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Segment Analysis and Major Growth Areas in the Solar Lighting System Market
Solar Lighting System Market
Expected Market Valuation and Growth of the Solar Lighting System Market
The solar lighting system market is anticipated to surge significantly, reaching a valuation of $17.18 billion by 2030. This growth represents a compound annual growth rate (CAGR) of 12.9%. The expansion during the forecast period is propelled by various factors including the rise of smart city initiatives, improvements in solar panel technology, an intensified emphasis on achieving carbon neutrality, the proliferation of IoT-enabled lighting controls, and increased investments in renewable energy infrastructure. Among the notable trends expected to influence the market are the widespread adoption of solar street lighting in urban areas, increased deployment of off-grid solar lighting in rural regions, enhanced integration of LED technology in solar lighting solutions, growth in smart and connected solar lighting systems, and a steady demand for lighting options that are both cost-effective and require minimal maintenance.
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Leading Companies Making an Impact in the Solar Lighting System Market
Several prominent companies currently dominate the solar lighting system sector. These include 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, and SBM-SolarTech GmbH.
In a noteworthy development in June 2024, Schréder, a Belgium-based outdoor lighting specialist, acquired Ligman Lighting USA Inc. Although the financial details remain undisclosed, this acquisition aims to broaden Schréder's product portfolio and strengthen its presence, particularly in the urban decorative lighting market. Ligman Lighting USA Inc. is recognized for manufacturing and distributing outdoor and architectural solar lighting solutions in the United States.
Emerging Trends Advancing Sustainability in the Solar Lighting System Industry
Key players in the solar lighting market are concentrating on creating eco-friendly lighting solutions designed to reduce environmental impact and enhance sustainability. Eco-friendly lighting covers products engineered to minimize negative effects during their entire lifecycle. For example, in May 2023, AGC Lighting, a China-based manufacturer, introduced the ST57 solar LED street light as part of its eco-conscious product lineup. This street light combines cutting-edge solar technology with high-efficiency LED bulbs, delivering sustainable lighting particularly suitable for urban and suburban settings. It boasts a durable, weather-resistant construction for long-lasting performance under harsh outdoor conditions and features intelligent lighting controls that optimize energy consumption, making it a cost-effective choice for municipalities and businesses aiming to lower their carbon emissions.
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Current Segmentation Overview of the Solar Lighting System Market
This report divides the solar lighting system market into several critical segments to better understand its structure and dynamics:
1) By Product Type: Solar Lanterns, Solar Home Systems, Solar Street Lights
2) By Offering: Hardware, Software and Services
3) By Lighting Source: Light Emitting Diode (LED) Lights, Other Lighting Technologies
4) By Application Area: Commercial, Highways and Roadways, Industrial, Residential, Other Applications
The subsegments within these categories include:
- For Solar Lanterns: Portable Solar Lanterns, Rechargeable Solar Lanterns, and Solar Lanterns equipped with USB Charging
- For Solar Home Systems: Small, Medium, and Large Solar Home Systems (SHS)
- For Solar Street Lights: Integrated Solar Street Lights, Semi-integrated Solar Street Lights, and Pole-mounted Solar Street Lights
This detailed segmentation helps to capture the diverse applications and product variations within the solar lighting system market, underscoring its broad potential and adaptability across different sectors and geographies.
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