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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Solar Lighting System Market Outlook
The global solar lighting system market attained a value of about USD 8.55 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 15.9% to reach USD 32.17 billion by 2032.
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The market is primarily being driven by the rising use of renewable energy for lighting. The Asia Pacific is the fastest growing region due to the increasing demand for renewable energy.
Global Solar Lighting System Market Market Segmentation
The systems that use sunlight as a source to produce light, as well as charge lighting sources, are known as solar lighting system.
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The market can be divided on the basis of offerings into hardware, software, and services.
Hardware can be further divided into:
- Solar/PV Panels
- Lighting Fixtures
- Rechargeable Battery
- Others
The light source can be classified as LED and others. The grids in the market can be grouped into off-grid and hybrid. The market can be broadly categorised on the basis of its applications into:
- Highways and Roadways
- Industrial
- Commercial
- Residential
- Others
The EMR report looks into the regional markets of solar lighting system like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Global Solar Lighting System Market Market Analysis
The key factors driving the market growth include the increasing demand for energy-efficient solar lighting systems for highways, increased use of renewable energy for lighting purposes, increased penetration and lower costs for LEDs and increased demand from developed and emerging countries. In addition, the underlying market opportunities include a decrease in solar lighting cost, advantageous government initiatives, as well as improved technology in a solar lighting system.
LED is the leading type of light source and is likely to grow at a higher rate in the forecast period, owing to it being eco-friendly and durable compared to others. The application sector is being dominated by the commercial segment.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global solar lighting system market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- 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
The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Offering |
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| Breakup by Light Source |
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| Breakup by Grid Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global solar lighting system market attained a value of nearly USD 8.55 billion.
The market is projected to grow at a CAGR of 15.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach nearly USD 32.17 billion by 2032.
The major market drivers include the increasing penetration and lower costs for LEDs, the rising demand for solar lighting systems in emerging economies, and the introduction of favourable government initiatives aimed at boosting the use of renewable energy.
The growing demand for energy-efficient solar lighting systems for highways and increased usage of renewable energy for lighting are the key trends driving the market growth.
The major regions in the market include North America, the Asia Pacific, Latin America, Europe, and the Middle East and Africa.
The major offerings considered in the market report include hardware and software and services.
The significant light sources of solar lighting system are LED and others.
Off-grid and hybrid are the major grid types in the market.
The several applications of solar lighting system include highways and roadways, industrial, commercial, and residential, among others.
The major players in the 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.
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