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Growth of the Solar Lighting System Market in the Next 5 years

The solar lighting system market is projected to reach USD 10.8 billion by 2024 from USD 5.2 billion in 2019, at a 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 and decreasing cost of LEDs, and growing demand from developing and emerging countries.

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Growth of the Solar Lighting System Market in the Next 5 years

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  1. MarketsandMarkets Presents Growth of the Solar Lighting System Market in the Next 5 years 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 https://www.marketsandmarkets.com/Market-Reports/solar-lighting-system-market-207347790.html

  2. The solar lighting system market is projected to reach USD 10.8 billion by 2024 from USD 5.2 billion in 2019, at a 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 and decreasing cost of LEDs, and growing demand from developing and emerging countries. Furthermore, underlying opportunities for this market include a decline in the cost of solar lighting systems, favorable government initiatives, and enhancement in technological aspects of a solar lighting system. Browse 61 market data Tables and 36 Figures spread through 131 Pages and in-depth TOC on "Solar Lighting System Market - Global Forecast to 2024"

  3. Based on application, commercial to hold largest share of solar lighting system market during forecast period The solar lighting market, by application, is segmented into highways & roadways, industrial, commercial, residential, and other subsegments. Commercial application is expected to hold the largest share of the solar lighting system market during the forecast period. Solar lighting systems are installed in commercial areas such as corporate offices, schools, and universities. Commercial spaces need indoor lighting for lighting up cellars, corridors, basements, and outdoor lighting for illuminating pathways and perimeters, among others. Solar lighting systems installed at these places help in decreasing energy and maintenance costs. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=207347790 Off-grid to be major shareholder grid type in solar lighting system market in coming years Off-grid solar power systems are standalone systems that are independent of any electric grids. These systems are used to collect and store solar energy, which is converted to electricity when required. In various developing countries, such as Indonesia, Bangladesh, India, Tanzania, Ethiopia, Cambodia, and Kenya, there is a high degree of dependency on off-grid systems. Governments across these countries are encouraging the installation and deployment of off-grid solar lighting systems.

  4. APAC to account for the largest market size of solar lighting system during forecast period APAC is a potential market for solar lighting systems with enormous 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 implementation 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.

  5. Key Market Players • 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. • Request Free Sample Pages: • https://www.marketsandmarkets.com/requestsampleNew.asp?id=207347790 • Recent Developments • In April 2018, SEPCO partnered with a local property management company at Gardens of Woodberry, Georgia, US, to provide lighting along walkways and streetlights in areas that were difficult to bring traditional power. The residential area was also installed with electrical lights along with most parts of the roadway, but many dark areas need to be addressed. • In March 2018, Signify (Philips Lighting) launched Philips SunStay, a solar streetlight that combines solar panel, battery, and light in one housing, and Philips LifeLight, a solar lantern that comes with a replaceable battery. With the launch of these products in India, the company is accelerating a strategic push into solar-powered lighting.

  6. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

  7. Contact Us Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 For More Info: https://www.marketsandmarkets.com/PressReleases/solar-lighting-system.asp

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