Seattle, WA -- (SBWire) -- 11/29/2019 --The solar lighting system market is projected to reach USD 10.8 billion by 2024 from USD 5.2 billion in 2019, at a CAGR of 15.6%. Major drivers for the growth of the market are growing need for energy-efficient solar lighting systems for highways, increasing use of renewable energy for lighting, rising penetration and decreasing cost of LEDs, and growing demand from developing and emerging countries. Furthermore, underlying opportunities for this market include a decline in the cost of solar lighting systems, favorable government initiatives, and enhancement in technological aspects of a solar lighting system.

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The report firstly introduced the Solar Home Lighting Equipment basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on. Then it analyzed the world's main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.

The major players profiled in this report include:
Tata Power Solar Systems
GE Renewable Energy
Panasonic
Phillips
Sharp
Su-Kam
Solarcentury
Shenzhen Yingli New Energy Resources

The end users/applications and product categories analysis:
On the basis of product, this report displays the sales volume, revenue (Million USD), product price, market share and growth rate of each type, primarily split into-
Off-grid Solar
Grid-tied Solar

On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, sales volume, market share and growth rate of Solar Home Lighting Equipment for each application, including-
City
Countryside

Off-grid to be major shareholder grid type in solar lighting system market in coming years
Off-grid solar power systems are standalone systems that are independent of any electric grids. These systems are used to collect and store solar energy, which is converted to electricity when required. In various developing countries, such as Indonesia, Bangladesh, India, Tanzania, Ethiopia, Cambodia, and Kenya, there is a high degree of dependency on off-grid systems. Governments across these countries are encouraging the installation and deployment of off-grid solar lighting systems.

Developments:
The Brazilian Development Bank (BNDES), the Institute for Planning and Promotion of Energy Solutions (IPSE) in Columbia, the Ministry of New and Renewable Energy (MNRE), and the Jawaharlal Nehru National Solar Mission (JNNSM) in India are among the entities assisting the advancement of the global off-grid solar lighting system market. Apart from the governments of these countries, a few international organizations have also been encouraging the deployment of off-grid solar lighting system. For instance, the World Bank, in collaboration with International Finance Corporation, has been promoting off-grid solar lighting in Africa.

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