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.
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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.
The Brazilian Development Bank (BNDES), the Institute for
Planning and Promotion of Energy Solutions (IPSE) in Columbia, the Ministry of
New and Renewable Energy (MNRE), and the Jawaharlal Nehru National Solar
Mission (JNNSM) in India are among the entities assisting the advancement of
the global off-grid solar lighting system market. Apart from the governments of
these countries, a few international organizations have also been encouraging
the deployment of off-grid solar lighting system. For instance, the World Bank,
in collaboration with International Finance Corporation, has been promoting
off-grid solar lighting in Africa.
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.
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