Press release
Solar Lighting System Market Poised for 14.85 % Growth, Set to Hit $34.34 Billion by 2029
Solar Lighting System Market Size
The market size of the solar lighting system has seen swift expansion in the past few years. Estimated to escalate from $8.16 billion in 2024 to a massive $9.4 billion in 2025, it will progress at a compound annual growth rate (CAGR) of 15.2%. The notable growth in the earlier period is largely credited to the heightening concern for environmental matters, increasing energy charges, growing accessibility of solar items, increased urbanization, and a surge in natural calamities.
It's anticipated that the solar lighting system market will experience swift expansion in the coming years, reaching a projected value of $16.36 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.9%. The projected growth in the mentioned period can be attributed to factors such as an increased demand for mobile solar lighting solutions, generous government incentives, a growing inclination towards renewable energy, rising demand for energy-efficient solutions, and the broadening of off-grid applications. Key trends for the forecast period comprise technological advancements, integration with the internet of things (IoT), incorporation of smart technologies, hybrid solar lighting systems, and LED technology.
What Are the Key Drivers Behind the Growth of the Solar Lighting System Market?
The growth of the solar lighting system market is projected to be powered by the increasing embrace of renewable energy resources. These renewable energy forms, which include solar, wind, and hydroelectric power, are naturally replenishable and can be used perpetually without running out. The upsurge in the employment of renewable energy sources can be attributed to sustainability objectives, public consciousness, stability of the power grid, advancements in storage technologies, and regulatory backing. By transforming solar energy directly into electricity for illumination purposes, solar lighting systems facilitate the use of renewable energy resources thereby mitigating reliance on non-renewable energy forms. For example, as per the Office for National Statistics, a government agency in the UK, the growth of the UK's low-carbon and renewable energy economy (LCREE) surged by 28.0% from 2021 to 2022, soaring from £54.2 ($68.63) billion to £69.4 ($87.88) billion. Consequently, the growth of the solar lighting system market is primarily being steered by the increased utilization of renewable energy resources.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17258&type=smp
Who Are the Major Industry Players Fueling Solar Lighting System Market Expansion?
Major companies operating in the solar lighting system market are 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
Which Key Developments Are Influencing the Solar Lighting System Market?
The major players in the solar lighting system market are focusing on inventing novel solutions such as green lighting to curtail environmental damage and enhance sustainability. Green lighting refers to lamps engineered to have least damaging environmental implications throughout their life cycle. For instance, in May 2023, AGC Lighting, a firm that manufactures equipment based in China, launched the ST57 solar LED street lamp for greener lighting. This resourceful street lamp merges sophisticated solar technology with highly efficient LED bulbs to deliver durable lighting for metropolitan and suburban areas. The ST57 lamp is designed for robustness and energy efficiency, and features a sturdy, weatherproof construction that guarantees its longevity, even in tough outdoor settings. Its smart lighting mechanisms enhance energy conservation, thus becoming a cost-effective option for local governments and businesses striving to lessen their carbon footprint.
How Is the Segmentation of the Solar Lighting System Market Defined?
The solar lighting system market covered in this report is segmented -
1) By Product: Solar Lanterns, Solar Home Systems, Solar Street Lights
2) By Offering: Hardware, Software And Services
3) By Lighting Source: Light Emitting Diode (LED) Lights, Compact Fluorescent Lamps (CFLs)
4) By Application: Commercial, Highways And Roadways, Industrial, Residential, Other Applications
Subsegments:
1) By Solar Lanterns: Portable Solar Lanterns, Rechargeable Solar Lanterns, Solar Lanterns with USB Charging
2) By Solar Home Systems: Small Solar Home Systems (SHS), Medium Solar Home Systems (SHS), Large Solar Home Systems (SHS)
3) By Solar Street Lights: Integrated Solar Street Lights, Semi-integrated Solar Street Lights, Pole-mounted Solar Street Lights
Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/solar-lighting-system-global-market-report
What Is the Leading Region in the Solar Lighting System Market?
Asia-Pacific was the largest region in the solar lighting system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar lighting system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Solar Lighting System Global Market Report?
- Market Size Analysis: Analyze the Solar Lighting System Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solar Lighting System Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Solar Lighting System Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solar Lighting System Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=17258
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Solar Lighting System Market Poised for 14.85 % Growth, Set to Hit $34.34 Billion by 2029 here
News-ID: 3866456 • Views: …
More Releases from The Business Research Company
Seed Treatment Fungicides Market to Grow at 9.3% CAGR, Reaching $3.15 Billion by …
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.
Seed Treatment Fungicides Market Outlook: How is the Market Expected to Grow by 2025?
Over the past few years, the market for seed treatment fungicides has seen robust growth. Its market value is projected to rise from $2.07 billion in 2024 to $2.21 billion in 2025, signifying a compound annual…
Rheology Modifiers Market Growth to be Driven by Emerging Trends | $10.92 Billio …
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
What is the Projected Market Size of the Rheology Modifiers Industry?
There has been a consistent expansion in the size of the rheology modifiers market in the past few years. The market, which was worth $8.59 billion in 2024, is projected to increase to $8.89 billion in 2025, demonstrating a compound…
Polyurethane Foam Market to Record 8.4% CAGR Growth Through 2029 | Global Analys …
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.
Polyurethane Foam Market Outlook: How is the Market Expected to Grow by 2025?
In recent years, the size of the polyurethane foam market has experienced substantial growth. It is projected to increase from a value of $54.27 billion in 2024 to $57.26 billion in 2025, indicating a compound annual growth…
Pharmaceutical Intermediates Market Size to Reach $46.04 Billion by 2029 | Growt …
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
What is the Projected Market Size of the Pharmaceutical Intermediates Industry?
There has been consistent growth in the market size of pharmaceutical intermediates over the past few years. The market is predicted to increase from a value of $33.37 billion in 2024, up to $34.95 billion in 2025, with a compound…
More Releases for Solar
Biohybrid Solar Cell Market Professional Survey Report 2022 - Jinko Solar, JA SO …
The Biohybrid Solar Cell Market Report 2022 provides a comprehensive analysis of observable trends and projections. This research shows how to attract a large number of customers. Our certified crew of economists, researchers, and advisers has made further attempts in projecting the global industry by utilising accredited global Biohybrid Solar Cell market information tools as well as various instruments and ways to successfully review and get information. The research argues…
Home Solar Power System Market Size, Share, Trends, Growth - Tesla, Panasonic So …
The Global Home Solar Power System Market study includes new innovations, market dynamics, strategic profiling in terms of the future market strategies and shares for the subsectors of the industry. This research consists of details related to the size of the industries, the major players, markets, sales volume and value. This study offers a detail data on the historical data pointers as well as forecasts by region/country for the sectors…
Solar PV Module Market Outlook To 2024 - Trina Solar, Canadian Solar Inc., JA So …
Solar PV module market from utility sector has witnessed a substantial growth globally in recent years. In the first quarter of the year, Vietnam's Ministry of Industry and Trade have talked about their FiT scheme related to utility-based solar power projects. Ongoing electrification programs and incentives benefit pertaining to grid connected power generation is surging the demand for on-grid solar PV modules. On-grid connection represented 55% of the overall solar…
Solar Simulator Market Distribution Channel 2019: Spire Solar, Solar Energy Inte …
Solar Simulator Market report aims to examine the developments of market including its market improvements, developments, positions and others.
This report on the Solar Simulator market offers explanatory knowledge on the market parts like dominating players, drivers and restraints, production, revenue, consumption, import and export, and the most effective development within the organization size, deployment type, inside, segmentation comprised throughout this analysis, also major the players have used various strategies such…
Solar PV Module Market By Key Vendors: Trina Solar, Canadian Solar Inc., JA Sola …
UK solar PV module market is set to expand owing to government initiatives towards sustainable energy integration. The export tariff introduced by the UK government facilitates USD 0.06 per unit for the surplus electricity injected back to the grid by the generator. Favorable government reforms with ambitious plan towards carbon footprint reduction will further boost the business outlook.
Request for a sample of this research report @
https://www.gminsights.com/request-sample/detail/1563
Solar PV Module Market size…
Global Solar Thermal Market 2016 Abengoa Solar, SUPCON Solar, Solar Euromed
Global Solar Thermal Market Research Report
The MRS Research Group Solar Thermal report by QY Research represents an inclusive evaluation of the Solar Thermal Market and comprises considerable insights, historical data, facts,and statistical and industry-validated data of the global market.Additionally,it consists of estimated data that is evaluated with the help of suitable set of methodologies and assumptions.The MRS Research Group report research highlights informative data and in-depth analysis of Solar Thermal…
