Solar home lights are powered by solar power using solar cells that convert solar energy, i.e. sunlight directly to power. The power is stored in batteries and used for the purpose of lighting whenever required. Solar lighting technology is cost-effective; has no ongoing cost; and offers a cleaner, brighter substitute to kerosene. The demand for fossil fuels is anticipated to increase in the coming years and is specifically attributed to the growing demand for power across the globe. The effect of rapid industrialization on the environment is quite large and resulted in the rise in global temperatures of both the land surface and water bodies. The upward push in demand for power from residential and industrial consumers is quite imminent along with the considerable use of fossil fuels that result in a large cost to the environment in the form of greenhouse gas emissions. The implementation of renewable sources of power, which include solar, wind, and hydro energy is expected to considerably reduce the emission of greenhouse gasses and additionally help obtain the goal of making a sustainable environment.
COVID–19 scenario analysis
COVID-19 outbreak has put many of the industries under tough situations. The global solar home lightning market has impacted negatively in the coronavirus crisis. Many of the countries are dependent on China for imports of materials that are required for the renewable energy equipment. Prohibited transportation has affected the supply chain due to cancellation of transportation facilities. For instance, the U.S. and Europe regions are mainly dependent on China for supply of low-cost solar photovoltaic (PV) modules. Manufacturing facilities are closed around the world, which in turn, impacted negatively on the market growth. However, the market is anticipated to regain its importance after the end of the pandemic.
Top impacting factors: Market scenario analysis, trends, and drivers
The global solar home lighting market is developing at a faster pace with widespread growth rates over the previous couple of years. The market is expected to grow substantially over the forecast duration due to increasing use of renewable energy for lighting. In addition, rising penetration & reducing price of LEDs and growing demand from developing & emerging countries have enhanced the growth of the market. Moreover, underlying opportunities for this market consist of a decline in the price of solar lights systems, favorable government policies, and enhancement in technological factors of a solar lighting system. Irregular electricity power supply in rural areas is a major aspect that is expected to enhance the global solar home lighting market over the forecast period. Governments across many countries have offered subsidies, further boosting the market growth. However, limited sales channel is one of the major factors expected to restrict the market growth over the forecast duration.
Regional insights
Region-wise, the global solar home lighting market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to account for largest market size of the solar home lighting market and dominate the industry over the forecast period. Majority of nations in Asia-Pacific lie in the tropical or sub-tropical regions, and this plays a considerable role in contributing to the expansion of the solar products market. Moreover, recent government policies for the improvement of solar infrastructure in Asia-Pacific countries are expected to further propel the demand for solar home lighting products in the region.
Key benefits of the report:
- This study presents the analytical depiction of the global solar home lighting market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global solar home lighting market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global solar home lighting market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Solar Home Lights Market Report Highlights
| Aspects | Details |
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 Key Market Players | Solar Century, Tata Power Solar Systems, AUO, Sharp, Ascent Solar, GE Renewable Energy, Shenzhen Yingli New Energy Resources, Phillips, Sanyo Solar, Su-Kam |
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