Global Solar Lighting System Market is Expected to Grow at a CAGR of 15.9% in the Forecast Period of 2024-2032

Owing to the increased government support as well as support from regulatory bodies, the global solar lighting system market has been providing lucrative opportunities for players looking to enter or expand into the industry. The expected market development opportunities coming up in the recent years like rising developmental activities and increasing infrastructural investments are projected to attract new players into the global market. The well-established players in the market are also reaping the advantages of the lucrative opportunities.

With the region expected to witness the highest CAGR in the forecast period, the Asia Pacific region stands to be the major contributor to the solar lighting system market. The region is a potentially lucrative market for solar lighting systems due to the growing number of opportunities for the development and implementation of new technologies. Certain countries in the region are undertaking initiatives for the development of solar lighting systems such as China, Japan, India, South Korea, and Australia. In December 2018, the Ministry of New and Renewable Energy in India announced that 304,500 solar street lights will be installed under the phase II of Atal Jyoti Yojna in States of Uttar Pradesh, Bihar, Jharkhand, Odisha, Assam, Jammu and Kashmir, Himachal Pradesh, Uttarakhand and Sikkim, along with the union territories of Andaman and Nicobar and Lakshadweep and other Parliamentary constituencies covering 48 districts.

In the coming years, the overall global market is expected to be invigorated by the expansion of the product portfolios by the key market players. A key player in the market, Signify Holding (OTCMKTS: SFFYF), has been accelerating a strategic push into solar-powered lighting with the launch of two products in March 2018. The first product is a solar street light that combines solar panel, battery, and light in one housing and is named ‘Philips SunStay’. The other product is ‘Philips LifeLight’, which is a solar lantern and comes with a replaceable battery.

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Market Analysis by Offering, Light Source, Grid Type, Application, and Region:

• Based on offering, the industry can be divided into hardware and software and services.
• By light source, the market is segmented into LED and others.
• The market, on the basis of grid type, can be divided into off-grid and hybrid.
• On the basis of application, the industry can be divided into highways and roadways, industrial, commercial, residential, and others.
• Regionally, the solar lighting system market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global solar lighting system market is driven by the increased use of renewable energy for lighting purposes.
• The lower cost of LEDs and a decrease in solar lighting costs are expected to augment the market growth in the coming years.
• The increase in the demand for an energy-efficient solar lighting system for highways has further invigorated the global solar lighting system market growth.
• Advantageous government initiatives are enhancing the market growth further.
• Improved technology in the solar lighting system is expected to catalyse the market growth in the coming years.

Key Offerings of the Report:

• The EMR report gives an overview of the global solar lighting system market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for offerings, light sources, grid types, applications, and major regions of solar lighting system.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global solar lighting system market are Signify Holding, Eaton Corporation plc, Clear Blue Technologies Inc., Jinhua SunMaster Solar Lighting Co., Ltd., Solar Electric Power Company, ENF Ltd., and Best Solar Street Lights USA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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