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Owing to the increased government support as well as support from regulatory bodies, the global solar lighting system market has been providing lucrative opportunities for players looking to enter or expand into the industry. The expected market development opportunities coming up in the recent years like rising developmental activities and increasing infrastructural investments are projected to attract new players into the global market. The well-established players in the market are also reaping the advantages of the lucrative opportunities.
With the region expected to witness the highest CAGR in the forecast period, the Asia Pacific region stands to be the major contributor to the solar lighting system market. The region is a potentially lucrative market for solar lighting systems due to the growing number of opportunities for the development and implementation of new technologies. Certain countries in the region are undertaking initiatives for the development of solar lighting systems such as China, Japan, India, South Korea, and Australia. In December 2018, the Ministry of New and Renewable Energy in India announced that 304,500 solar street lights will be installed under the phase II of Atal Jyoti Yojna in States of Uttar Pradesh, Bihar, Jharkhand, Odisha, Assam, Jammu and Kashmir, Himachal Pradesh, Uttarakhand and Sikkim, along with the union territories of Andaman and Nicobar and Lakshadweep and other Parliamentary constituencies covering 48 districts.
In the coming years, the overall global market is expected to be invigorated by the expansion of the product portfolios by the key market players. A key player in the market, Signify Holding (OTCMKTS: SFFYF), has been accelerating a strategic push into solar-powered lighting with the launch of two products in March 2018. The first product is a solar street light that combines solar panel, battery, and light in one housing and is named ‘Philips SunStay’. The other product is ‘Philips LifeLight’, which is a solar lantern and comes with a replaceable battery.
Market Analysis by Offering, Light Source, Grid Type, Application, and Region:
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The major players in the global solar lighting system market are Signify Holding, Eaton Corporation plc, Clear Blue Technologies Inc., Jinhua SunMaster Solar Lighting Co., Ltd., Solar Electric Power Company, ENF Ltd., and Best Solar Street Lights USA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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