Rockville , Aug. 03, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global solar lighting systems market is forecasted to exhibit a high-value CAGR of 14% and reach a market size of US$ 26 billion by 2033.
Solar lighting systems harness the power of sunlight to produce electricity and illuminate outdoor spaces such as streets, gardens, parking lots, and residential areas. These systems offer a sustainable and cost-effective alternative to traditional lighting solutions, reducing dependence on fossil fuels and lowering energy costs. Due to the rising demand for energy-efficient solutions, they have become popular in commercial settings.
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The market has witnessed substantial growth over the past few years, driven by increasing environmental consciousness, government initiatives to promote renewable energy, and advancements in solar technology. Market growth is driven by growing investments in smart city programs and the introduction of cutting-edge technology, including IoT-enabled lighting systems.
LEDs are hollow and made of compound semiconductor materials. Due to their energy efficiency, LEDs are commonly used in solar lighting systems. Long life, sturdiness, environmental friendliness, and no UV emissions are a few advantages of LEDs. Because of this, they are more resilient to severe environments than other types of lamps.
Both established and developing countries face difficulties as a result of the world's steadily increasing energy needs and the limited availability of conventional energy sources. A clean, affordable, and environmentally friendly solution to supply lighting to homes is through solar lights.
Off-grid solar lighting systems are stand-alone units that are not connected to any electric grid. Solar energy is gathered and stored using these devices, and when needed, it is turned into electricity. Governments in several countries are supporting the distribution and installation of off-grid solar lighting systems in a big way.
Key Takeaways from Market Study
- The global solar lighting systems market is valued at US$ 7 billion in 2023.
- Demand for solar lighting systems is estimated to reach a market value of US$ 26 billion by 2033.
- Sales of solar lighting systems are set to rise at a stupendous CAGR of 14% through 2033.
- LED solar lighting systems account for 75% share of the global market.
- Use of other light sources is projected to increase at a CAGR of 10% over the next ten years.
- The market in Germany is estimated to surge at 13% CAGR through 2033.
“Commercial spaces, including corporate headquarters, educational institutions, and university campuses, have solar lighting systems installed. Commercial buildings require both indoor and outdoor lighting to, among other things, illuminate paths and perimeters, as well as cellars, corridors, and basements. These locations have solar lighting systems installed, which lowers maintenance costs,” says a Fact.MR analyst
Country-wise Perspectives:
"Rapid Increase in Solar Projects Around the Nation"
Demand for Solar Lighting Systems Increasing Rapidly in the United States
In 2023, the US market is expected to be worth $2 billion.
Solar lighting systems have been widely adopted in the United States. In Those remote and rural areas where expanding the power grid is not financially feasible, solar illumination solutions are also advantageous.
The growth of solar projects and the enormous demand for portable solar chargers are driving the market's expansion. The United States is anticipated to have significant market expansion due to increased environmental awareness that aims to reduce carbon footprint and promote clean and green technology systems.
Key Companies Profiled in This Report
- Solar Electric Power Company
- Clear Blue Technologies Inc.
- SunMaster
- Sunna Design
- SolarOne Solutions, Inc.
- Sol Inc.
- Jain Irrigation Systems Ltd.
- Halonix Technologies Ltd.
- Exide Industries Ltd.
- Azuri Technologies Ltd.
- Deepa Solar Systems Pvt. Ltd.
- Dragons Breath Solar
- COVIMED Group
- FlexSol Solutions B.V.
- Cooper Lighting, LLC
- Kamworks
- Microenergy Credits
Winning Strategy
According to the latest analysis by Fact.MR, a market research and competitive intelligence provider, key companies are concentrating on strategic initiatives, such as new developments and novel product offerings, to broaden their geographic reach. Top producers prioritize product quality and reliability. They use high-quality materials and conduct rigorous testing to ensure their solar lighting systems can withstand harsh weather conditions and provide consistent performance over the long term.
For instance,
- In 2021, to expand the availability of solar lighting solutions in the United States, EDP Renewables purchased a majority stake in C2 Omega.
Key Segments of Solar Lighting Systems Industry Research Report
- By Light Source:
- LED
- Others
- By Grid Type:
- Off-Grid
- Hybrid
- By Application:
- Commercial
- Highways & Roadways
- Industrial
- Residential
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global solar lighting systems market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the solar lighting systems market based on light source (LED, others), grid type (off-grid, hybrid), and application (commercial, highways & roadways, industrial, residential, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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