Brightening Prospects: Solar Lighting Systems Market Analysis |...

Brightening Prospects: Solar Lighting Systems Market Analysis

Posted 2024-04-29 18:58:09

Market research and competitive intelligence source Fact.MR projects that the global Solar Lighting Systems Market will grow at a high-value rate of 14% and reach US$ 26 billion in market size by 2033.

With the help of solar lighting systems, outdoor areas including parking lots, gardens, and streets can be illuminated and powered by sunshine. In addition to cutting reliance on fossil fuels and energy expenses, these systems provide an affordable and sustainable replacement for conventional lighting options. They are becoming common in business settings because of the growing demand for energy-efficient solutions.

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The market has witnessed substantial growth over the past few years, driven by increasing environmental consciousness, government initiatives to promote renewable energy, and advancements in solar technology. Market growth is driven by growing investments in smart city programs and the introduction of cutting-edge technology, including IoT-enabled lighting systems.

LEDs are hollow and made of compound semiconductor materials. Due to their energy efficiency, LEDs are commonly used in solar lighting systems. Long life, sturdiness, environmental friendliness, and no UV emissions are a few advantages of LEDs. Because of this, they are more resilient to severe environments than other types of lamps.

Both established and developing countries face difficulties as a result of the world's steadily increasing energy needs and the limited availability of conventional energy sources. A clean, affordable, and environmentally friendly solution to supply lighting to homes is through solar lights.

Off-grid solar lighting systems are stand-alone units that are not connected to any electric grid. Solar energy is gathered and stored using these devices, and when needed, it is turned into electricity. Governments in several countries are supporting the distribution and installation of off-grid solar lighting systems in a big way.

Key Takeaways from Market Study

The global solar lighting systems market is valued at US$ 7 billion in 2023.
Demand for solar lighting systems is estimated to reach a market value of US$ 26 billion by 2033.
Sales of solar lighting systems are set to rise at a stupendous CAGR of 14% through 2033.
LED solar lighting systems account for 75% share of the global market.
Use of other light sources is projected to increase at a CAGR of 10% over the next ten years.
The market in Germany is estimated to surge at 13% CAGR through 2033.

“Commercial spaces, including corporate headquarters, educational institutions, and university campuses, have solar lighting systems installed. Commercial buildings require both indoor and outdoor lighting to, among other things, illuminate paths and perimeters, as well as cellars, corridors, and basements. These locations have solar lighting systems installed, which lowers maintenance costs,” says a Fact.MR analyst

Country-wise Perspectives:

"Rapid Increase in Solar Projects Around the Nation"

Demand for Solar Lighting Systems Increasing Rapidly in the United States

In 2023, the US market is expected to be worth $2 billion.

Solar lighting systems have been widely adopted in the United States. In Those remote and rural areas where expanding the power grid is not financially feasible, solar illumination solutions are also advantageous.

The growth of solar projects and the enormous demand for portable solar chargers are driving the market's expansion. The United States is anticipated to have significant market expansion due to increased environmental awareness that aims to reduce carbon footprint and promote clean and green technology systems.

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Key Companies Profiled in This Report

Solar Electric Power Company
Clear Blue Technologies Inc.
SunMaster
Sunna Design
SolarOne Solutions, Inc.
Sol Inc.
Jain Irrigation Systems Ltd.
Halonix Technologies Ltd.
Exide Industries Ltd.
Azuri Technologies Ltd.
Deepa Solar Systems Pvt. Ltd.
Dragons Breath Solar
COVIMED Group
FlexSol Solutions B.V.
Cooper Lighting, LLC
Kamworks
Microenergy Credits

Winning Strategy

According to the latest analysis by Fact.MR, a market research and competitive intelligence provider, key companies are concentrating on strategic initiatives, such as new developments and novel product offerings, to broaden their geographic reach. Top producers prioritize product quality and reliability. They use high-quality materials and conduct rigorous testing to ensure their solar lighting systems can withstand harsh weather conditions and provide consistent performance over the long term.

For instance,

In 2021, to expand the availability of solar lighting solutions in the United States, EDP Renewables purchased a majority stake in C2 Omega.

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Key Segments of Solar Lighting Systems Industry Research Report

By Light Source:
- LED
- Others
By Grid Type:
- Off-Grid
- Hybrid
By Application:
- Commercial
- Highways & Roadways
- Industrial
- Residential
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global solar lighting systems market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights on the solar lighting systems market based on light source (LED, others), grid type (off-grid, hybrid), and application (commercial, highways & roadways, industrial, residential, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).