Press release
The Rise Of Renewable Energy Fueling Growth In The Solar Lighting System Market: Key Factor Driving The Growth In The Solar Lighting System Market
Solar Lighting System Market
What Is the Expected Solar Lighting System Market Size During the Forecast Period?
The solar lighting system market has seen rapid growth in recent years. It will increase from $8.16 billion in 2024 to $9.4 billion in 2025, with a CAGR of 15.2%. Contributing factors include heightened environmental awareness, rising energy prices, greater availability of solar products, urban expansion, and increased frequency of natural disasters.
The solar lighting system market is expected to grow rapidly, reaching $16.36 billion by 2029 at a CAGR of 14.9%. Growth is driven by mobile solar lighting needs, government incentives, renewable energy adoption, energy efficiency demand, and off-grid use cases. Major trends include smart technology integration, IoT compatibility, hybrid lighting systems, and LED advancements.
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What Are the High-Growth Segments in the Solar Lighting System Market?
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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What Key Drivers Are Expected to Influence Future Solar Lighting System Market Growth?
The increasing adoption of renewable energy sources is expected to drive the solar lighting system market. Renewable energy sources, such as solar power, are gaining popularity due to sustainability goals, public awareness, and regulatory support. Solar lighting systems contribute by converting solar energy into electricity for lighting, thus reducing reliance on non-renewable energy. For instance, in March 2024, the Office for National Statistics reported that the UK's low-carbon and renewable energy economy grew by 28.0% from 2021 to 2022. Therefore, the adoption of renewable energy is expected to propel the growth of the solar lighting system market.
Which Companies Hold the Largest Share Across Different Solar Lighting System Market Segments?
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
What Trends Are Expected to Dominate the Solar Lighting System Market in the Next 5 Years?
Companies in the solar lighting system market are developing eco-friendly lighting solutions to reduce environmental impact and promote sustainability. These lighting systems are designed for minimal environmental impact throughout their lifecycle. For instance, in May 2023, AGC Lighting, a Chinese equipment manufacturer, introduced the ST57 solar LED street light. This sustainable lighting solution combines solar technology and LED bulbs to provide energy-efficient illumination, making it a suitable choice for urban and suburban areas.
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What Are the Emerging Geographies for The Solar Lighting System Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar Lighting System Market?
2. What is the CAGR expected in the Solar Lighting System Market?
3. What Are the Key Innovations Transforming the Solar Lighting System Industry?
4. Which Region Is Leading the Solar Lighting System Market?
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