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Global Off-grid Solar Lighting Market: Government Subsidies, Lower Interest Rates on Loans to Ramp Growth up, states TMR

Energy and Natural Resources |

The global off-grid solar lighting market exhibits a highly fragmented vendor landscape, with a large number of players including Niwa Solar, Tata Power Solar Systems Ltd., Azuri Technologies Ltd, SunnyMoney, Koninklijke Philips N.V., Omnivoltaic Power Co. Ltd., BBOXX Ltd., OSRAM GmbH, Sinoware Technology Co. Ltd., Total S.A., and Waka Waka operating in the 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.  

offgrid solar lighting market

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.

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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