Solar Lighting System Market

GMI Research analysis indicates that the Solar Lighting System Market size was estimated at USD 8.1 billion in 2022 and is slated to register a double digit CAGR of 14.8% over the period 2023-2030 and is projected to reach USD 24.4 billion in 2030

Solar Lighting System Market Overview

Solar Light is generated by the radiant light and heat from the sun by the usage of Solar Lighting System. A Solar Lighting System is based on solar energy and converts sunlight into direct electrical current by using photovoltaic cell, battery storage. It is a source of storage of electricity during day time. Solar Lighting System have become much wide into business to provide electricity in rural areas.

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Major Solar Lighting System Market Drivers

The solar lighting system demand across the globe is rising at a significant rate. Various key factors that are driving the growth of solar lighting system includes increase in demand for the renewable and clean energy, low maintenance and utility cost, easy installation. The solar lighting system have increased efficiency, decreased cost of LEDs and enhancement in technology implemented coupled with stringent government regulations drives the demand of solar lighting system. These systems are economically competitive where grid connection is difficult like rural areas, hill stations and other regions. The on-grid and Hybrid type of solar systems are responsible to increase the growth of the solar lighting system in the forecast period as it gives the users the ability to save money through better efficiency rates, net metering, also less expensive than off-grid systems and are having technological innovations in comparison to the off-grid solar lighting systems. The factors hindering the growth of solar lighting system market includes the high cost of material and installation and low availability. The change in weather conditions and specific geographical locations may also act as a growth hindering factor for solar lighting system market.

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Top Market Players

Various notable players in the market include Signify Holding, Eaton Corporation Inc, Solar Electric Power Company, Sol Inc., Su-Kam Power Systems Ltd, Clear Blue Technologies Inc, SunMaster Solar Lighting Co. Ltd., SolarOne Solutions Inc., Solar Street Lights USA, Solar Lighting International among others. Major players are focussing on new technology that can be implemented in Solar Lighting System to expand their product.

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Segments covered in the Report:

The Global Solar Lighting System Market has been segmented on the basis of Component, Light Source, Grid Type, Application and Geography. Based on component market is categorized into hardware& software and services. On the basis of light source market is categorized into CFL and LED. Based on grid type market is categorized into On-Grid, Off-Grid and Hybrid. On the basis of application market is segmented into Commercial, Residential, Industrial & others.

Market Segmentation

Global Solar Lighting System Market By Component

• • Hardware& Software
  • Services

Global Solar Lighting System Market By Light Source

• • CFL
  • LED

Global Solar Lighting System Market By Grid Type

• • On – Grid
  • Off – Grid
  • Hybrid

Global Solar Lighting System Market By Application

• • Commercial
  • Industrial
  • Residential

Global Solar Lighting System Market by Region

• • North America Solar Lighting System Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Light Source
    • By Grid Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Global Solar Lighting System Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Light Source
    • By Grid Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Global Solar Lighting System Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Light Source
    • By Grid Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Global Solar Lighting System Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Light Source
    • By Grid Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up