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In-Depth Analysis of the Solar Lighting System Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Solar Lighting System
The growing adoption of renewable energy sources is expected to propel the growth of the solar lighting system market. The use of renewable energy sources, such as solar, wind, and hydroelectric power, is increasing due to sustainability goals, public awareness, and advancements in storage technologies. Solar lighting systems contribute to the use of renewable energy by converting solar power into electricity for lighting. For instance, in March 2024, the UK Office for National Statistics reported that the low-carbon and renewable energy economy grew by 28.0% from 2021 to 2022. Therefore, the rise in renewable energy adoption is driving the growth of the solar lighting system market.
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What is the projected compound annual growth rate (CAGR) of the solar lighting system market from 2025 to 2034, and what factors influence it?
The solar lighting system market has seen strong growth in recent years. It will grow from $8.16 billion in 2024 to $9.4 billion in 2025, reflecting a CAGR of 15.2%. This growth is driven by rising environmental awareness, higher energy costs, increasing availability of solar products, urbanization, and the frequency of natural disasters.
The solar lighting system market is anticipated to grow rapidly, reaching $16.36 billion by 2029 at a CAGR of 14.9%. This growth is attributed to the increasing demand for mobile solar lighting solutions, government incentives, renewable energy adoption, demand for energy-efficient solutions, and the expansion of off-grid applications. Key trends include technological advances, integration with IoT and smart technologies, hybrid solar lighting systems, and the use of LED technology.
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How are the latest trends influencing the growth of the solar lighting system market?
Companies in the solar lighting system market are developing eco-friendly lighting solutions to minimize environmental impact and promote sustainability. These solutions focus on energy efficiency and durability. In May 2023, AGC Lighting, a China-based equipment manufacturer, launched the ST57 solar LED street light. This eco-friendly light combines solar technology and high-efficiency LEDs for sustainable urban and suburban lighting, optimizing energy usage with intelligent controls, making it a cost-effective choice for municipalities and businesses.
What are the major segments of the solar lighting system market and their role in driving growth?
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
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Which regions are key players in the growth of 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.
Who are the key firms paving the way for growth in the solar lighting system market?
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
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What Is Covered In The Solar Lighting System Global Market Report?
•Market Size Forecast: Examine the solar lighting system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the solar lighting system market for a structured understanding.
•Key Players Overview: Analyze major players in the solar lighting system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar lighting system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the solar lighting system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar lighting system market.
•Industry Challenges: Identify potential risks and obstacles affecting the solar lighting system market.
•Competitive Landscape: Review strategic developments in the solar lighting system market, including expansions, agreements, and new product launches.
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