Solar Lighting System Market Size, Share & Industry Analysis, By Light Source (LED, Others), By Grid Type (Off-Grid, On-Grid), By Offering (Hardware, Software and Services), By Application (Industrial, Highways and Roadways, Commercial, Residential, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The solar lighting system comprises lamps, solar panels, inverters, batteries, and charge controllers. The advancements in technology in the field of renewable energy alternatives and the rising shift towards renewable energy resources have developed a demand for solar lighting systems.
Based on the light source, the market is classified into LED and others like CFL and induction. The LED segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as they are widely used due to the eco-friendly nature due to zero emissions, their durability and long life, and their affordability. Based on the grid type, the global market is classified into off-grid and hybrid. The meter data management segment accounted for the major share in the market. Off-grid systems are standalone and the power generated is stored and can be used to convert to electricity when required. This gives a lot of flexibility in use, making off-grid an attractive segment.
Based on the offering, the market is classified into hardware and software & services. The hardware segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, due to the high demand for a rechargeable battery that is used to store solar power. Based on the application, the global market is classified into industrial, highways and roadways, commercial, residential, and others. The commercial segment accounted for the major share in the market. Solar lighting systems are used in commercial complexes and buildings to light corridors, basements, and outdoor lights.
Several governments and organizations across the globe are issuing regulatory mandates and legislative directives regarding the reduction of carbon emissions. The regulations coupled with the consumer obligation to shift to renewable energy sources are a key factor for driving the global solar lighting system market during the forecast period.
The key market restraint for the market is the high cost of materials and installing the solar lighting system. Also, inadequate institutionalization of LEDs by governments and regulating bodies stall the solar lighting system market growth.
Key Market Driver -
Government Policies and Legislative Mandates for reducing carbon emissions
Key Market Restraint -
High Initial Investment
Key Players Covered:
Some of the major companies in the solar lighting system market are Signify, Eaton, Solar Electric Power Company, Sol Group, Su-Kam Power Systems, Clear Blue Technologies, FlexSol Solutions, Azuri Technologies, Sunna Design, Nokero, SOLEKTRA LIMITED, JinHua SunMaster Solar Lighting Co. Ltd, Solar One, and Solar Lighting Company, Inc.
Regional Analysis:
The global solar lighting system market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the major share of the global market, as most of the solar lighting system projects are developed and undertaken in the area. The Asia Pacific market is also increasing due to the rising demand for power in China and India. Europe is the fastest-growing region for the global solar lighting system market, owing to the rising adaptation of renewable energy resources, especially in Finland and Denmark.
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Segmentation
ATTRIBTE | DETAILS |
By Light Source |
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By Grid Type |
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By Offering |
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By Application |
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By Geography |
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Key Industry Developments
- On Mar 08, 2021, EDP Renewables acquired a majority interest in C2 Omega, to enhance the distribution of solar lighting systems in the U.S.
- On Feb 17, 2021, Wondrwall Energy acquired Cleaner Air Solutions and Solar Monitoring and Maintenance to scale up the sales, installations and maintenance of net-zero energy solar panel systems across UK.
- Ongoing
- 2023
- 2019-2022
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