Global Solar Lighting System Market Report and Forecast 2023-2028

Global Solar Lighting System Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global solar lighting system market reached a value of USD 7.38 billion in 2022. Aided by the increasing demand for renewable and sustainable energy solutions and the growing initiatives from various governments to adopt clean energy, the market is projected to further grow at a CAGR of 15.9% between 2023 and 2028 to reach a value of USD 17.83 billion by 2028.

Solar lighting systems harness solar energy through photovoltaic cells, converting it into electrical energy, which is used to illuminate LED or CFL lamps. They are increasingly being used for outdoor lighting in various applications, including street lighting, security lighting, pathway lighting, and billboard lighting. Solar lighting systems are gaining prominence due to their benefits, such as energy efficiency, cost-effectiveness, and minimal environmental impact.

The global rise in energy costs, increased demand for sustainable and renewable energy, and significant advances in solar technology are the key drivers propelling the solar lighting system market growth. With growing awareness of the environmental damage caused by conventional energy systems, there is a substantial move towards cleaner and more sustainable alternatives, leading to a surge in demand for solar lighting systems.

The increasing need for energy-efficient lighting solutions in developing countries, where grid connectivity is low or absent, is fuelling the solar lighting system market demand. In addition, the decline in the costs of solar components, due to technological advancements and mass production, has made solar lighting systems more accessible and affordable to a larger population.

Governments worldwide are actively promoting the use of solar lighting through various incentives, including subsidies, tax credits, and grants, to encourage the adoption of renewable energy, further bolstering the solar lighting system market size.

The solar lighting system has found numerous applications, from residential and commercial to industrial sectors. In residential settings, they are used for garden lighting, security, and pathway lighting. For commercial and industrial uses, they are increasingly being employed in parking lots, streets, and public parks due to their low operating costs and high efficiency.

Emerging applications of solar lighting systems in disaster-stricken and off-grid areas for emergency and temporary lighting purposes are another promising avenue for market expansion. Furthermore, solar lighting is becoming a popular choice for festive and decorative lighting, thanks to its eco-friendly nature and low energy costs.

The Asia Pacific region, led by countries like India and China, holds a significant portion of the solar lighting system market share due to the large population, increasing urbanisation, and strong government support. Africa and Latin America follow suit, driven by abundant sunshine and increasing government initiatives to electrify rural and remote areas using clean energy.

Market Segmentation

The market can be divided based on offering, light source, grid type, application, and region.

Market Breakup by Offering

• Hardware
• Solar/PV Panels
• Lighting Fixtures
• Rechargeable Battery
• Others
• Software and Services

Market Breakup by Light Source

• LED
• Others

Market Breakup by Light Source

• Off-Grid
• Hybrid

Market Breakup by Application

• Highways and Roadways
• Industrial
• Commercial
• Residential
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solar lighting system market. Some of the major players explored in the report by Expert Market Research are as follows:

• Signify Holding
• Eaton Corporation plc
• Clear Blue Technologies Inc.
• Jinhua SunMaster Solar Lighting Co., Ltd.
• Solar Electric Power Company
• ENF Ltd.
• Best Solar Street Lights USA
• Others

About Us

Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

Our high-quality, data-driven analysis provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our Expert Market Research reports today.

*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.