CHICAGO, 18th July 2019 / PRNewswire / – According to new market research report on Solar Lighting Systems Market by Offer (Hardware and Software & Services), Light Source (LED and Others), Network Type (On Grid and Off Grid), Application (Highways & Roadways, Industrial and Commercial) and Geography – Global Forecast to 2024, “published by MarketsandMarkets ™, is expected to hit the solar lighting systems market $ 10.8 billion until 2024 from $ 5.2 billion in 2019 at the highest CAGR of 15.6%. The main drivers for the growth of the market are the growing demand for energy-efficient solar lighting systems for highways, the increasing use of renewable energies for lighting, the increasing penetration and falling costs for LEDs as well as the growing demand from developing and emerging countries.
Also, underlying opportunities for the solar lighting systems market include a decrease in the cost of solar lighting systems, cheap government initiatives, and improvements in the technological aspects of a solar lighting system. Main constraints on the market are lack of financial awareness and payback time. The lack of customer involvement in solar street lighting owned by utility companies poses major challenges for the solar lighting systems market.
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LED light source for solar lighting systems is expected to grow at a higher CAGR in the forecast period
LEDs are often used in solar lighting systems because they are energy efficient. LEDs offer advantages such as long service life, durability, environmental friendliness and no UV emissions. LEDs are compact and have a lifespan of up to 50,000 hours. This is 30 times longer than incandescent lamps and 5 times longer than CFLs. In solar lights for outdoor use, lighting fixtures are exposed to various environmental influences such as heat, wind and falling objects, which can damage the lights.
LEDs are made of compound semiconductor materials and are hollow. This makes LEDs more durable than other types of lamps that can withstand harsh conditions. These are resistant to vibrations, external shocks and shocks and are therefore preferred for various types of solar outdoor lighting. Due to its technical properties, it is therefore a good choice over other light sources, which means that demand increases in the forecast period.
Commercial use to hold the largest share of the solar lighting systems market during the forecast period
Solar lighting systems are installed in commercial areas such as corporate offices, schools and universities. Commercial spaces require interior lighting to illuminate cellars, corridors and cellars as well as exterior applications such as paths and areas. Solar lighting systems installed in these locations help reduce energy and maintenance costs.
APAC is an important contributor to solar lighting systems and is expected to grow with the highest CAGR over the next 5 years.
APAC is a potential solar lighting system market with tremendous opportunities for new technology development and implementation. Countries like China, Japan, India, South Korea, and Australia take initiatives to use solar lighting systems. China is the largest market in APAC for the use of solar lighting system solutions. The increasing urbanization in the developing countries of this region has led to an increase in the demand for energy. This consequently drives the demand for solar street lights in this region. Falling prices for LEDs and increasing awareness of the use of energy-efficient lighting are likely to fuel the market for solar lighting systems.
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China is the largest market in APAC for the use of solutions for solar lighting systems. The increasing urbanization in the developing countries of this region has led to an increase in the demand for energy. This consequently creates a need for solar street lights in this region. Falling prices for LEDs and increasing awareness of the use of energy efficient lighting are expected to fuel growth in the solar lighting system market.
Signify Holding (Signify, Netherlands), Eaton Corporation Inc (Eaton, Ireland), Solar Electric Power Company (SEPCO, USA), Sol Inc. (Sol von Carmanah, USA), Su-Kam Power Systems Ltd. (Su-Kam, USA) India), Clear Blue Technologies Inc. (Clear Blue Technologies, Canada), SunMaster Solar Lighting Co., Ltd. (SunMaster, China), SolarOne Solutions, Inc. (SolarOne, USA), Solar Street Lights USA (Solar Street Lights, USA), Solar Lighting International, Inc. (Solar Lighting, USA), FlexSol Solutions BV (FlexSol Solutions, Netherlands), Azuri Technologies Ltd (Azuri, Kenya), Sunna Design (France), Nokero (USA) and Solektra International (Africa) are some key players in the solar lighting system market.
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