Solar Lights Market: Growing emphasis on using renewable and clean energy systems to drive the market, by Light Source, Offering, Grid Type, Application & Region Forecast (2023 – 2029)

The Solar Lights Market expected to hit USD 18.16 Bn by 2029 from USD 8.8 Bn in 2022 at a CAGR of 10.9% during the forecast period
Solar Lights Market Overview
Solar power is a free source of energy. Solar lights are portable light devices, which use LED lamps and photo-voltaic solar panels with rechargeable batteries. In a simple manner, solar panels absorb sunlight and convert it into light through electric current stored in solar batteries. ¬, a leading solar manufacturer was established with the aim of producing and promoting energy-efficient Solar LED Lights.To know about the Research Methodology :- Request Free Sample Report
Solar Lights Market Research Methodology
The report provides detailed data regarding production, retail pricing, supply-chain details and manufacturing cost of major key players in the Solar Lights Market. The report provides analysis through segments such as light source, offering, grid type and application along with their multiple sub-segments. The report provides an analysis of the Solar Lights Market through product penetration, investment in research and development, new market trends and competitive landscape. The bottom-up approach was used to estimate the size of the market by value and volume. Data has been collected through primary and secondary research methods. Primary data has been gathered from interviews with market leaders and opinions from senior research analysts. Whereas, data from public records and annual reports of an organization has been collected in secondary. Collected data later analysed by tools such as SWOT analysis, PORTER’s five force model and PESTLE analysis, which provides socio-political aspects of the market in major geographic regions such as North America, Asia Pacific, Middle East and Africa, Europe and South America.
Solar Lights Market Dynamics
Drivers:

The growing emphasis of the United Nations Environment Programme (UNEP) on using renewable and clean energy systems, which has zero negative environmental effect is expected to drive the Solar Lights Market. The solar light system provides benefits such as less maintenance, low utility cost and easy installation. The ease of installing solar lights and the factor such as it eliminating the need for electricity are increasing the popularity of solar light devices. The growth is propelled by the increased efficiency of solar devices, decreased cost of LED and technological advancements.

But still, the major driving factor of the Solar Lights Market has increased environmental crisis and pollution. Solar energy emerged as the best environment-friendly energy source and many governments across the world are promoting residents and the commercial sector to invest in solar panels. Some governments are strictly emphasizing the usage of solar energy to minimize the dependency on other countries for energy that can be in any form such as raw material for energy production. The report includes such geographic regions in a detailed manner with their PESTLE analysis. The Solar Lights Market has a lucrative opportunity in rural areas in developing and developed economies, where the electricity supply is not regular. The report involves data regarding growth hubs, opportunities and solar light devices penetration to assist Solar Lights Market’s New Entrants.

The wide range of applications of solar lights in parking lots, street lighting, as an alternative in residential buildings and other sectors that are ready to rely completely upon solar energy has been driving the Global Solar Lights Industry. One most precious advantage of adopting a Solar Light System is backup power in case of an outage. These little characteristics of Solar Light Systems are propelling the growth of the Solar Light Market across the world. The report includes detailed data regarding countries with favorable government initiatives in Solar Lights Market.

Restraining Factors in Solar Lights Market:

1. Lack of awareness about finance and customer ownership

2. Energy is only generated while the sun is shining
: - It means the supply can be interrupted during the night and on overcast days, which is expected to hamper the growth of the Market.

3. Increasing E-waste from solar light devices
: - As the use of solar light systems is growing, it is expected to create some challenges to the environment through electronic materials called, E-waste.

4.Potential brightness of LED in solar lights
: - The brightness of LEDs in some areas is considered light pollution refers to the disturbance of wildlife and effects on human sleep.

All of these restraining factors are expected to be resolved with reference to the report published by Maximize Market Research on Solar Lights Market.
Solar Lights Market Regional Insights
Asia Pacific is expected to hold the largest share of the Market during the forecast period (2023-2029). The growing emphasis on adopting renewable energy sources by developing economies of the region such as China, India, Australia and South Korea is expected to drive the Asia Pacific Solar Lights Market. Minister of Power and renewable energy, India, R.K. Singh informed in LokSabha that countries’ solar energy capacity has tripled in the last five years (2018-2022) from 21651 MW to 64380 MW with an increase of nearly 197 percent. This is expected to have resulted in the growth of Solar Lights Manufacturers in Asia Pacific.

Middle East is expected to be the second-largest shareholder during the forecast period in  Market. Deputy Secretary-General of the State Council of Jordan cooperates with SOKOYO to promote solar energy and save lighting expenses. The Middle East and African climate are mostly hot and dry, which is best for the application of solar lights and the expansion of the Solar Lights Industry in the region. China and UAE had diplomatic ties a long time ago in 1984 and as a part of it SOKOYO, a Chinese Solar Lights Manufacturers are deploying their products and assisting many Middle East countries such as UAE, Syria, Saudi Arabia and Yemen in having renewable energy development. This is expected to drive the Middle East and Africa Solar Lights Market.
Solar Lights Market Competitive Landscape
The report provides a detailed analysis of the Solar Lights Key Players’ data through their strategies, recent developments, product penetration of that particular key player in the major geographic region and their investment in research and developments to hold the largest share of the Solar Lights Market. The report also includes mergers and acquisitions and collaborations happening in the market through Solar Lights Key Players. Eaton Corporation, Signify Holding, SOKOYO solar lighting co., ltd. and SunMaster Solar Lighting are some of the Solar Lights Industry leaders. On Nov 23, 2022, Sokoyo announced the investment of about 300 million Yuan and has set up offices in Guangzhou and Senegal to provide pre-sales, sales and after-sales services to customers in different regions and time zones, so the needs can be responded to in less time. In coming years, more offices will be established in Australia, Egypt and other countries, said by SOKOYO Solar Lighting Co., Ltd.


Solar Lights Market Segment Analysis:
Based on application, the commercial segment is expected to hold the largest share of the market during the forecast period (2023-2029). Solar lights are deployed in the commercial sector for both indoor and outdoor lighting for lighting up corridors, basements and pathways. This is expected to reduce the maintenance cost and worries about the electricity cut-off. These factors are expected to propel the growth of the commercial segment to hold the largest share of the  Market. Industrial, residential and highways segments are the second, third and fourth largest segments in Solar Lights Market, respectively.

Based on the Grid type, the Off-grid segment is expected to grow significantly throughout the forecast period. The off-grid systems collect and store solar energy and use it when required. These characteristics of the off-grid system are expected to propel its demand in the residential sector. It has emerged as an easy alternative in rural areas and homeowners can install it on their own, which reduces the system cost substantially and is expected to drive the Solar Lights Market. Banking, financial services and insurance are the main sectors that use an off-grid solar system. Many developing nations across the world depend on off-grid solar systems and the governments of those countries are encouraging the installation of off-grid Solar Lights Devices. Above mentioned factors are expected to drive the off-grid segment to be the major shareholder in Solar Lights Market.
Solar Lights Market Scope: Inquiry Before Buying



Solar Lights Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 8.8 Bn.


Forecast Period 2023 to 2029 CAGR:
10.9%
Market Size in 2029:
USD 18.16 Bn.


 Segments Covered:
by Light Source
1. LED
2. Others


by Offering
1. Hardware
2. Software & Services


by Grid Type
1. Off-grid
2.Hybrid


by Application
1. Industrial
2.Highways and Roadways
3. Residential
4. Commercial
5. Others



Solar Lights by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players include:
1. Signify Holding
2. Eaton Corporation
3. Sunna Design SA
4. Greenshine New Energy
5. Solar Street Lights USA
6. Engcotec GmbH
7. Koninklijke Philips N.V.
8. Fonroche Lighting America, Inc.
9. Jinhua Sunmaster Lighting Co. Ltd
10. SEPCO
11. SunMaster Solar Lighting
12. Halonix Technologies Pvt. Ltd.
13. Nokero
14. SolarOne Solutions, Inc.
15. Clear Blue Technologies Inc.
16. SOKOYO Solar Lighting Co., Ltd.
17. Tapetum India Solar

Frequently Asked Questions:

1] What is the growth rate of the Solar Lights Market?
Ans. The Market is growing at a CAGR of 10.9% during the forecast period.

2] Which region is expected to dominate the Solar Lights Market?
Ans. North America is expected to dominate the Solar Lights Market during the forecast period from 2023 to 2029.

3] What is the expected Solar Lights Market size by 2029?
Ans. The size of the Solar Lights Market by 2029 is expected to reach USD 18.16Bn.

4] Who are the top players in the Solar Lights Market?
Ans. The major key players in the  Market are Eaton Corporation, Sunna Design SA, Engcotec GmbH and SEPCO.

5] Which factors contributed for the growth of the Solar Lights Market in 2022?
Ans. The Market is expected to grow due to growing emphasis of governments on sustainable energy developments.