Solar Lighting Systems

Solar Lighting Systems

Global Solar Lighting Systems Market to Reach US$19.2 Billion by 2030

The global market for Solar Lighting Systems estimated at US$7.6 Billion in the year 2023, is expected to reach US$19.2 Billion by 2030, growing at a CAGR of 14.2% over the analysis period 2023-2030. LED Light Source, one of the segments analyzed in the report, is expected to record a 16.2% CAGR and reach US$14.6 Billion by the end of the analysis period. Growth in the Other Light Sources segment is estimated at 9.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.7 Billion While China is Forecast to Grow at 16.4% CAGR

The Solar Lighting Systems market in the U.S. is estimated at US$1.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.9 Billion by the year 2030 trailing a CAGR of 16.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.0% and 11.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.4% CAGR.

Global Solar Lighting Systems Market - Key Trends and Drivers Summarized

Solar lighting systems utilize solar panels to convert sunlight into electricity, which is then used to power lighting fixtures. These systems are increasingly popular in residential, commercial, and industrial settings, as well as in public spaces such as streets and parks. The core components of a solar lighting system include photovoltaic panels, a battery for energy storage, a control system to regulate power, and light fixtures, typically LED due to their energy efficiency and longevity. Solar lighting is a sustainable solution that reduces reliance on grid power and minimizes environmental impact. It provides a practical option in areas lacking electrical infrastructure and is often used in remote locations, highlighting its versatility and adaptability to various environmental conditions.

The market for solar lighting systems has expanded significantly due to their cost-effectiveness and the global shift towards renewable energy sources. Technological advancements have led to more efficient solar cells, improved battery storage capabilities, and smarter control systems that optimize energy use and extend operational hours. These innovations have enhanced the reliability and performance of solar lighting systems, making them competitive with traditional grid-powered lighting in terms of both illumination quality and durability. Moreover, government policies worldwide support the adoption of solar lighting through incentives like subsidies, tax rebates, and grants, particularly in developing countries striving to improve rural electrification and reduce carbon footprints. This support has propelled the deployment of solar lighting systems in public infrastructure projects, enhancing safety and security in communal areas while promoting sustainable development.

The growth in the solar lighting market is driven by several factors, including advancements in LED technology, increased environmental awareness, and evolving consumer preferences. LED technology has significantly enhanced the efficiency and effectiveness of solar lighting systems, allowing for brighter illumination with less energy consumption. This technological improvement has broadened the applications of solar lighting in more demanding environments, such as industrial sites and major roadways. Environmental concerns, particularly about reducing greenhouse gas emissions and energy conservation, have also spurred growth in the solar lighting market. Consumers and governments alike are prioritizing eco-friendly solutions, which has led to increased investment and adoption of solar technologies. Furthermore, the expansion of the solar lighting market is bolstered by the growing trend of smart cities, where integrated, energy-efficient, and sustainable technologies are crucial. The integration of IoT technologies into solar lighting systems for better management and maintenance is a testament to how consumer demand for smarter, more connected solutions is shaping the market. 

Select Competitors (Total 83 Featured) -

• Jain Irrigation Systems Ltd.
• Halonix Technologies Ltd.
• Exide Industries Ltd.
• Hippo Innovations Pvt., Ltd.
• BISOL Group, d.o.o.
• Clear Blue Technologies Inc.
• Azuri Technologies Ltd.
• Deepa Solar Systems Pvt. Ltd.
• Dragons Breath Solar
• COVIMED Group
• FlexSol Solutions B.V.
• Cooper Lighting, LLC
• Kamworks
• Microenergy Credits
• Integrated Batteries India Private Limited (IB Solar)

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