CHICAGO, July 18, 2019 /PRNewswire/ -- According to the new market research report on the "Solar Lighting System Market by Offering (Hardware and Software & Services), Light Source (LED and Others), Grid Type (On Grid and Off Grid), Application (Highways & Roadways, Industrial, and Commercial), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the solar lighting system market is projected to reach USD 10.8 billion by 2024 from USD 5.2 billion in 2019, at the highest CAGR of 15.6%. Major drivers for the growth of the market are growing need for energy-efficient solar lighting systems for highways, increasing use of renewable energy for lighting, rising penetration & decreasing cost of LEDs, and growing demand from developing and emerging countries.
Furthermore, underlying opportunities for the solar lighting system market include a decline in the cost of solar lighting systems, favorable government initiatives, and enhancement in technological aspects of a solar lighting system. Major restraints for the market are lack of awareness about finance and payback period. The lack of customer ownership in utility-owned solar street lighting poses a significant challenge for the solar lighting system market.
LED light source for solar lighting system to grow at higher CAGR during the forecast period
LEDs are used widely in solar lighting systems as these are energy efficient. LEDs offer benefits such as long life, durability, eco-friendly, and zero UV emissions. LEDs are compact and have a life span up to 50,000 hours, which is 30 times longer than incandescent bulbs and 5 times longer than CFLs. In the case of outdoor solar lights, lighting fixtures are exposed to different environmental factors such as heat, wind, and falling objects that can damage the fixtures.
LEDs comprise compound semiconductor materials and are hollow. This makes LEDs more durable than other types of lamp that withstand harsh conditions. These are resistant to vibrations, external impacts and shock, and are, therefore, preferred for different solar outdoor lighting types. Thus, their technical characteristics make it a viable choice over other light sources resulting in driving its demand over the forecast period.
Commercial application to hold largest share of solar lighting system market during forecast period
Solar lighting systems are installed in commercial areas such as corporate offices, schools, and universities. Commercial spaces need indoor lighting for illuminating cellars, corridors, and basements, and outdoor applications such as pathways and perimeters, among others. Solar lighting systems installed at these places help in decreasing energy and maintenance costs.
APAC is major contributor for solar lighting system and is expected to grow at highest CAGR during next 5 years.
APAC is a potential market for solar lighting systems with huge opportunities for the development and implementation of new technologies. Countries such as China, Japan, India, South Korea, and Australia are taking initiatives toward the deployment of solar lighting systems. China is the biggest market in APAC for the deployment of solar lighting system solutions. Surging urbanization in developing countries in this region has been leading to the rise in the demand for energy. This consequently drives the demand for solar streetlights in this region. Reduction in the price of LEDs and increasing awareness about using energy-efficient lighting are expected to spur the solar lighting system market.
China is the biggest market in APAC for the deployment of solar lighting system solutions. Surging urbanization in developing countries in this region has been leading to the rise in the demand for energy. This consequently drives the need for solar streetlights in this region. Reduction in the price of LEDs and increasing awareness about using energy-efficient lighting are expected to spur the solar lighting system market growth.
Signify Holding (Signify, Netherlands), Eaton Corporation Inc (Eaton, Ireland), Solar Electric Power Company (SEPCO, US), Sol Inc., (Sol by Carmanah, US), Su-Kam Power Systems Ltd. (Su-Kam, India), Clear Blue Technologies Inc (Clear Blue Technologies, Canada), SunMaster Solar Lighting Co.,Ltd. (SunMaster, China), SolarOne Solutions, Inc. (SolarOne, US), Solar Street Lights USA (Solar Street Lights, US), Solar Lighting International, Inc. (Solar Lighting, US), FlexSol Solutions B.V. (FlexSol Solutions, Netherlands), Azuri Technologies Ltd (Azuri, Kenya), Sunna Design (France), Nokero (US), and Solektra International (Africa) are a few major players in the solar lighting system market.
Please explore relevant report
Smart Lighting Market by Offering (Hardware (Lights & Luminaires, Lighting Controls), Software, and Services), Communication Technology (Wired and Wireless), Installation Type, Application Type, and Geography - Global Forecast to 2023
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