Solar home lighting: Key market research findings
- The market’s presence is the strongest in EMEA
- Grid-tied solar segment is the key revenue generating vertical
- Key vendors – Panasonic, Tata Power Solar Systems, Sharp, and Shenzhen Yingli New Energy Resources
According to our research analysts, the global market for solar home lighting solutions will grow at a CAGR of approximately 20% between 2016 and 2020. Increasing focus on environmental protection is the primary driving force behind the adoption of solar home lighting solutions across the globe. In a meeting on the global demand for insatiable energy, one of the methods that has been widely debated over and is supposed to have the deepest impact is the implementation of renewable energy, such as solar, the wind, and hydro energy. During 2015, EMEA accounted for around 40% of the overall market share to become the dominant shareholder in the global solar home lighting market. Grid-tied solar home lighting products in the developed economies, such as Germany and the UK, and lighting needs of the relatively under-developed economies in the African continent are some of the factors driving the adoption of solar home lighting in EMEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the solar home lighting segments based on the product.
“Increasing support from governments across the globe is a trend that fuels market growth. One of the most encouraging aspects of the development of the global solar home lighting market is the increased camaraderie between the local governments, international organizations, and regional NGOs. Most of these schemes, introduced by the governments, are associated with the provision of subsidies and discounts to the projects, which are aimed at the development and implementation of the solar lighting schemes,” says Thanikachalam MC, Lead Analyst, Energy, Technavio Research.
In 2015, the grid-tied solar segment accounted for more than 86% of the overall market revenue to become the key revenue generating vertical in the global solar home lighting market. Grid-tied solar home lighting systems are majorly adopted across the developed parts of the world. The larger impact of this concept is expected to reduce the dependence of the economies on fossil fuels and facilitate the creation of sustainable economy. The current market, although valued at billions, does not fully harness the potential that lies within.
The key vendors in the global solar home lighting market include Panasonic, Tata Power Solar Systems, Sharp, and Shenzhen Yingli New Energy Resources. The global solar home lighting market is a very fragmented market with numerous vendors operating at multiple layers in the market. This fragmentation is evident in the different supply chains of the overall system. The individual components of solar lighting such as the solar panels, the battery, and lighting parts have similar fragmentation in their individual markets.
A more detailed analysis is available in the Technavio report, Global Solar Home Lighting Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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