solar lighting system market players, solar lighting system market scope, solar lighting system industry growth, solar lighting system market size, solar lighting system market analysis, solar lighting system market trends
What is the current size and annual growth rate of the solar lighting system market?
The solar lighting system market size has grown rapidly in recent years. It will grow from $8.16 billion in 2024 to $9.4 billion in 2025 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to increasing awareness of environmental issues, increasing energy costs, increasing availability of solar products, rise in urbanization, and rise in natural disasters.
The solar lighting system market size is expected to see rapid growth in the next few years. It will grow to $16.36 billion in 2029 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to rising demand for mobile solar lighting solutions, rising government incentives, increasing adoption of renewable energy, increasing demand for energy-efficient solutions, and expanding off-grid applications. Major trends in the forecast period include technological advancements, integration with internet of things, integration with smart technologies, hybrid solar lighting systems, and LED technology.
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Which major factors have contributed to the expansion of the solar lighting system market?
The adoption of renewable energy sources is expected to propel the growth of the solar lighting system market going forward. Renewable energy sources refer to naturally replenishable resources such as solar, wind, and hydroelectric power, which can be continuously utilized without depletion. The increase in the use of renewable energy sources is due to sustainability goals, public awareness, grid stability, innovation in storage technologies, and regulatory support. Solar lighting systems promote the uptake of renewable energy sources by directly converting solar energy into usable electricity for lighting, reducing dependency on non-renewable energy sources. For instance, in March 2024, according to the Office for National Statistics, a UK-based government agency, the low-carbon and renewable energy economy (LCREE) in the UK increased by 28.0% between 2021 and 2022, from £54.2 ($68.63) billion to £69.4 ($87.88) billion. Therefore, the adoption of renewable energy sources is driving the growth of the solar lighting system market.
How is the solar lighting system market segmented?
The solar lighting system market covered in this report is segmented –
1) By Product: Solar Lanterns, Solar Home Systems, Solar Street Lights
2) By Offering: Hardware, Software And Services
3) By Lighting Source: Light Emitting Diode (LED) Lights, Compact Fluorescent Lamps (CFLs)
4) By Application: Commercial, Highways And Roadways, Industrial, Residential, Other Applications
Subsegments:
1) By Solar Lanterns: Portable Solar Lanterns, Rechargeable Solar Lanterns, Solar Lanterns with USB Charging
2) By Solar Home Systems: Small Solar Home Systems (SHS), Medium Solar Home Systems (SHS), Large Solar Home Systems (SHS)
3) By Solar Street Lights: Integrated Solar Street Lights, Semi-integrated Solar Street Lights, Pole-mounted Solar Street Lights
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Who are the top competitors in the solar lighting system market?
Major companies operating in the solar lighting system market are Schneider Electric SE, Honeywell International Inc., Eaton Corporation plc, Philips Lighting Holding BV, Signify Holding BV, Havells India Limited, Exide Industries Limited, Cooper Lighting LLC, Jain Irrigation Systems Ltd., Halonix Technologies Pvt. Ltd., d.light Design Inc., Fonroche Lighting SAS, Azuri Technologies Ltd., Jakson Group, MicroEnergy Credits Corporation, Oorja Solar, FlexSol Solutions BV, Akshar Solar Energy Pvt. Ltd., Clear Blue Technologies Inc., Deepa Solar Systems Pvt. Ltd., Dragons Breath Solar Ltd., Solar EnergieTechnik Ltd., Jinhua SunMaster Solar Lighting Co. Ltd., Leadsun Power, OSRAM Licht AG, SBM-SolarTech GmbH
Which key trends are expected to influence the solar lighting system market in the coming years?
Major companies operating in the solar lighting system market are focused on developing innovative solutions, such as eco-friendly lighting, to minimize environmental impact and maximize sustainability. Eco-friendly lighting refers to lighting solutions designed to have minimal negative environmental impact throughout their lifecycle. For instance, in May 2023, AGC Lighting, a China-based equipment manufacturing company, launched the ST57 solar LED street light for eco-friendly lighting. This innovative street light combines advanced solar technology with high-efficiency LED bulbs to deliver sustainable illumination for urban and suburban environments. The ST57 is designed with durability and energy efficiency, featuring a rugged, weather-resistant build that ensures longevity even in challenging outdoor conditions. Its intelligent lighting controls optimize energy usage, making it a cost-effective choice for municipalities and businesses aiming to reduce their carbon footprint.
Which regional trends are influencing the solar lighting system market, and which area dominates the industry?
Asia-Pacific was the largest region in the solar lighting system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar lighting system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Solar Lighting System Market Report 2025 Offer?
The solar lighting system market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A solar lighting system is a lighting solution that harnesses solar energy to power light fixtures. It is commonly used for outdoor lighting applications, such as garden lights, pathway illumination, street lighting, security lighting, and rural electrification where grid electricity is unavailable or unreliable. Solar lighting systems are known for their sustainability, which utilizes renewable solar energy, reduces electricity costs, and has minimal environmental impact compared to traditional grid-powered lighting systems.
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