What Is The Current and Historic Market Size Analysis Of The Solar Lighting System Market?
The solar lighting system market has seen considerable growth due to a variety of factors.
• The solar lighting system market has grown rapidly in recent years. It will increase from $8.16 billion in 2024 to $9.4 billion in 2025 at a CAGR of 15.2%.
Factors contributing to this growth include growing environmental awareness, rising energy costs, greater availability of solar products, urbanization, and the increase in natural disasters.
What are the Market Size and Expected Growth Rates for the Solar Lighting System Market?
The solar lighting system market is expected to maintain its strong growth trajectory in upcoming years.
• The solar lighting system market is projected to grow rapidly, reaching $16.36 billion by 2029 at a CAGR of 14.9%.
Growth drivers include rising demand for mobile solar lighting, government incentives, adoption of renewable energy, demand for energy-efficient solutions, and expanding off-grid applications. Key trends include technological advancements, IoT integration, smart technologies, hybrid solar systems, and LED adoption.
Which Key Drivers Are Propelling The Solar Lighting System Market's Growth?
The surge of renewable energy sources utilization is anticipated to drive the expansion of the solar lighting system market in the future. Renewable energy sources, including solar, wind, and hydroelectric power, are resources that can be consistently used without fear of exhaustion because they replenish naturally. The surge in renewable energy utilization can be attributed to sustainability objectives, public awareness, grid stability, advancements in storage technologies, and regulatory endorsement. Solar lighting systems aid in the adoption of renewable energy sources by converting solar energy directly into electricity that can be used for lighting, thereby curbing reliance on non-renewable energy sources. An example of this is seen in March 2024; as per the Office for National Statistics, a government agency based in the UK, the low-carbon and renewable energy economy (LCREE) in the UK saw an increase of 28.0% between 2021 and 2022, from £54.2 ($68.63) billion to £69.4 ($87.88) billion. Hence, the rise in renewable energy sources adoption is fuelling the expansion of the solar lighting system market.
What Are The Key Segments Within The Global Solar Lighting System Market?
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
Subsegments:
1) By Solar Lanterns: Portable Solar Lanterns, Rechargeable Solar Lanterns, Solar Lanterns with USB Charging
2) By Solar Home Systems: Small Solar Home Systems (SHS), Medium Solar Home Systems (SHS), Large Solar Home Systems (SHS)
3) By Solar Street Lights: Integrated Solar Street Lights, Semi-integrated Solar Street Lights, Pole-mounted Solar Street Lights
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What Trends Are Shaping The Solar Lighting System Market?
Big players in the solar lighting system market are concentrating on creating novel solutions, such as environmentally friendly lighting, to lessen environmental harm and boost sustainability. Environmentally friendly lighting refers to lighting systems created to inflict the least possible harm on the environment throughout their life span. For example, AGC Lighting, a manufacturing company from China focused on equipment, introduced the ST57 solar LED street light for eco-friendly lighting in May 2023. This revolutionary street light fuses high-end solar technology with LED bulbs that have a high efficacy to provide sustainable light for city and suburban areas. Equipped with durability and energy efficiency, the ST57 showcases a robust construction that can withstand varying weather conditions, ensuring its long-term usage. The smart lighting controls on this streetlight maximize energy saving, making it an economical option for municipalities and businesses wishing to lower their carbon emissions.
Who Are the Key Players In The Solar Lighting System Market?
Major companies operating in the solar lighting system market are:
• 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
What Are The Regional Insights Into The Solar Lighting System Market?
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 regions covered in the solar lighting system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
