The solar lighting system market has experienced remarkable growth, increasing from $7.12 billion in 2023 to $8.16 billion in 2024, achieving a compound annual growth rate (CAGR) of 14.6%. This expansion is driven by heightened environmental awareness, rising energy costs, improved availability of solar products, urbanization, and a rise in natural disasters. The market is poised for continued growth, projected to reach $14.25 billion by 2028, with a CAGR of 15.0%. Key factors contributing to this trajectory include the demand for mobile solar lighting solutions, increased government incentives, and a shift towards renewable energy.
Major Driver In The Solar Lighting System Market
The solar lighting system market is poised for significant growth, driven by the increasing adoption of renewable energy sources. These systems, which convert solar energy into electricity for lighting, play a crucial role in reducing dependence on non-renewable resources. Factors such as sustainability goals, public awareness, technological innovations, and regulatory support are accelerating this transition. According to the Office for National Statistics, the low-carbon and renewable energy economy in the UK grew by 28% from £54.2 billion in 2021 to £69.4 billion in 2022. Valued at $2 billion in 2023, the solar lighting system market is projected to reach $2.5 billion in 2024 and grow to $4 billion by 2028.
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Solar Lighting System Market Competitive Landscape
Schneider Electric SE, Honeywell International Inc., Eaton Corporation plc, Philips Lighting Holding BV, Signify Holding BV, Havells India Limited, Exide Industries Limited, Cooper Lighting LLC, Jain Irrigation Systems Ltd., Halonix Technologies Pvt. Ltd., d.light Design Inc., Fonroche Lighting SAS, Azuri Technologies Ltd., Jakson Group, MicroEnergy Credits Corporation, Oorja Solar, FlexSol Solutions BV, Akshar Solar Energy Pvt. Ltd., Clear Blue Technologies Inc., Deepa Solar Systems Pvt. Ltd., Dragons Breath Solar Ltd., Solar EnergieTechnik Ltd., Jinhua SunMaster Solar Lighting Co. Ltd., Leadsun Power, OSRAM Licht AG, SBM-SolarTech GmbH
Key Solar Lighting System Market Trend
Companies in the solar lighting system market are developing eco-friendly lighting solutions to minimize environmental impact and enhance sustainability. In May 2023, AGC Lighting, a China-based equipment manufacturer, launched the ST57 solar LED street light. This street light combines advanced solar technology with high-efficiency LED bulbs to provide sustainable urban and suburban illumination. Its robust design ensures durability and energy efficiency, supporting municipalities and businesses in reducing their carbon footprint.
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Solar Lighting System Market Segmentation
The solar lighting system market covered in this report is segmented –
1) By Product: Solar Lanterns, Solar Home Systems, Solar Street Lights
2) By Offering: Hardware, Software And Services
3) By Lighting Source: Light Emitting Diode (LED) Lights, Compact Fluorescent Lamps (CFLs)
4) By Application: Commercial, Highways And Roadways, Industrial, Residential, Other Applications
By Geography:The regions covered in the solar lighting system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the solar lighting system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Solar Lighting System Global Market Report 2024 furnishes information about the global solar lighting system market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
