Off Grid Solar Lighting Market to Reach US$4.54 bn by 2024 - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024: TMR

May 24, 2016, 08:30 ET from Transparency Market Research

ALBANY, New York, May 24, 2016 /PRNewswire/ --

Transparency Market Research has released a new market research 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.

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. On the basis of type of lighting, it is broadly segmented into solar lantern system (SLS), solar home system (SHS), and large solar home system (LSHS). Large coverage of population still having no proper access to the electricity, and are 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, which does not have access to on-grid electricity. Off-grid solar lighting products are used in the residential, commercial, and industrial applications. Modern solar technologies have reduced component costs, which in turn, have reduced the overall solar system costs.

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The off grid solar lighting market has been segmented by region into Asia Pacific, Africa, Latin America, and the Middle East. The Off Grid Solar Lighting market is further segment by type into solar lantern system (SLS), solar home system (SHS), and large solar home system (LSHS).

Asia Pacific was the largest market for Off Grid Solar Lighting globally, accounting for 55.2% of market 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 due to 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 various initiatives such as subsidies, campaigns, and different programs introduced by the World Bank and International Finance Corporation to promote off-grid solar lighting products.

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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.

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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.

The Off Grid Solar Lighting market has been segmented as follows: 

Off-grid Solar Lighting Market: By Region 

  • Asia Pacific
  • Africa
  • Latin America
  • Middle East

Off-grid Solar Lighting Market: By Type 

  • Solar Lantern System (SLS)
  • Solar Home System (SHS)
  • Large Solar Home System (LSHS)

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