Solar Home Lighting Market: 6.21% CAGR Forecast
Evolve Business Intelligence has published a research report on the Global Solar Home Lighting Market 2023–2033. The global Solar Home Lighting Market is projected to exhibit a CAGR of around 6.21% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Solar Home Lighting Market: Panasonic, Tata power solar system, GE renewable energy, Sanyo solar, Ascent solar, Philips, Sharp, Su-Kam, AUO and Solarcentury.
More Information: https://evolvebi.com/report/solar-home-lighting-market-analysis/
Market Highlights
The Global Solar Home Lighting Market is projected to be valued at USD 154.23 Billion by 2033, recording a CAGR of around 6.21% during the forecast period. The Solar Home Lighting Market refers to the industry involved in the design, manufacture, distribution, and installation of solar-powered lighting systems for residential use. These systems typically include solar panels, batteries, and LED lights. The primary purpose of this market is to provide a sustainable and cost-effective alternative to conventional grid-powered lighting, especially in areas with limited or no access to the electricity grid.
The market is driven by factors such as the increasing demand for renewable energy, government incentives and subsidies, and the need for reliable and sustainable lighting solutions in off-grid areas. It also benefits from technological advancements in solar energy and decreasing costs of solar components.
The COVID-19 pandemic had several impacts on the Solar Home Lighting Market. The pandemic highlighted the importance of reliable energy sources, particularly in off-grid areas. This led to a greater interest in solar home lighting solutions, as people sought alternative and more resilient energy sources. The pandemic caused significant disruptions in global supply chains, impacting the availability and cost of solar components like panels, batteries, and LEDs. This led to delays in manufacturing and project implementation. Lockdowns and travel restrictions affected the installation and maintenance of solar home lighting systems. Many projects experienced delays due to restrictions on movement and reduced workforce availability.
Segmental Analysis
The global Solar Home Lighting Market has been segmented based on Product and Application.
Based on Product, the Solar Home Lighting Market is segmented into Grid-Tied Solar Home Lighting and Off-Grid Solar Home Lighting. The Grid-Tied Solar Home Lighting segment is anticipated to dominate the market.
Based on Application, the global Solar Home Lighting Market has been divided into City and Countryside. The City segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/solar-home-lighting-market-analysis/
Regional Analysis
The Solar Home Lighting Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. The North American market for solar home lighting is relatively mature, with established players and a focus on high-quality products. In some regions, solar home lighting systems have achieved grid parity, making them a competitive alternative to traditional grid-connected electricity. The European market for solar home lighting is expanding, driven by government policies promoting renewable energy and increasing consumer awareness of environmental issues. European consumers are increasingly seeking sustainable and environmentally friendly products, including solar home lighting systems. The Asia-Pacific region is the largest and fastest-growing market for solar home lighting, accounting for a significant portion of global sales. India and China are the key drivers of growth in the region, with large rural populations and government initiatives promoting renewable energy. The Latin American market for solar home lighting is growing steadily, driven by increasing urbanization and the need for reliable and affordable energy. As economies in Latin America continue to develop, the demand for solar home lighting systems is expected to increase. Many countries in the MEA region suffer from energy poverty, with large portions of the population lacking access to reliable and affordable electricity. Solar home lighting systems offer a viable solution to this problem. In many parts of the MEA region, grid extension is challenging or expensive due to geographical constraints and security concerns. Solar home lighting systems can be deployed in remote areas without the need for extensive infrastructure.
