$10.8 Billion Solar Lighting System Market - Global Forecast to 2024

DUBLIN, July 29, 2019 /PRNewswire/ -- The "Solar Lighting System Market by Offering (Hardware and Software & Services), Light Source (LED and Others), Grid Type (On Grid and Off Grid), Application (Highways & Roadways, Industrial, and Commercial), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Solar Lighting System Market is Projected to Reach USD 10.8 Billion by 2024 from USD 5.2 Billion in 2019, at the Highest CAGR of 15.6%.

Increasing the use of renewable energy for lighting to drive the overall growth of the solar lighting system market

Major drivers for the growth of the market are growing need for energy-efficient solar lighting systems for highways, increasing the use of renewable energy for lighting, rising penetration and decreasing the cost of LEDs, and growing demand from developing & emerging countries.

Furthermore, underlying opportunities for the solar lighting system market include a decline in the cost of solar lighting systems, favourable government initiatives, and enhancement in technological aspects of a solar lighting system. Major restraints for the market are lack of awareness about finance and payback period. The lack of customer ownership in utility-owned solar street lighting poses a significant challenge for the solar lighting system market.

Hardware segment to hold the largest share of the solar lighting system market during the forecast period

The hardware components in the solar lighting system market include solar PV channels, lighting fixtures, rechargeable batteries, and others. The rechargeable battery is the largest revenue generator for the hardware segment. The rechargeable battery used in a solar lighting system is used to store electricity generated through solar panels and provides power to solar lighting fixtures during the night.

The capacity and reliability of the battery are among the critical parameters to be considered while installing this system as the battery provides backup power for low energy periods. A good solar light system has a temperature probe that monitors the battery and optimizes its performance (battery temperature and depth of discharge voltage) to prolong the battery's life.

Commercial applications to grow at highest CAGR during the forecast period 

The commercial segment is the major application of solar lighting system and is expected to grow at the highest CAGR during the forecast period. Solar lighting systems are installed in commercial areas such as corporate offices, schools, and universities. Commercial spaces need indoor lighting for lighting up cellars, corridors, basements, and outdoor lighting for lighting up pathways and perimeters, among others. Solar lighting systems installed at these places help in decreasing energy and maintenance costs.

Solar lighting system market in North America to hold second-largest share during the forecast period

The US, Canada, and Mexico are the major contributors to the solar lighting system market in North America. The North American solar lighting system market has witnessed significant advancements in the past few years. It is the most advanced region in terms of technology adoption and associated services and is among the top markets in the solar lighting system industry. The declining price of LEDs and solar panels, along with improving performance are the factors responsible for the growth of the solar lighting system market in North America.

Market Dynamics

Drivers

• Growing Need for Energy-Efficient Solar Lighting Systems for Highways
• Increasing use of Renewable Energy for Lighting
• Rising Demand From Developing and Emerging Countries
• Increasing Penetration and Decreasing Cost of LEDs

Restraints

• Lack of Awareness About Finance and Payback Period

Opportunities

• Decline in Cost of Solar Lighting Systems
• Enhancement in Technological Aspects of Solar Lighting System
• Favorable Government Initiatives

Challenges

• Lack of Customer Ownership in Utility-Owned Solar Street Lighting

Company Profiles

Key Players

• Signify Holding (Philips)
• Eaton
• Solar Electric Power Company (SEPCO)
• Sol
• Su-Kam Power Systems
• Clear Blue Technologies
• Jinhua SunMaster Solar Lighting Co. Ltd
• SolarOne Solutions
• Solar Street Lights USA
• Solar Lighting International

Other Important Players

• Jiangsu Sokoyo Solar Lighting Co. Ltd.
• Exide Industries Ltd
• Greenshine New Energy
• Halonix Technologies Pvt Ltd.
• Zhuhai Bomin Solar Technology Co. Ltd

Startup Ecosystem

• Azuri Technologies Ltd
• FlexSol Solutions
• Sunna Design
• Nokero
• SoleKTra International

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