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Solar Lighting System Market 2024: Global Trends in Sustainable Illumination Solutions
solar lighting system market segments
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According to The Business Research Company's, The solar lighting system market size has grown rapidly in recent years. It will grow from $7.12 billion in 2023 to $8.16 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increasing awareness of environmental issues, increasing energy costs, increasing availability of solar products, rise in urbanization, and rise in natural disasters.
The solar lighting system market size is expected to see rapid growth in the next few years. It will grow to $14.25 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to rising demand for mobile solar lighting solutions, rising government incentives, increasing adoption of renewable energy, increasing demand for energy-efficient solutions, and expanding off-grid applications. Major trends in the forecast period include technological advancements, integration with internet of things, integration with smart technologies, hybrid solar lighting systems, and LED technology.
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Market Drivers and Trends:
The adoption of renewable energy sources is expected to propel the growth of the solar lighting system market going forward. Renewable energy sources refer to naturally replenishable resources such as solar, wind, and hydroelectric power, which can be continuously utilized without depletion. The increase in the use of renewable energy sources is due to sustainability goals, public awareness, grid stability, innovation in storage technologies, and regulatory support. Solar lighting systems promote the uptake of renewable energy sources by directly converting solar energy into usable electricity for lighting, reducing dependency on non-renewable energy sources. For instance, in March 2024, according to the Office for National Statistics, a UK-based government agency, the low-carbon and renewable energy economy (LCREE) in the UK increased by 28.0% between 2021 and 2022, from £54.2 ($68.63) billion to £69.4 ($87.88) billion. Therefore, the adoption of renewable energy sources is driving the growth of the solar lighting system market.
Major companies operating in the solar lighting system market are focused on developing innovative solutions, such as eco-friendly lighting, to minimize environmental impact and maximize sustainability. Eco-friendly lighting refers to lighting solutions designed to have minimal negative environmental impact throughout their lifecycle. For instance, in May 2023, AGC Lighting, a China-based equipment manufacturing company, launched the ST57 solar LED street light for eco-friendly lighting. This innovative street light combines advanced solar technology with high-efficiency LED bulbs to deliver sustainable illumination for urban and suburban environments. The ST57 is designed with durability and energy efficiency, featuring a rugged, weather-resistant build that ensures longevity even in challenging outdoor conditions. Its intelligent lighting controls optimize energy usage, making it a cost-effective choice for municipalities and businesses aiming to reduce their carbon footprint.
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Major Key Players of the Market:
Schneider Electric SE, Honeywell International Inc., Eaton Corporation plc, Philips Lighting Holding BV, Signify Holding BV, Havells India Limited, Exide Industries Limited, Cooper Lighting LLC, Jain Irrigation Systems Ltd., Halonix Technologies Pvt. Ltd., d.light Design Inc., Fonroche Lighting SAS, Azuri Technologies Ltd., Jakson Group, MicroEnergy Credits Corporation, Oorja Solar, FlexSol Solutions BV, Akshar Solar Energy Pvt. Ltd., Clear Blue Technologies Inc., Deepa Solar Systems Pvt. Ltd., Dragons Breath Solar Ltd., Solar EnergieTechnik Ltd., Jinhua SunMaster Solar Lighting Co. Ltd., Leadsun Power, OSRAM Licht AG, SBM-SolarTech GmbH
Solar Lighting System Market 2024 Key Insights:
• The solar lighting system market size is expected to see rapid growth in the next few years. It will grow to $14.25 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%.
• The Rise Of Renewable Energy Fueling Growth In The Solar Lighting System Market
• Eco-Friendly Solar Lighting Solutions Driving Sustainability
• Asia-Pacific was the largest region in the solar lighting system market in 2023
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