Press release
The Rise Of Renewable Energy Fueling Growth In The Solar Lighting System Market: Transformative Forces Shaping the Solar Lighting System Market Landscape in 2025
Solar Lighting System
What Will the Solar Lighting System Industry Market Size Be by 2025?
The market size of the solar lighting system has experienced a swift expansion in the past few years. It is expected to surge from $8.16 billion in 2024 to $9.26 billion in 2025, demonstrating a Compound Annual Growth Rate (CAGR) of 13.5%. The past growth can be traced back to factors like growing consciousness about environmental issues, rising energy expenses, expanded accessibility of solar products, an increase in urbanization, and a rise in natural calamities.
What's the Long-Term Growth Forecast for the Solar Lighting System Market Size Through 2029?
The solar lighting system marketplace is set to witness significant expansion in the coming years, with projections indicating a surge to $15.41 billion by 2029, translating to a compound annual growth rate (CAGR) of 13.6%. The growth during the outlook period can be credited to a surging demand for portable solar lighting solutions, escalating governmental incentives, a surge in the uptake of green energy, rising requirements for energy-saving solutions, and the growth of off-grid applications. Key trends in the forecast period will include technological breakthroughs, the incorporation of the internet of things, alignment with smart technologies, hybrid solar lighting systems, and LED technology.
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What Are the Key Growth Drivers Fueling the Solar Lighting System Market Expansion?
The solar lighting system market's growth is predicted to surge due to the rising acceptance of renewable energy sources. Renewable energy sources, such as solar, wind, and hydroelectric power, are naturally restorative resources that can be utilized endlessly without being exhausted. The transition towards renewable energy sources is fueled by sustainability goals, public consciousness, grid stability, innovations in storage technologies, and regulatory backing. Solar lighting systems facilitate the adoption of renewable energy sources by directly transforming solar energy into usable electricity for lighting, which lowers reliance on non-renewable energy sources. For instance, data by the Office for National Statistics, a government agency in the UK, showed that in March 2024, the low-carbon and renewable energy economy (LCREE) in the UK saw a 28.0% increase from 2021 to 2022, moving up from £54.2 ($68.63) billion to £69.4 ($87.88) billion. Thus, the increasing adoption of renewable energy sources is fueling the growth of the solar lighting system market.
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Which Fast-Growing Trends Are Poised to Disrupt the Solar Lighting System Market?
Leading firms in the solar lighting system industry are prioritizing the development of innovative solutions like eco-friendly lighting in an attempt to minimize environmental harm and maximize sustainability. The concept of eco-friendly lighting pertains to lighting solutions specifically engineered to cause the least possible environmental damage throughout their lifespan. For example, AGC Lighting, a manufacturing company based in China, introduced the ST57 solar LED street light for eco-friendly lighting in May 2023. This avant-garde street light integrates cutting-edge solar technology with highly efficient LED bulbs to provide sustainable light for city and suburban settings. The ST57 boasts of its durability and energy efficiency, designed with a sturdy, weather-proof framework that promises long-lasting performance even in tough outdoor conditions. Its smart lighting controls economize energy consumption, rendering it a financially prudent choice for city governments and corporations seeking to lower their carbon emissions.
How Is the Solar Lighting System Market Segmented?
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 Companies Are Leading the Charge in Solar Lighting System Market Innovation?
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 Regions Are Leading the Global Solar Lighting System Market in Revenue?
Asia-Pacific was the largest region in the solar lighting system market in 2024. 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.
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