Solar Lights Industry: A Step to Accelerate Solar Energy
The solar lights market was valued at $8.1 billion in 2021, and is estimated to reach $14.2 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031. Solar lights are made up of four main components: the solar photovoltaic (PV) panel, battery, control electronics and the light fixture. Solar lighting products are customized with different features based on research and customer's demand. In the solar light the energy can be used immediately or stored in a battery as the goal of products is to provide power at night.
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Solar light products are sourced by clean energy and have numerous benefits depending on the type of product and its application. Increasing government initiative towards the use of clean energy and solar street lights in infrastructure projects helps to boost the solar lights industry in forecasted years.
Surge in awareness and promotion of using green energy solution are expected to drive the global solar lights market growth in coming years. Solar lights are energy-saving, durable, affordable, safe and eco-friendly which is expected to fuel the demand for solar lights in public infrastructure projects. The demand for solar lights increases in residential and industrial projects as solar lights enhance property aesthetics, security, and safety of building and surrounding areas which is expected to boost the solar lights market size in coming years.
One of the key benefits of solar lights, as products are a self-sustaining unit and also help to reduces the expense on outdoor lighting in the residential sector, which is anticipated to enhance the solar lights market share in the lighting industry. Solar lights are sustainable and convenient lighting solution due to which corporations and governments are installing solar lights at intersections and other pedestrian locations. Solar street lights helps to reduce night accidents, crimes, and improvements to security and safety on roadways which is boosting the solar lights market trends in forecasted period. In addition, solar street lights assist in illuminating places with limited access to grid electricity.
The solar light market is segmented on the basis of type, panel type, solar power system, application and region. On the basis of type, the market is classified into outdoor solar lights and indoor solar door. On the basis of panel type, the market is divided into polycrystalline, monocrystalline and amorphous. On the basis of solar power system, the market is categorized into off-grid, on-grid and hybrid. On the basis of application, the market is categorized into highways and roadways, residential, commercial and industrial and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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On the basis of type, the outdoor light segment held 90.7% share in terms of revenue and segment is expected to grow at the highest CAGR of 6.2% from 2022 to 2031. The outdoor solar light products are inexpensive, low-power, easy to use and lower the dependency on grid utility. Surge in preference of clean energy solution in residential sector and public infrastructure projects which helps fuel the demand for outdoor solar light solution in the solar light market.
On the basis of application, the highways and roadways segment held 42.8% share in terms of revenue and is expected to grow at a CAGR of 6.6% from 2022 to 2031. Solar light products are gaining popularity in infrastructural projects and government inclination towards the use green energy sources expected to fuel up the demand for solar light products in highways and roadways segment in near future.
On the basis of region, the Asia-Pacific region held 34.5% share in terms of revenue and is anticipated to grow at a CAGR of 6.4% from 2022 to 2031. Future developments in China solar product industry are projected to drive the growth of the solar light market in the country. North America holds the CAGR of 6.3% during the forecast period.
The solar light market analysis covers in-depth information of the major industry participants. Some of the major players in the solar lights market include Jinhua Sunmaster Lighting Co. Ltd, Solar Street Lights USA, Sunna Design SA, ENGOPLANET ENERGY SOLUTIONS LLC, Engcotec GmbH, Kon Lighting, SEPCO, Fonroche Lighting America, Inc., Greenshine New Energy, Koninklijke Philips N.V. and wipro lighting and others.
Key findings of the study:
• On the basis of type, outdoor solar lights segment holds the majority market share in 2021 in terms of revenue
• On the basis of panel type, polycrystalline segment holds more than half of the market share in 2021 in terms of revenue
• On the basis of solar power system, off-grid segment holds the three-fourths market share in 2021 in terms of revenue
• On the basis of application, the highways and roadways segment gained majority share in 2021 in terms of revenue
• On the basis of region, the Asia-Pacific region holds more than 30% market share in 2021 in terms of revenue
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