Solar Lighting System Market Report 2024

The solar lighting system market size has grown rapidly in recent years. It will grow from $7.12 billion in 2023 to $8.16 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. During the historic period, growth was driven by heightened awareness of environmental concerns, escalating energy expenses, greater accessibility of solar technologies, urbanization trends, and increased frequency of natural disasters.

The solar lighting system market size is expected to see rapid growth in the next few years. It will grow to $14.25 billion in 2028 at a compound annual growth rate (CAGR) of 15%. Projected growth in the forecast period is anticipated due to growing interest in portable solar lighting solutions, governmental support through incentives, wider adoption of renewable energy sources, rising demand for energy-efficient solutions, and expanding applications in off-grid settings. Key trends expected include advancements in technology, integration with the Internet of Things (IoT), incorporation of smart technologies, development of hybrid solar lighting systems, and advancements in LED technology.

The growth of the solar lighting system market is set to be driven by the increasing adoption of renewable energy sources. These sources, such as solar, wind, and hydroelectric power, are naturally replenishable and can be continuously utilized without depletion. This shift is motivated by sustainability goals, rising public awareness, grid stability improvements, advancements in storage technologies, and supportive regulations. Solar lighting systems play a crucial role in this transition by directly converting solar energy into electricity for lighting, thereby reducing dependence on non-renewable energy sources. For example, between 2021 and 2022, the UK's low-carbon and renewable energy economy expanded by 28%, reaching £69.4 billion ($87.88 billion) in March 2024, according to the Office for National Statistics. As a result, the market for solar lighting systems is benefiting significantly from the increasing adoption of renewable energy sources.

Innovative solutions focused on minimizing environmental impact and enhancing sustainability are a priority for leading companies in the solar lighting system market. Eco-friendly lighting solutions, designed to minimize environmental harm throughout their lifecycle, are a key area of development. For instance, AGC Lighting introduced the ST57 solar LED street light in May 2023. This product integrates advanced solar technology with high-efficiency LED bulbs to provide sustainable illumination for urban and suburban areas. The ST57 is engineered for durability and energy efficiency, featuring a robust, weather-resistant design that ensures longevity in challenging outdoor conditions. Its intelligent lighting controls optimize energy usage, making it a cost-effective choice for municipalities and businesses seeking to reduce their carbon footprint.

In June 2024, Schréder, a Belgium-based outdoor lighting specialist, acquired Ligman Lighting USA Inc., a US-based manufacturer of outdoor and architectural solar lighting solutions. This strategic acquisition aims to enhance Schréder's product portfolio and expand its market presence, particularly in the urban decorative lighting sector.

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.

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.

The countries covered in the solar lighting system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A solar lighting system utilizes solar energy to power light fixtures, serving as a sustainable lighting solution for outdoor applications such as garden lights, pathway illumination, street and security lighting, and rural electrification in areas lacking reliable grid electricity. Compared to traditional grid-powered systems, solar lighting systems are noted for their sustainability, relying on renewable solar energy to reduce electricity costs and minimize environmental impact.

Key products in the solar lighting system include solar lanterns, solar home systems, and solar street lights. Solar lanterns are portable, battery-operated devices that use solar energy for illumination, typically featuring a solar panel, battery, and LED or CFL light source. They offer a clean, renewable alternative to conventional lanterns. Various options are available, including hardware, software, and services, with lighting sources such as LEDs and CFLs suitable for diverse applications including commercial, highway and roadway, industrial, residential, and others.

The solar lighting system market research report is one of a series of new reports that provides solar lighting system market statistics, including solar lighting system industry global market size, regional shares, competitors with a solar lighting system market share, detailed solar lighting system market segments, market trends, and opportunities, and any further data you may need to thrive in the solar lighting system industry. This solar lighting system research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The solar lighting system market consists of sales of solar-powered street lights, garden lights, home lighting kits, portable solar lanterns, and solar-powered floodlights. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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