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Report
Global Solar Lighting System Market Report and Forecast 2023-2028
Market Report I 2023-10-06 I 185 Pages I EMR Inc.
Global Solar Lighting System Market Report and Forecast 2023-2028
Market Outlook
According to the report by Expert Market Research (EMR), the global solar lighting system market reached a value of USD 7.38 billion in 2022. Aided by the increasing demand for renewable and sustainable energy solutions and the growing initiatives from various governments to adopt clean energy, the market is projected to further grow at a CAGR of 15.9% between 2023 and 2028 to reach a value of USD 17.83 billion by 2028.
Solar lighting systems harness solar energy through photovoltaic cells, converting it into electrical energy, which is used to illuminate LED or CFL lamps. They are increasingly being used for outdoor lighting in various applications, including street lighting, security lighting, pathway lighting, and billboard lighting. Solar lighting systems are gaining prominence due to their benefits, such as energy efficiency, cost-effectiveness, and minimal environmental impact.
The global rise in energy costs, increased demand for sustainable and renewable energy, and significant advances in solar technology are the key drivers propelling the solar lighting system market growth. With growing awareness of the environmental damage caused by conventional energy systems, there is a substantial move towards cleaner and more sustainable alternatives, leading to a surge in demand for solar lighting systems.
The increasing need for energy-efficient lighting solutions in developing countries, where grid connectivity is low or absent, is fuelling the solar lighting system market demand. In addition, the decline in the costs of solar components, due to technological advancements and mass production, has made solar lighting systems more accessible and affordable to a larger population.
Governments worldwide are actively promoting the use of solar lighting through various incentives, including subsidies, tax credits, and grants, to encourage the adoption of renewable energy, further bolstering the solar lighting system market size.
The solar lighting system has found numerous applications, from residential and commercial to industrial sectors. In residential settings, they are used for garden lighting, security, and pathway lighting. For commercial and industrial uses, they are increasingly being employed in parking lots, streets, and public parks due to their low operating costs and high efficiency.
Emerging applications of solar lighting systems in disaster-stricken and off-grid areas for emergency and temporary lighting purposes are another promising avenue for market expansion. Furthermore, solar lighting is becoming a popular choice for festive and decorative lighting, thanks to its eco-friendly nature and low energy costs.
The Asia Pacific region, led by countries like India and China, holds a significant portion of the solar lighting system market share due to the large population, increasing urbanisation, and strong government support. Africa and Latin America follow suit, driven by abundant sunshine and increasing government initiatives to electrify rural and remote areas using clean energy.
Market Segmentation
The market can be divided based on offering, light source, grid type, application, and region.
Market Breakup by Offering
- Hardware
o Solar/PV Panels
o Lighting Fixtures
o Rechargeable Battery
o Others
- Software and Services
Market Breakup by Light Source
- LED
- Others
Market Breakup by Light Source
- Off-Grid
- Hybrid
Market Breakup by Application
- Highways and Roadways
- Industrial
- Commercial
- Residential
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solar lighting system market. Some of the major players explored in the report by Expert Market Research are as follows:
- Signify Holding
- Eaton Corporation plc
- Clear Blue Technologies Inc.
- Jinhua SunMaster Solar Lighting Co., Ltd.
- Solar Electric Power Company
- ENF Ltd.
- Best Solar Street Lights USA
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Solar Lighting System Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar Lighting System Historical Market (2018-2022)
8.3 Global Solar Lighting System Market Forecast (2023-2028)
8.4 Global Solar Lighting System Market by Offering
8.4.1 Hardware
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.1.4 Hardware by Type
8.4.1.4.1 Solar/PV Panels
8.4.1.4.2 Lighting Fixtures
8.4.1.4.3 Rechargeable Battery
8.4.1.4.4 Others
8.4.2 Software and Services
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Solar Lighting System Market by Light Source
8.5.1 LED
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Others
8.6 Global Solar Lighting System Market by Grid Type
8.6.1 Off-Grid
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Hybrid
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.7 Global Solar Lighting System Market by Application
8.7.1 Highways and Roadways
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Industrial
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Commercial
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Residential
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Others
8.8 Global Solar Lighting System Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter's Five Forces Analysis
10.2.1 Supplier's Power
10.2.2 Buyer's Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Signify Holding
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Eaton Corporation plc
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Clear Blue Technologies Inc.
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Jinhua SunMaster Solar Lighting Co., Ltd.
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Solar Electric Power Company
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 ENF Ltd.
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Best Solar Street Lights USA
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Solar Lighting System Market: Key Industry Highlights, 2018 and 2028
2. Global Solar Lighting System Historical Market: Breakup by Offering (USD Billion), 2018-2022
3. Global Solar Lighting System Market Forecast: Breakup by Offering (USD Billion), 2023-2028
4. Global Solar Lighting System Historical Market: Breakup by Light Source (USD Billion), 2018-2022
5. Global Solar Lighting System Market Forecast: Breakup by Light Source (USD Billion), 2023-2028
6. Global Solar Lighting System Historical Market: Breakup by Grid Type (USD Billion), 2018-2022
7. Global Solar Lighting System Market Forecast: Breakup by Grid Type (USD Billion), 2023-2028
8. Global Solar Lighting System Historical Market: Breakup by Application (USD Billion), 2018-2022
9. Global Solar Lighting System Market Forecast: Breakup by Application (USD Billion), 2023-2028
10. Global Solar Lighting System Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global Solar Lighting System Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Global Solar Lighting System Market Structure
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