Solar lighting system market share is projected to reach USD 10.8 billion by 2024 at a CAGR of 15.6% during forecast period.
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.
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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.
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.
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.
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.
- In February 2018, Sol and Sand Creek Park, the city of Aurora’s parks, recreation, and open space department (US), formed an agreement to install solar lighting systems. Sol installed EverGen solar lighting systems in Sand Creek Park in Aurora, Colorado. Sol has deployed more than 300 solar lighting systems in Colorado.
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