Solar Lighting System Market
The market for Solar Lighting System was estimated at $9.4 billion in 2023; it is anticipated to increase to $24.6 billion by 2030, with projections indicating growth to around $48.7 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Solar Lighting System Market Outlook
Revenue, 2023
$9.4B
Forecast, 2033
$37.0B
CAGR, 2024 - 2033
14.7%
The Solar Lighting System industry revenue is expected to be around $12.4 billion in 2024 and expected to showcase growth with 14.7% CAGR between 2024 and 2033. Solar lighting systems are eco-friendly energy efficient options that use solar power to provide light sources for various purposes. The market value of solar lighting systems in 2023 was noted as $10.8 billion and is anticipated to rise to $24.6 billion by the year 2030 and $48.7 billion by 2035 with a compounded annual growth rate of approximately 14.7%.
Solar lighting systems are commonly utilized in homes well as businesses and public spaces to save costs and lessen environmental harm. Progress in enhancing the effectiveness of panels and storing energy is encouraging their use and establishing them as a crucial element, in worldwide sustainability initiatives.
Market Key Insights
- The Solar Lighting System market is projected to grow from $9.4 billion in 2023 to $37.0 billion in 2033. This represents a CAGR of 14.7%, reflecting rising demand across Residential, Commercial and Industrial.
- Sun King, Philips Lighting, Schneider Electric are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Solar Lighting System market and are expected to observe the growth CAGR of 13.2% to 17.6% between 2023 and 2030.
- Emerging markets including Brazil, Vietnam and South Africa are expected to observe highest growth with CAGR ranging between 10.3% to 15.4%.
- Transition like Shift Towards Smart Solar Lighting is expected to add $1 billion to the Solar Lighting System market growth by 2030.
- The Solar Lighting System market is set to add $27.6 billion between 2023 and 2033, with manufacturer targeting Commercial & Industrial Application projected to gain a larger market share.
- With Demand for renewable energy, and Government incentives, Solar Lighting System market to expand 294% between 2023 and 2033.
Opportunities in the Solar Lighting System
Developing nations increasing demand for electrification presents promising prospects, for companies offering Solar Lighting Systems.
Growth Opportunities in Asia-Pacific and North America
In the Solar Lighting System market industry in the Asia Pacific region takes the lead due to a demand for energy and efforts by governments to promote electrification in rural areas with countries such, as China and India playing significant roles in driving market expansion.
In North Americas market scene is highly influenced by rules driving the push for renewable energy and the use of public infrastructure projects as a key factor in its growth trajectory. With companies such, as Philips Lighting and Schneider Electric taking the lead in this domain.
Market Dynamics and Supply Chain
01
Driver: Demand for Renewable Energy, and Advancements in Technology
The worldwide movement towards using energy sources is also increasing the need for Solar Lighting Systems, across different industries. Advancements, in panel effectiveness and battery capacity are also boosting the functionality and dependability of Solar Lighting Systems.
Supportive policies and financial incentives for the installation of energy systems are also driving an increase in the use of solar power, in both homes and public construction projects.
02
Restraint: High Initial Costs, and Maintenance Challenges
For small scale users the initial cost of Solar Lighting Systems can often be a barrier.
Maintaining panels and batteries, in remote or underdeveloped areas can pose significant challenges.
03
Opportunity: Sustainability Initiatives and Integration with Smart Systems
Solar lighting systems have become increasingly popular among conscious consumers and organizations due to their emphasis, on reducing carbon footprints and saving energy.
By integrating solar powered lighting systems, with smart technologies we can create automated and energy saving lighting solutions.
04
Challenge: Dependence on Sunlight
In some areas or during times of the year the amount of sunlight available can impact how well solar lighting works.
Supply Chain Landscape
1
Component Supplier
Sun KingSchneider Electric
2
System Integrator
Philips LightingSolarOneTata Power Solar
3
End-User Industry
HouseholdsMunicipalitiesIndustrial FacilitiesCommercial Establishments
1
Component Supplier
Sun KingSchneider Electric
2
System Integrator
Philips LightingSolarOneTata Power Solar
3
End-User Industry
HouseholdsMunicipalitiesIndustrial FacilitiesCommercial Establishments
Use Cases of Solar Lighting System in Residential & Commercial
Residential : Residential solar lighting systems help cut down on electricity expenses and offer lighting options in areas without access to the grid. makers such as Sun King and Greenlight Planet focus, on providing solar lighting solutions for homes.
Commercial : In business settings solar lighting is utilized for purposes like parking lots and walkways. Companies such as Philips Lighting and SolarOne emphasize long lasting options, for enterprises.
Industrial : Industrial facilities are brightened up by lighting systems which provide affordable and environmentally friendly options compared to conventional lighting methods. The top players, in delivering industrial solutions are Schneider Electric and Tata Power Solar.
Public Infrastructure : Solar powered lighting is commonly used in streetlamps and public spaces to help save energy and promote advantages. Corporations such, as SolarStreetLights USA and Fonroche Lighting play roles in this field.
Recent Developments
Recent advancements encompass the IoT based offerings from Philips Lighting and the industrial systems by Schneider Electric along with Tata Power Solars collaborations in settings stand out as notable progressions in the industry landscape where the emphasis, on smart solar lighting and public infrastructure initiatives is gaining traction.
October 2024 : Philips Lighting has introduced a smart solar street lighting solution that comes with IoT connectivity.
July 2024 : Schneider Electric has launched a solar lighting solution designed for use, in industrial settings.
March 2024 : Tata Power Solar has teamed up with governments to bring solar powered streetlights to urban neighborhoods.
Impact of Industry Transitions on the Solar Lighting System Market
As a core segment of the Renewable Energy industry,
the Solar Lighting System market develops in line with broader industry shifts.
Over recent years, transitions such as Shift Towards Smart Solar Lighting and Focus on Hybrid Systems have redefined priorities
across the Renewable Energy sector,
influencing how the Solar Lighting System market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Shift Towards Smart Solar Lighting
The use of technology, in Solar Lighting Systems is making lighting solutions smarter and more adaptable.
02
Focus on Hybrid Systems
The progress of blending grid connectivity with solar lighting systems is improving their dependability and acceptance.