July 2022
20 Sep 2024
The global solar lighting system market reached USD 8.86 billion in 2023 and is projected to attain around USD 36.47 billion by 2033, poised to grow at a CAGR of 15.20% during the forecast period. The rising need for energy-efficient solar street lights, growing demand for renewable sources of energy, and cost-effective LEDs are some of the major reasons behind the growth of the solar lighting system market.
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Solar lighting systems play a significant role as renewable sources of energy, as most people prefer to use them for several reasons. Solar lighting is the collection of solar energy with the help of photovoltaic cells or solar panels, which are converted into light energy by using the photovoltaic effect. The solar lighting system is considered a green alternative to traditional lighting that uses no power from the grid. To reduce electricity expenses solar energy is the best source that can be used and is also an environment-friendly option which makes it preferable for all.
The amount of light generated by these solar lights can be utilized for multiple purposes, such as for events, garden areas, security purposes, and many others. The rising concern about environmental effects along with building smart cities are the major factors associated with the rising demand for the solar lighting system market.
Cost-effectiveness and environment-friendly features drive the solar lighting system market.
The growing concern about energy drain, renewable sources, and the cost offered by solar lights are predicted to drive the solar lighting system market. There are various types of solar lights available on the market, such as photovoltaic lights, solar skylights, and hybrid solar lights. Photovoltaic lights collect solar energy from sunlight and store it in batteries that can be used at night. These types of lights are used for environmental reasons, to save energy and cost as well.
This system of generating electricity is commonly called a stand-alone or grid-free system of electricity generation. Solar skylights are used to dim or brighten up outdoor lights, which are designed in a certain way to convert sun energy into light and adjust the brightness of the light according to individual requirements.
The government is taking major initiatives to promote the usage of solar energy, such as promoting environmental benefits, providing various facilities, and reducing electricity costs. Such actions help people to get awareness about the benefits of using solar panels and hence boost the solar lighting system market. With the rising concern about climatic conditions, the governments of several countries are introducing various plans to enhance the inclination of the public towards solar lighting.
The National Institute of Solar Energy (NISE) has declared that India has the potential to generate 748 GW of solar energy, which will occupy only 3% of waste space if covered by Solar PV modules. To promote the usage of solar energy a new mission is launched in India as National Action Plan on Climate Change with National Solar Mission (NSM).
However, some weather conditions create hindrances in rural areas in the solar lighting system market, which is a concern that needs to create high battery storage potential. There is a need for sunlight to charge solar panels, and a prolonged period of cloudy weather can create issues when running solar lighting systems.
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Recent Development by WindStream Energy Technologies
North America is estimated to grow at the fastest rate in the market during the forecast period due to awareness among people about conserving energy by using solar lighting systems. The rapid adoption of advanced technologies creates an added demand for energy. The sustainable solar power alternative greatly aids this development. Several market players are developing technologically advanced solar lights due to demand, which is ultimately because of awareness about the use of solar lighting systems.
Asia Pacific dominated the solar lighting system market in 2023 due to the continuous advancement by market players in developing countries such as China, Japan, India, and many others. Moreover, an increase in disposable income, along with initiatives supporting the development of smart cities has benefitted the region’s market.
Rising advancements in solar lighting to fulfill a variety of needs expand the solar lighting system market.
With the rising demand for solar lights for different purposes, market players are continuously working on the advancement of the products, such as introducing sensors in solar lights, high-capacity batteries for the long run, and many others. Efforts from different companies, as well as the government, spread awareness of solar lighting systems and helped the market to expand enormously. Building integrated photovoltaic panels, floating photovoltaic panels, microinverters, monitoring systems, and various other advancements have been done by the solar lighting system market players.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 10.21 Billion |
| Market Revenue by 2033 | USD 36.47 Billion |
| CAGR | 15.20% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Grid Type
By Application
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