The Solar Lighting System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Solar Lighting System Global Market Report 2024, The solar lighting system market size is expected to see rapid growth in the next few years. It will grow to $14.25 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to rising demand for mobile solar lighting solutions, rising government incentives, increasing adoption of renewable energy, increasing demand for energy-efficient solutions, and expanding off-grid applications. Major trends in the forecast period include technological advancements, integration with internet of things, integration with smart technologies, hybrid solar lighting systems, and LED technology.
The adoption of renewable energy sources is expected to propel the growth of the solar lighting system market going forward. Renewable energy sources refer to naturally replenishable resources such as solar, wind, and hydroelectric power, which can be continuously utilized without depletion. The increase in the use of renewable energy sources is due to sustainability goals, public awareness, grid stability, innovation in storage technologies, and regulatory support. Solar lighting systems promote the uptake of renewable energy sources by directly converting solar energy into usable electricity for lighting, reducing dependency on non-renewable energy sources. For instance, in March 2024, according to the Office for National Statistics, a UK-based government agency, the low-carbon and renewable energy economy (LCREE) in the UK increased by 28.0% between 2021 and 2022, from £54.2 ($68.63) billion to £69.4 ($87.88) billion. Therefore, the adoption of renewable energy sources is driving the growth of the solar lighting system market.
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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
Major companies operating in the solar lighting system market are focused on developing innovative solutions, such as eco-friendly lighting, to minimize environmental impact and maximize sustainability. Eco-friendly lighting refers to lighting solutions designed to have minimal negative environmental impact throughout their lifecycle. For instance, in May 2023, AGC Lighting, a China-based equipment manufacturing company, launched the ST57 solar LED street light for eco-friendly lighting. This innovative street light combines advanced solar technology with high-efficiency LED bulbs to deliver sustainable illumination for urban and suburban environments. The ST57 is designed with durability and energy efficiency, featuring a rugged, weather-resistant build that ensures longevity even in challenging outdoor conditions. Its intelligent lighting controls optimize energy usage, making it a cost-effective choice for municipalities and businesses aiming to reduce their carbon footprint.
The solar lighting system market report table of contents includes:
- Executive Summary
- Solar Lighting System Market Characteristics
- Solar Lighting System Market Trends And Strategies
- Solar Lighting System Market – Macro Economic Scenario
- Global Solar Lighting System Market Size and Growth
………….
- Global Solar Lighting System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Solar Lighting System Market
- Solar Lighting System Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Solar Lighting System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Solar Lighting System Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Solar Lighting System Market, Segmentation By Lighting Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………
Table 75: Schneider Electric SE Financial Performance
Table 76: Honeywell International Inc. Financial Performance
Table 77: Eaton Corporation plc Financial Performance
Table 78: Philips Lighting Holding BV Financial Performance
Table 79: Signify Holding BV Financial Performance
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