Solar Lighting System Market: Current Analysis and Forecast (2023-2030)
Emphasis on Grid Type (Off-grid, On-grid, and Hybrid); Application (Commercial, Highway and roadways, Residential, Industrial, and Others); and Region/Country
Global Solar Lighting System Market is expected to grow at a significant rate of around 11% during the forecast period. Factors such as increasing government initiatives and subsidies, providing electricity to remote locations, and increasing solar energy usage are catalysts for growth. Significant players in energy, technology, startups, and innovators are actively contributing to developing and adopting Solar Lighting System.
For instance: In May 2022, Lord’s Marks industries has announced that it has bagged contract from Bihar, India government to device the worlds’ largest solar-based lighting project across the state.
For instance: In January 2020, SolarOne Solutions, Inc. announced that it has been selected by Eagle Butte community center to provide and install off-grid solar streetlights with an aim to reduce carbon footprint.
SEPCO, Clear Blue Technologies, Signify Holding, Sol by Sunna Design, Su-kam, SolarOne, Azuri Technologies Ltd, Solar Lighting International, SUNMASTER, and SOLEKTRA RWANDA are some of the key players in the market. These players have undertaken several M&As along with partnerships to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst grid type, off-grid category to witness higher CAGR during the forecast period.”
Based on the grid type, solar lights come in different grid connections. Still, among them, the off-grid lighting systems are anticipated to capture the major market share in the forecast period, owing to their wider adoption in developing countries as installing these lights is cheaper and does not require any cabling infrastructure, and the capability to offer lights even in remote areas where there is absence of grid or unreliable grid. Moreover, companies are offering lucrative payment options to increase the adoption of solar lights in rural areas.
On the other hand, hybrid grid solar lights, in the absence of solar energy, consume the electricity directly from the grid, thus offering more reliable and operational electricity. In comparison, on-grid solar lighting uses solar panels to generate electricity that is directly fed into the local power grid. This system relies on the existing grid infrastructure for power storage and distribution.
For instance: According to GOGLA’s Global Off-Grid Solar Market Report, in the 2020, in total 3.6 million off-grid solar lighting products were sold, out of which 2.41 million products were sold as cash products, and the rest 1.19 million products were sold through PayGo model.
“Amongst application, the commercial segment to hold a significant share in the market in 2022.”
The Solar Lighting System market comprises five segments: commercial, industrial, residential, highways and roadways, and other applications. The commercial segment holds a significant share of this market. This is mainly owing to the wider adoption of these lights installed in schools, corporate offices, and universities. Moreover, the commercial segment uses outdoor and indoor solar lights to light the basements, corridors, basements, etc. Installing solar lights in commercial areas helps in decreasing energy and maintenance costs.
Moreover, the residential sector is also anticipated to grow exponentially owing to the increasing adoption of solar lighting systems in developing countries, particularly in Africa and the Asia Pacific region, to reduce electricity bills in developed nations and reduce the costs of solar lighting systems.
For instance: According to Worldbank report, the number of people accessing solar energy kits has grown from 420 million people in 2019 to over 490 million people by the end of 2021, with more people gaining higher ‘Tier 2’ levels of access.
Solar Lighting System Market Report Coverage
“Asia Pacific to hold a considerable share in the market.”
Asia Pacific is expected to experience a significant growth rate in the projected period. The primary factor driving this growth is the rising government initiatives towards renewable sources and clean energy, coupled with countries like China, Japan, India, and Australia, which have been actively investing in solar energy, leading to a surge in the adoption of solar lighting systems. Moreover, the adoption of solar lighting in the Asia Pacific region is the need to provide electricity to rural areas. Many remote and rural areas in countries like India, Indonesia, and the Philippines need access to reliable electricity. These systems offer a sustainable and affordable source of electricity. Furthermore, the increasing popularity of off-grid solar lights has also played an essential role in driving the solar lighting system market. As they are easy to install and cost-effective, off-grid solar lights have become popular for lighting remote locations, streets, and public spaces throughout Asia.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global Solar Lighting System market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Solar Lighting System Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Solar Lighting System market were the three major steps undertaken to create and analyze the adoption of Solar Lighting System in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Solar Lighting System market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Solar Lighting System market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Solar Lighting System market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and process. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Solar Lighting System market. Further, we conducted factor analysis using dependent and independent variables such as type and process of Solar Lighting System. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Solar Lighting System market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Solar Lighting System market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Solar Lighting System market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Solar Lighting System market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Solar Lighting System market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and process in the global Solar Lighting System market.
The main objective of the Global Solar Lighting System Market Study
The current & future market trends of the global Solar Lighting System market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Solar Lighting System market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of Grid Type and Application.
- Define and analysis of the regulatory framework for the Solar Lighting System industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Solar Lighting System market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Solar Lighting System market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global Solar Lighting System market?
Q2: What are the driving factors for the growth of the global Solar Lighting System Market?
Q3: Which segment has the largest share of the global Solar Lighting System market by Grid Type?
Q4: What are the emerging technologies and trends in the global Solar Lighting System market?
Q5: Which region will dominate the global Solar Lighting System market?
Q6: Who are the key players operating in the global Solar Power Recycling market?
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