The ‘ASEAN Solar Lighting Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the ASEAN solar lighting market, assessing the market on the basis of its segments like types, applications, and countries.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
ASEAN Solar Lighting Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.20%
A major factor driving the ASEAN solar lighting market is the increasing demand for decorative lights in households and commercial spaces in Southeast Asia. These lights are commonly used to increase the aesthetic visuals of a place or during festive occasions. Wireless solar string lights are a popular form of decorative lights that are hung in gardens, patios, or balconies.
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The growing usage of solar lighting in residential buildings due to the unreliable supply of electricity in many regions of ASEAN is another factor that drives the market. It provides a cost-efficient and viable electricity solution to households while eliminating issues of unprecedented blackouts at night.
The cost efficiency of solar lighting also promotes the growth of ASEAN solar lighting market as it reduces electricity bills as compared to conventional lighting. It is a viable option for people living in regions with high electricity costs and in remote areas with limited or no electricity supply.
ASEAN Solar Lighting Industry Definition and Major Segments
Solar lighting is outdoor lighting that uses solar panels to charge the battery during daytime which is then used to power fixature lights during nighttime. These lightings come in various colours, shapes, and sizes and their essential components include solar panels, rechargeable batteries, and fixed or portable light fixtures, among others.
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On the basis of type, the market is classified into:
• Street Light
• Bulb/Tube Light
• Decorative Light
• Others
Based on application, the market is categorised into:
• Residential
• Commercial
• Industrial
• Public Sector
On the basis of country, the market is divided into:
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Others
ASEAN Solar Lighting Market Trends
A key trend propelling the growth of the ASEAN solar lighting market is increasing environmental awareness due to rapid climate change. Individuals and businesses in ASEAN are shifting towards eco-friendly solutions to reduce overall carbon emissions, further boosting the market growth. Moreover, these lighting solutions can operate during power outages to provide power to streetlights, households, and commercial places, which makes them a reliable solution.
Technological advancements such as the implementation of backup systems and increased battery storage to enhance the efficiency of solar panels are other crucial trends in the market. Furthermore, several government policies to promote the usage of renewable energy sources are expected to provide growth opportunities to the market. Increased adoption of solar lighting in industrial sectors such as construction, transportation, and agriculture due to its off-grid capability and affordable pricing also fuels the market demand.
Vietnam accounts for a substantial share of the ASEAN solar lighting market owing to a well-established solar network in the country. Government support and incentives, the rising preference for cleaner solutions among individuals, and increased investments in renewable energy sources positively influence the market in the country.
Key Market Players
The major players in the global ASEAN solar lighting market report are:
- Eliossive Sdn. Bhd.
- SOL-Lite (M) Sdn Bhd
- Greenmax Lighting Pte Ltd
- LIGMAN Lighting Co.,Ltd.
- Green Age Solar Technology
- Lekise Lighting Co., Ltd.
- Lighting And Equipment Public Company Limited
- Utica Private Limited
- FSI Vietnam Company Limited
- Minh Hung Long Production Trading Co., Ltd (Paragon)
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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