The solar lighting system market is projected to grow at a CAGR 14.09% rate during the forecast period. Major factors driving the market are growing need for energy-efficient solar lighting systems for highways, increasing use of renewable energy for lighting, rising penetration and decreasing cost of LEDs, and growing demand from developing and emerging countries. Furthermore, underlying opportunities for this market include a decline in the cost of solar lighting systems, favorable government initiatives, and enhancement in technological aspects of a solar lighting system. Commercial application is expected to hold the largest share of the solar lighting system market 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 illuminating pathways and perimeters, among others. Solar lighting systems installed at these places help in decreasing energy and maintenance costs.
Off-grid expected to hold the largest market share. Off-grid solar power systems are standalone systems that are independent of any electric grids. These systems are used to collect and store solar energy, which is converted to electricity when required. In various developing countries, such as Indonesia, Bangladesh, India, Tanzania, Ethiopia, Cambodia, and Kenya, there is a high degree of dependency on off-grid systems.
APAC to account for the largest market size of solar lighting system during forecast period. APAC is a potential market for solar lighting systems with enormous opportunities for the development and implementation of new technologies. Countries such as China, Japan, India, South Korea, and Australia are taking initiatives toward the deployment of solar lighting systems. China is the biggest market in APAC for the implementation of solar lighting system solutions. Surging urbanization in developing countries in this region has been leading to the rise in the demand for energy. This consequently drives the demand for solar streetlights in this region.
Key Market Players includes Signify Holding (Signify, Netherlands), Eaton Corporation Inc (Eaton, Ireland), Solar Electric Power Company (SEPCO, US), Sol Inc., (Sol by Carmanah, US), Su-Kam Power Systems Ltd. (Su-Kam, India), Clear Blue Technologies Inc (Clear Blue Technologies, Canada), SunMaster Solar Lighting Co.,Ltd. (SunMaster, China), SolarOne Solutions, Inc. (SolarOne, US), Solar Street Lights USA (Solar Street Lights, US), Solar Lighting International, Inc. (Solar Lighting, US), FlexSol Solutions B.V. (FlexSol Solutions, Netherlands), Azuri Technologies Ltd (Azuri, Kenya), Sunna Design (France), Nokero (US), and Solektra International (Africa)
Key Questions Addressed by the Report
- Where will all these developments take the industry in the mid to long term?
- Which emerging application area is expected to adopt a solar lighting system?
- Which hardware component is growing in the market at the highest growth rate?
- Which grid type is expected to penetrate significantly in solar lighting system market?
- What type of light source is the most opportunistic for light manufacturers in the market?
- Introduction
- Market Definition
- Study Scope
- Study Period
- Market Stakeholders
- Research Methodology
- Secondary Research
- Primary Research
- Research Design
- Data Validation
- Limitations and Assumptions
- 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
- Challenges
- Lack of Awareness About Finance and Payback Period
- Lack of Customer Ownership in Utility-Owned Solar Street Lighting
- Opportunities
- Decline in Cost of Solar Lighting Systems
- Enhancement in Technological Aspects of Solar Lighting System
- Favorable Government Initiatives
- Executive Summary
- Solar Lighting System Market, By Offering
- Hardware
- Solar/PV panles
- Lighting fixtures
- Rechargeable battery
- Others
- Software and services
- Solar Lighting System Market, By Light Source
- LED
- Others
- Solar Lighting System Market, By Grid Type
- Off-grid
- Hybrid
- Solar Lighting System Market, By Application
- Highways and roadways
- Industrial
- Commercial
- Residential
- Others
- Solar Lighting System Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of APAC
- Rest of the World
- South America
- Middle East
- Africa
- Company Profiles
- Leading Companies in Solar Lighting System Market
- 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 Companies in Solar Lighting System Market
*Company introduction, financial information, recent developments, SWOT analysis
- Conclusion and Recommendations
- Appendix
- About
- Related Reports
- Glossary
