ASEAN Solar Lighting Market Report and Forecast 2024-2032

ASEAN Solar Lighting Market Outlook

The ASEAN solar lighting market size is expected to grow at a CAGR of 7.20% between 2024 and 2032. The major drivers of the market include introduction of incentives by various governments to promote the utilisation of solar operated electrical devices and the increasing demand for energy efficient lighting.

Key Trends in the Market

Solar lighting is a lighting system that is powered by the rays of sun; the solar panel collects solar energy during daytime and stores it in a battery, which then powers the light during night-time. The essential components of solar lighting include solar panels, high-efficiency fixtures, controllers, and rechargeable batteries.

• The key trends boosting the growth of the ASEAN solar lighting market include the rising demand for decorative lighting in residential and commercial sectors. Growing adoption of decorative solar lightings to increase the aesthetic appearance of homes and commercial spaces is expected to propel the growth of the market for solar lighting in the ASEAN.

• Technological advancements in solar lighting, including introduction of improved battery functioning and backup systems to allow the functioning of light for several days, is another crucial trend fuelling the growth of the ASEAN solar lighting market. Due to technological advancements, solar lighting can also be customised on the basis of weather patterns and locations.

• Another crucial trend aiding the growth of the ASEAN solar lighting market is the low cost of solar lighting systems. The cost-efficient nature of solar lighting is expected to increase their utilisation over the forecast period. The zero costs of drop meters and grid power have made the adoption of solar lighting cost effective and preferrable.

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Market Analysis

Based on type, the market is segmented into street light, bulb/tube light, and decorative light, among others. On the basis of application, the market is segregated into residential, commercial, industrial, and public sector. By country, the market is divided into Malaysia, Philippines, Singapore, Thailand, and Vietnam, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the ASEAN solar lighting market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• 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

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Market Share by Application

Residential applications of solar lighting are anticipated to account for a considerable share in the ASEAN solar lighting market in the upcoming years. This can be attributed to the unreliable supply of electricity in various regions of the ASEAN countries. Even with grid connections, round the clock provision of electricity is not assured. Solar lighting is an economical and viable solution to such uncertainties by charging at daytime and offering lighting at night-time. Additionally, growing popularity of decorative lighting is also fuelling the utilisation of solar lights in residential areas, positively contributing towards the growth of the market for solar lighting.

Market Share by Country

By country, Vietnam occupies a sizable share of the ASEAN solar lighting market due to its well established and growing network of solar power. Backed by government support for electricity availability, and strong support from the public towards clean energy, the country leads in renewable power generation for solar and wind power. Other growth opportunities of the market for solar lighting in Vietnam include government incentives, a positive investment environment, and reduced costs of solar panels in the country. Investments in renewable energy sources have increased in the past few years further aiding the growth of the market for solar lighting in Vietnam. Furthermore, the environment friendly nature of solar lighting has also increased its adoption in Vietnam.

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Competitive Landscape

Eliossive Sdn. Bhd. was established in 2011 and is headquartered in Kuala Lumpur, Malaysia. The company specialises in turnkey solar system solutions and solar lighting products. Their services encompass various solar sectors namely solar traffic management equipment for MRT projects, solar billboard lighting, solar streetlights, and on/off solar grid systems.

SOL-Lite (M) Sdn Bhd, founded in 2001 and based out of Selangor in Malaysia, specialises in solar power system products and services. Their products are customised and designed to meet the specific needs of customers and equipment. They manufacture and design PV-generator hybrids, integrated solar power systems, and grid-tie systems.

Greenmax Lighting Pte Ltd was established in 2009 and is headquartered in Bedok in Singapore. The company focuses on solar lighting and LED, with a focus on delivering eco-friendly light products that are of high quality and affordable nature. Greenmax is one of the leading market players for lighting products.

Other market players include 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, and Minh Hung Long Production Trading Co., Ltd (Paragon), among others.

Key Highlights of the Report