Off Grid Solar Lighting Market Segments, Opportunity, Growth and Forecast by End-use Industry 2022-2029
Posted by Nikhil Sharma on July 22nd, 2022
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 Off Grid Solar Lighting Market 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.
Off Grid Solar Lighting Market Dynamics
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.
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.
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.
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Off Grid Solar Lighting Market Scope
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.
Competitive Landscape and Off Grid Solar Lighting Market Share Analysis
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.
Key Players Off Grid Solar Lighting Market
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Off Grid Solar Lighting Market Regional Analysis/Insights
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, 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, South Africa, Egypt, Israel, 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.
Research Methodology: Global Off Grid Solar Lighting Market
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. Apart from this, 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.
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About the AuthorNikhil Sharma
Joined: July 21st, 2022
Articles Posted: 15
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