analysis in the report provides detailed insights into the off-grid solar lighting business globally. There are currently numerous drivers of the market. One of the most prominent drivers is decreasing cost of off-grid solar lighting products. Market attractiveness analysis was carried out for the off-grid solar lighting market on the basis of revenue realization and industrial growth. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.

The off-grid solar lighting market was analyzed across four regions: Asia Pacific, Africa, Latin America, and the Middle East. These regions are further segmented by country and type of installed off-grid solar lightings globally. Segmentation on the basis of types (solar lantern system (SLS), solar home system (SHS), and large solar home system (LSHS) has been provided for each country and region. Regional data has been provided for each sub-segment of the off-grid solar lighting market.

The leading market players are aggressively participating in acquisitions, mergers, partnerships, and alliances in order to gain competitive edge. In February 2015, for example, Koninklijke Philips N.V. acquired Volcano Corporation. In March 2014, Tata Power Solar Systems acquired U.S.-based Ideal Energy's 540 MW thermal plant, while in 2011, it merged with Sunengy Pty Ltd.

Product launches have also become a key business strategy among the market players. For instance, in March 2014, Koninklijke Philips N.V. expanded its portfolio with the launch of zero-energy solar powered LED lighting systems for off-grid rural communities. In 2016, Niwa Solar announced the launch of the world's brightest solar lamp, Multi 300 XL.

According to Transparency Market Research (TMR), the global market for off-grid solar lighting market was pegged at US$13.81 mn in2015, and is expected to attain US$91.47 mn by the end of 2024. By the end of 2024, the off-grid solar lighting market in Asia Pacific will have attained over 50.51% share of the global market. By product, the solar lantern systems segment is exhibiting great demand. It is slated to achieve US$2360.16mn in terms of revenue by the end of 2024.

Untapped Opportunities in Emerging Economies Waiting in the Wings
Based on geography, Asia Pacific, the Middle East, Latin America, and Africa are the key segments. Asia pacific accounted for a maximum amount of share in 2015. A high degree of dependence on off-grid systems in countries such as Indonesia, Bangladesh, India, Tanzania, Ethiopia, Cambodia, and Kenya, represents the immense potential for the expansion of this market. Apart from the governments of numerous countries, some international organizations have also been encouraging the deployment of off-grid solar lighting. For instance, the World Bank, in collaboration with International Finance Corporation, has been promoting off-grid lighting in Africa.

The Brazilian development Bank (BNDES), the Institute for Planning and Promotion of Energy Solutions (IPSE) in Columbia, the Ministry of New and Renewable Energy (MNRE) and the Jawaharlal Nehru National Solar Mission (JNNSM) in India are some other entities assisting the advancement of the global off-grid lighting market.

Based on product type, the global market for off-grid solar lighting has been segmented into solar large solar home systems (LSHS), lantern system (SLS), and solar home systems (SHS). Of these, the solar lantern systems, by virtue of their zero emissions and low maintenance costs, accounted for maximum share of the global market.

Energy Conservation, Long-term Illumination to Fuel Demand
The declining costs of components used in off-grid solar lighting products such as photovoltaic chips, batteries, and LEDs are likely to fuel the demand for these systems, as the manufacturing costs will also reduce. The switch from low utility products to multi-functional solar home systems, the rising volume of investments in R&D projects, technological advancements, government initiatives such as tax holidays, subsidies, and interest free loans have been some of chief the growth drivers of the global off-grid solar lighting systems market.

As almost 18% of the global population has no access to electricity and instead use kerosene as a fuel, government bodies in several countries have introduced subsidies to hike the prices of these fuels, thereby promoting the adoption of cleaner energy sources such as solar lighting systems. Reduced household expenses, better, long term illumination, and eco-friendly generation of electricity are some of the key advantages of adopting off-grid solar lighting systems. All this is likely to boost the expansion of the market.
The information presented in this review is based on a Transparency Market Research report, titled, 'Off-Grid Solar Lighting Market (Type-Solar lantern System (SLS), Solarr Home Systems (SHS), and Large Solar Home Systems (LSHS)) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.?

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Key segments of the Global Off-grid Solar Lighting market
Off-grid Solar Lighting Market: By Type
Solar Lantern System (SLS)
Solar Home Systems (SHS)
Large Solar Home Systems (LSHS)

Off-grid Solar Lighting Market: By Region
Asia Pacific
Africa
Latin America
Middle East

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