Supply Chain Ecosystem Analysis now part of DBMR Reports
Market Size in USD Billion
| 2022 –2029 | |
|
|
USD 3,860.00 Million |
| USD 14,907.37 Million | |
| % | |
|
Global Off Grid Solar Lighting Market, By Product (Solar Lantern System, Solar Home System, Large Solar Home System), Application (Residential, Commercial, Industrial) – Industry Trends and Forecast to 2029
Market Analysis and Size
Off grid solar lighting has gained colossal popularity over the recent years and are quickly taking over as the main method of illuminating distant locations, especially across the undeveloped and underdeveloped nations, where grid infrastructure is either nonexistent or incredibly unreliable and inefficient. As of 2013, about 18% of the world's population lacked access to electricity, rendering this group entirely reliant on liquid fuels like kerosene and solid fuels like coal and wood for lighting. Additionally, major players within the market have taken several strategic measures to gain a competitive edge in the industry, such as product launches and expansion investments, which will favor the market growth even during the forecasted period.
Global off grid solar lighting market was valued at USD 3860.00 million in 2021 and is expected to reach USD 14907.37 million by 2029, registering a CAGR of 18.40% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.
Market Definition
The off grid solar lighting protects solar panels from corrosion and changing weather conditions. Encapsulation of solar cells occurs between the glass cover of the solar module and the glass cover of the solar cell located within the module. Encapsulation is commonly used to extend the useful life of such PV installations. Materials used for encapsulations are typically corrosion resistant, flame retardant, or hard wearing. In general, such encapsulation is difficult to automate and requires significant energy and material resources. The use of such encapsulates is steadily increasing in a variety of industries, including construction and automotive. Encapsulation ensures the safe operation of solar PV modules, allowing consumers to save money on maintenance.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Years
|
2020 (Customizable to 2019 - 2014)
|
|
Quantitative Units
|
Revenue in USD Million, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Product (Solar Lantern System, Solar Home System, Large Solar Home System), Application (Residential, Commercial, Industrial)
|
|
Countries Covered
|
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Poland, Norway, Finland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa
|
|
Market Players Covered
|
Signify Holding (Netherlands), Eaton (Ireland), SEPCO (U.S.), Sol by Sunna (U.S.), Saur Energy (India), Clear Blue Technologies Inc., (Canada), SunMaster Solar Lighting Co.,Ltd. (China), SolarOne Solutions, Inc. (U.S.), Best Solar Street Lights USA (U.S.), Solar Lighting International, Inc. (U.S.), FlexSol Solutions B.V. (Netherlands), Azuri Technologies Ltd (Kenya), Sunna Design SA (France), and Solektra (Africa)
|
|
Market Opportunities
|
|
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
The most popular off-grid solar lighting solutions on the market right now are solar lantern systems and solar home systems. Solar lantern systems have historically been more popular than solar home systems, largely because they are portable, inexpensive, and have fewer parts, making maintenance of these systems simpler. As per the estimations, total amount of 6.42 million solar lantern systems were sold worldwide. Solar home systems had a relatively small market share with 3.56 million units sold globally in the same year. Therefore, the increased demand for the sola lanterns further boost the overall market growth rate.
Furthermore, the rapid urbanization coupled with the growing disposable income are the major driving factor for the market. Moreover, the growing demand for energy-efficient solar lighting systems for interstates, increased use of sustainable energy for lighting, rising entry and falling cost of LEDs, and growing interest from new and emerging nations are major market growth drivers. A drop in the cost of solar lighting systems and an improvement in cutting-edge components of a solar lighting system are further hidden freedoms for this sector.
Opportunities
The favorable successful government initiatives are estimated to further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Furthermore, the increased penetration and lower costs for LEDs are estimated to further provide growth opportunities for the off grid solar lighting market.
Restraints/Challenges
However, the high installation costs associated with off grid solar lighting are a major impediment to the global off grid solar lighting market's growth.
Furthermore, weather conditions, particularly during the monsoon season, are impeding the acceptance of solar power systems, which is expected to impede the growth of the global off grid solar lighting market over the forecast period. This factor is estimated to pose as a serious challenge to the growth of the off grid solar lighting market.
This off grid solar lighting market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the off grid solar lighting market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
The recent outbreak of coronavirus had an adverse impact on the off grid solar lighting market. The slow market growth can be attributed to the halt of manufacturing operations of off grid solar lighting due to the high peak of pandemic situation. The market witnessed the negative effect in the sales due to various challenges emerged during the lockdowns. The pandemic has also largely hampered various industrial operations and disrupted the supply chain, affecting almost all industries. Due to a lack of workers, the majority of businesses have ceased operations. This lack of workforce directly impacted production and manufacturing activities, resulting in a decrease in demand for raw materials used in off-grid solar lighting. These factors largely clogged the market growth and expansion.
On the plus side, the off grid solar lighting market continued to recover from the COVID-19 epidemic in the second half of 2021. Even while progress has generally been slower than anticipated, several market categories are once again moving in the right direction. However, there are still significant differences between economies under these broad tendencies. According to data, the affiliates sold about 4 million lighting goods in December 20201. For the first time in two years, worldwide sales volumes are nearly back to what they were before COVID. Markets and businesses, however, differ greatly from one another.
The off grid solar lighting market is segmented on the basis of product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
Application
The off grid solar lighting market is analyzed and market size insights and trends are provided by country, product and application as referenced above.
The countries covered in the off grid solar lighting market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the off grid solar lighting market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. The increased growth of the market as the governments are encouraging the installation and deployment of off-grid solar lighting systems, especially across Bangladesh and India within the region in the forecast period of 2022 to 2029.
North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022 to 2029 due to the rising initiatives toward the deployment of solar lighting systems within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
The off grid solar lighting market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to off grid solar lighting market.
Some of the major players operating in the off grid solar lighting market are
SKU-
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.