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Global Solar Lighting System Market Size, Share, Forecast: By Offering: Hardware, Software & Services; By Light Source: LED, Others; By Grid Type: Off-Grid, Hybrid; By Application: Highways and Roadways, Industrial, Commercial, Residential, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Solar Lighting System Market Outlook
The global solar lighting system market attained a value of about USD 8.55 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 15.9% to reach USD 32.17 billion by 2032.
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The market is primarily being driven by the rising use of renewable energy for lighting. The Asia Pacific is the fastest growing region due to the increasing demand for renewable energy.
Global Solar Lighting System Market Market Segmentation
The systems that use sunlight as a source to produce light, as well as charge lighting sources, are known as solar lighting system.
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The market can be divided on the basis of offerings into hardware, software, and services.
Hardware can be further divided into:
- Solar/PV Panels
- Lighting Fixtures
- Rechargeable Battery
- Others
The light source can be classified as LED and others. The grids in the market can be grouped into off-grid and hybrid. The market can be broadly categorised on the basis of its applications into:
- Highways and Roadways
- Industrial
- Commercial
- Residential
- Others
The EMR report looks into the regional markets of solar lighting system like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Global Solar Lighting System Market Market Analysis
The key factors driving the market growth include the increasing demand for energy-efficient solar lighting systems for highways, increased use of renewable energy for lighting purposes, increased penetration and lower costs for LEDs and increased demand from developed and emerging countries. In addition, the underlying market opportunities include a decrease in solar lighting cost, advantageous government initiatives, as well as improved technology in a solar lighting system.
LED is the leading type of light source and is likely to grow at a higher rate in the forecast period, owing to it being eco-friendly and durable compared to others. The application sector is being dominated by the commercial segment.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global solar lighting system market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Signify Holding
- Eaton Corporation plc
- Clear Blue Technologies Inc.
- Jinhua SunMaster Solar Lighting Co., Ltd.
- Solar Electric Power Company
- ENF Ltd.
- Best Solar Street Lights USA
- Others
The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Offering |
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| Breakup by Light Source |
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| Breakup by Grid Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Solar Lighting System Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar Lighting System Historical Market (2018-2023)
8.3 Global Solar Lighting System Market Forecast (2024-2032)
8.4 Global Solar Lighting System Market by Offering
8.4.1 Hardware
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.1.3 Hardware by Type
8.4.1.3.1 Solar/PV Panels
8.4.1.3.2 Lighting Fixtures
8.4.1.3.3 Rechargeable Battery
8.4.1.3.4 Others
8.4.2 Software and Services
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Solar Lighting System Market by Light Source
8.5.1 LED
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Others
8.6 Global Solar Lighting System Market by Grid Type
8.6.1 Off-Grid
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Hybrid
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Solar Lighting System Market by Application
8.7.1 Highways and Roadways
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Industrial
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Commercial
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Residential
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Others
8.8 Global Solar Lighting System Market by Region
8.8.1 North America
8.8.2 Europe
8.8.3 Asia Pacific
8.8.4 Latin America
8.8.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Signify Holding
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Eaton Corporation plc
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Clear Blue Technologies Inc.
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Jinhua SunMaster Solar Lighting Co., Ltd.
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Solar Electric Power Company
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 ENF Ltd.
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Best Solar Street Lights USA
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Others
13 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Solar Lighting System Market: Key Industry Highlights, 2018 and 2032
2. Global Solar Lighting System Historical Market: Breakup by Offering (USD Billion), 2018-2023
3. Global Solar Lighting System Market Forecast: Breakup by Offering (USD Billion), 2024-2032
4. Global Solar Lighting System Historical Market: Breakup by Light Source (USD Billion), 2018-2023
5. Global Solar Lighting System Market Forecast: Breakup by Light Source (USD Billion), 2024-2032
6. Global Solar Lighting System Historical Market: Breakup by Grid Type (USD Billion), 2018-2023
7. Global Solar Lighting System Market Forecast: Breakup by Grid Type (USD Billion), 2024-2032
8. Global Solar Lighting System Historical Market: Breakup by Application (USD Billion), 2018-2023
9. Global Solar Lighting System Market Forecast: Breakup by Application (USD Billion), 2024-2032
10. Global Solar Lighting System Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Solar Lighting System Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Solar Lighting System Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Solar Lighting System Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Solar Lighting System Market Structure
Key Questions Answered in the Report
In 2023, the global solar lighting system market attained a value of nearly USD 8.55 billion.
The market is projected to grow at a CAGR of 15.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach nearly USD 32.17 billion by 2032.
The major market drivers include the increasing penetration and lower costs for LEDs, the rising demand for solar lighting systems in emerging economies, and the introduction of favourable government initiatives aimed at boosting the use of renewable energy.
The growing demand for energy-efficient solar lighting systems for highways and increased usage of renewable energy for lighting are the key trends driving the market growth.
The major regions in the market include North America, the Asia Pacific, Latin America, Europe, and the Middle East and Africa.
The major offerings considered in the market report include hardware and software and services.
The significant light sources of solar lighting system are LED and others.
Off-grid and hybrid are the major grid types in the market.
The several applications of solar lighting system include highways and roadways, industrial, commercial, and residential, among others.
The major players in the market are Signify Holding, Eaton Corporation plc, Clear Blue Technologies Inc. , Jinhua SunMaster Solar Lighting Co., Ltd., Solar Electric Power Company , ENF Ltd., and Best Solar Street Lights USA, among others.
Analyst Review
The global solar lighting system market attained a value of USD 8.55 billion in 2023, driven by the increasing usage of renewable energy for lighting. Aided by the lower solar lighting costs and favourable government initiatives, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 15.9%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its grid types, the global solar lighting system industry can be segmented into off-grid and hybrid. By offering, the industry is divided into hardware, software and services. Hardware can be further divided into solar/PV panels, lighting fixtures, and rechargeable battery, among others. On the basis of light source the market can be classified into LED, among others. By application, the highways and roadways, industrial, commercial, and residential, among others are the major segments of the industry. The major regional markets for global solar lighting system are North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific, with the Asia Pacific accounting for the largest share of the market. The key players in the above market include Signify Holding, Eaton Corporation plc, Clear Blue Technologies Inc. , Jinhua SunMaster Solar Lighting Co., Ltd., Solar Electric Power Company , ENF Ltd., and Best Solar Street Lights USA, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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