Solar lighting system market share is projected to reach USD 10.8 billion by 2024 at a CAGR of 15.6% during forecast period.
Major drivers fueling the growth of the solar lighting system market include the increasing demand for energy-efficient lighting solutions for highways, the growing emphasis on utilizing renewable energy for lighting purposes, the widespread adoption and cost reduction of LEDs, and the rising demand from developing and emerging economies. Moreover, the market presents promising opportunities driven by the declining costs of solar lighting systems, supportive government initiatives, and advancements in technology within the solar lighting system sector.
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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.
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 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.