According to a recently published market analysis by Fact.MR, sales of solar lighting systems hit US$ 7 billion in 2023 and are anticipated to increase to US$ 26 billion by the end of 2033. From 2023 to 2033, the global market for solar lighting systems is expected to grow at a prodigious CAGR of 14%.
Solar panels are used in a solar lighting system to gather and store solar energy during the day, which is then used to power lighting fixtures at night. The system is composed of many components, including lighting fixtures, batteries, charge controllers, and solar panels. The solar panel, the main component of the system, is in charge of collecting solar energy and converting it into electrical energy.
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Key Factors Driving the Market:
- Energy Efficiency and Sustainability: Solar lighting systems are environmentally friendly and reduce reliance on non-renewable energy sources. They contribute to energy efficiency goals and help mitigate greenhouse gas emissions.
- Off-Grid and Remote Areas: Solar lighting is particularly valuable in off-grid and remote areas where extending grid connections can be expensive or logistically challenging.
- Reduced Operating Costs: Once installed, solar lighting systems have low operating and maintenance costs compared to traditional grid-powered lighting systems.
- Urban and Rural Development: Solar lighting is used for outdoor lighting in urban areas (streets, parks, and public spaces) and rural settings (villages, farms, and remote facilities).
- Emergency and Disaster Relief: Solar lighting systems provide a reliable lighting source during power outages and emergencies, making them important for disaster relief efforts.
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
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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Market Trends:
- Advancements in Technology: Ongoing advancements in solar panel efficiency, energy storage systems, and LED lighting technology are driving the development of more efficient and reliable solar lighting systems.
- Smart Solar Lighting: Integration of smart technologies allows for remote monitoring, control, and optimization of solar lighting systems. This improves energy management and reduces maintenance costs.
- Modular and Scalable Designs: Manufacturers are offering modular solar lighting systems that can be easily expanded or modified to meet changing needs.
- Solar Street Lighting: Solar-powered street lighting is a significant application area, especially in urban environments. These systems can reduce energy costs and enhance safety.
- Innovative Financing Models: The solar lighting market has seen the emergence of innovative financing models, such as pay-as-you-go and lease-to-own options, which make these systems more accessible to a wider range of customers.
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