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Solar Lighting System Market by Offering (Hardware and Software & Services), Light Source (LED and Others), Grid Type (On Grid and Off Grid), Application (Highways & Roadways, Industrial, and Commercial), and Geography - Global Forecast to 2024

  • ID: 4806565
  • Report
  • July 2019
  • Region: Global
  • 132 Pages
  • Markets and Markets
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The Solar Lighting System Market is Projected to Reach USD 10.8 Billion by 2024 from USD 5.2 Billion in 2019, at the Highest CAGR of 15.6%.

FEATURED COMPANIES

  • Azuri Technologies Ltd
  • Eaton
  • Flexsol Solutions
  • Nokero
  • Sol
  • Solarone Solutions
  • MORE

Increasing use of renewable energy for lighting to drive overall growth of solar lighting system market

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 & emerging countries.

Furthermore, underlying opportunities for the solar lighting system market include a decline in the cost of solar lighting systems, favorable government initiatives, and enhancement in technological aspects of a solar lighting system. Major restraints for the market are lack of awareness about finance and payback period. The lack of customer ownership in utility-owned solar street lighting poses a significant challenge for the solar lighting system market.

Hardware segment to hold largest share of solar lighting system market during forecast period

The hardware components in the solar lighting system market include solar PV channels, lighting fixtures, rechargeable batteries, and others. The rechargeable battery is the largest revenue generator for the hardware segment. The rechargeable battery used in a solar lighting system is used to store electricity generated through solar panels and provides power to solar lighting fixtures during the night.

The capacity and reliability of the battery are among the critical parameters to be considered while installing this system as the battery provides backup power for low energy periods. A good solar light system has a temperature probe that monitors the battery and optimizes its performance (battery temperature and depth of discharge voltage) to prolong the battery’s life.

Commercial applications to grow at highest CAGR during forecast period

The commercial segment is the major application of solar lighting system and is expected to grow at the highest CAGR 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 lighting up pathways and perimeters, among others. Solar lighting systems installed at these places help in decreasing energy and maintenance costs.

Solar lighting system market in North America to hold second-largest share during forecast period

The US, Canada, and Mexico are the major contributors to the solar lighting system market in North America. The North American solar lighting system market has witnessed significant advancements in the past few years. It is the most advanced region in terms of technology adoption and associated services and is among the top markets in the solar lighting system industry. The declining price of LEDs and solar panels, along with improving performance are the factors responsible for the growth of the solar lighting system market in North America.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the solar lightening ecosystem.

Breakdown of primary participants’ profile:

  • By Company Type: Tier 1 = 25%, Tier 2 = 45%, and Tier 3 = 30%
  • By Designation: C-Level Executives = 45%, Directors = 35%, and Others = 20%
  • By Region: North America = 35%, Europe = 30%, APAC = 25%, and RoW = 10%

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), Jiangsu Sokoyo Solar Lighting Co.Ltd (Sokoyo Solar, China), FlexSol Solutions B.V. (FlexSol Solutions, Netherlands), Exide industries Ltd (Exide, India), Greenshine New Energy LLC (Greenshine New Energy, US), Zhuhai Bomin Solar technology Co., Ltd. (BOMSOLAR, China), Halonix Technologies Pvt. Ltd. (Halonix Technologies, US), 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.

Research Coverage:

The light source, offering, grid type, application, and geography are the segments covered in this report. It also gives a detailed view of the market across four main regions: North America, Europe, APAC, and RoW.

Reasons to Buy the Report:

This report includes statistics pertaining to the solar lighting system market in terms of light source, offering, grid type, application, and geography, along with their respective market sizes.
Major drivers, restraints, opportunities, and challenges for the solar lighting system market have been provided in detail in this report.
The report includes illustrative segmentation, analysis, and forecast for the solar lighting system market based on its segments and subsegments.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Azuri Technologies Ltd
  • Eaton
  • Flexsol Solutions
  • Nokero
  • Sol
  • Solarone Solutions
  • MORE

1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Major Secondary Sources
2.1.1.2 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Data From Primary Sources
2.1.2.3 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing the Market Size By Bottom-Up Analysis
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing the Market Size By Top-Down Analysis
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insight
4.1 Attractive Opportunities in Solar Lighting Systems Market
4.2 Market, By Offering
4.3 Market, By Light Source
4.4 Market, By Application
4.5 Market, By Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need for Energy-Efficient Solar Lighting Systems for Highways
5.2.1.2 Increasing Use of Renewable Energy for Lighting
5.2.1.3 Rising Demand From Developing and Emerging Countries
5.2.1.4 Increasing Penetration and Decreasing Cost of LEDs
5.2.2 Restraints
5.2.2.1 Lack of Awareness About Finance and Payback Period
5.2.3 Opportunities
5.2.3.1 Decline in Cost of Solar Lighting Systems
5.2.3.2 Enhancement in Technological Aspects of Solar Lighting System
5.2.3.3 Favorable Government Initiatives
5.2.4 Challenges
5.2.4.1 Lack of Customer Ownership in Utility-Owned Solar Street Lighting

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Research and Product Development
6.2.2 Raw Material/Component Providers
6.2.3 Original Equipment Manufacturers (OEMs)
6.2.4 Key Technology Providers
6.2.5 Distributors/Sales Offices
6.2.6 End Users
6.3 Key Industry Trends
6.3.1 Smart Solar Street and Roadways Lighting Systems
6.3.2 Battery Industry Will Become More Competitive

7 Solar Lighting Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Solar/Pv Panels
7.2.1.1 Solar Pv Panels are Among the Important Components of Solar Lighting System
7.2.2 Lighting Fixtures
7.2.2.1 LED, CFL and Induction Light are the Mainly Used in Solar Lighting Systems
7.2.3 Rechargeable Battery
7.2.3.1 Rechargeable Battery is the Main Revenue Generator Component for Hardware
7.2.4 Others (Controllers and Accessories)
7.2.4.1 Controllers and Accessories are the Other Component Driving Hardware Market of Solar Lighting
7.3 Software & Services
7.3.1 Software Play Crucial Role in Effective Management of Solar Lighting Systems

8 Solar Lighting Market, By Light Source
8.1 Introduction
8.2 LED
8.2.1 Benefits Such as Long Life, Durability, and Efficiency Driving the Adoption of LED in Solar Lighting Market
8.3 Others
8.3.1 CFL and Induction Bulbs are the Other Light Sources in the Solar Lighting Systems

9 Solar Lighting Market, By Grid Type
9.1 Introduction
9.2 Off-Grid
9.2.1 Off-Grid to Hold A Larger Share of Solar Lighting Market
9.3 Hybrid
9.3.1 Hybrid Solar Lighting System is A Less Expensive Than Off-Grid Solar Lighting System

10 Solar Lighting Market, By Application
10.1 Introduction
10.2 Highways and Roadways
10.2.1 Highways and Roadways Segment to Grow at A Substantial CAGR
10.3 Industrial
10.3.1 Industrial Areas Likely to Deploy Solar Lighting System to Maintain Adequate Illumination and Enhance Productivity
10.4 Commercial
10.4.1 Commercial Segment is Expected to Hold Largest Share of Market
10.5 Residential
10.5.1 Residential Townships are Increasingly Deploying Solar Lighting Systems
10.6 Others
10.6.1 Asia Pacific Dominate the Others Segment of Market

11 Geographic Analysis
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 US is Expected to Hold Largest Share of Solar Lighting Market in North America
11.2.2 Canada
11.2.2.1 Canada is Expected to Grow at A Significant Rate as Due to Rising Awareness About Energy Efficiency Through Solar Lighting
11.2.3 Mexico
11.2.3.1 Government Initiatives is Driving the Solar Lighting Market in Mexico
11.3 Europe
11.3.1 UK
11.3.1.1 Rising Need for Energy Conservation Systems is Driving the Solar Lighting Systems in UK
11.3.2 Germany
11.3.2.1 Germany is Expected to Hold Significant Share of Solar Lighting Market in the Europe
11.3.3 France
11.3.3.1 Government Initiatives Such as Approved Large-Scale Solar Projects are Driving Solar Lighting Market in France
11.3.4 Rest of Europe
11.3.4.1 Rest of Europe Hold the Largest Share of Europe Solar Lighting Market
11.4 APAC
11.4.1 Japan
11.4.1.1 Increasing Investment in Solar Lighting Infrastructure to Boost the Market Growth in Japan
11.4.2 China
11.4.2.1 China is Expected to Hold Largest Share of Solar Lighting Market in Asia Pacific
11.4.3 Australia
11.4.3.1 Investment Opportunities and Government Policies Boosting the Growth of Solar Lighting Market in Australia
11.4.4 South Korea
11.4.4.1 Government of South Korea Unveiled New Plans to Boost Solar Energy in the Country
11.4.5 India
11.4.5.1 India is Expected to Grow at Highest Rate in Solar Lighting Market in Asia Pacific
11.4.6 Rest of APAC
11.4.6.1 Developing Economies of Rest of APAC Opens Huge Opportunities for Solar Lighting Market
11.5 RoW
11.5.1 South America
11.5.1.1 Increasing Awareness and Government Support are Driving Factors for the Solar Alighting Market in South America
11.5.2 Middle East
11.5.2.1 Middle East is Expected to Grow at Highest Rate in Solar Lighting Market in Rest of the World
11.5.3 Africa
11.5.3.1 Africa is Expected to Hold Largest Share in Solar Lighting Market in Rest of the World

12 Competitive Landscape
12.1 Introduction
12.2 Ranking of Top Players in Solar Lighting Market (2018)
12.3 Competitive Situations and Trends
12.3.1 Product Launches and Product Developments
12.3.2 Partnerships, Contracts, Agreements, Collaborations, and Expansions
12.4 Competitive Leadership Mapping, 2018
12.4.1 Visionary Leaders
12.4.2 Dynamic Differentiators
12.4.3 Innovators
12.4.4 Emerging Companies

13 Company Profile
13.1 Key Players
13.1.1 Signify Holding (Philips)
13.1.2 Eaton
13.1.3 Solar Electric Power Company (SEPCO)
13.1.4 Sol
13.1.5 Su-Kam Power Systems
13.1.6 Clear Blue Technologies
13.1.7 Jinhua Sunmaster Solar Lighting Co. Ltd
13.1.8 Solarone Solutions
13.1.9 Solar Street Lights Usa
13.1.10 Solar Lighting International
13.2 Other Important Players
13.2.1 Jiangsu Sokoyo Solar Lighting Co., Ltd.
13.2.2 Exide Industries Ltd
13.2.3 Greenshine New Energy
13.2.4 Halonix Technologies Pvt Ltd.
13.2.5 Zhuhai Bomin Solar Technology Co., Ltd
13.3 Startup Ecosystem
13.3.1 Azuri Technologies Ltd
13.3.2 Flexsol Solutions
13.3.3 Sunna Design
13.3.4 Nokero
13.3.5 Solektra International

14 Appendix
14.1 Insights From Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Subscription Portal
14.4 Available Customizations
14.5 Related Reports
14.6 Author Details

List of Tables
Table 1 Solar Lighting Market, By Offering, 2016-2024 (USD Billion)
Table 2 Market for Hardware, By Component, 2016-2024 (USD Billion)
Table 3 Market for Hardware, By Region, 2016-2024 (USD Billion)
Table 4 Market for Solar/PV Panels, By Region, 2016-2024 (USD Billion)
Table 5 Market for Lighting Fixtures, By Region, 2016-2024 (USD Billion)
Table 6 Market for Rechargeable Batteries, By Region, 2016-2024 (USD Billion)
Table 7 Market for Others (Controllers And Accessories), By Region, 2016-2024 (Usd Billion)
Table 8 Market for Software & Services, By Region, 2016-2024 (USD Billion)
Table 9 Market, By Light Source, 2016-2024 (USD Billion)
Table 10 Market for LEDs, By Region, 2016-2024 (USD Billion)
Table 11 Market for Others, By Region, 2016-2024 (USD Million)
Table 12 Market, By Grid Type, 2016-2024 (USD Billion)
Table 13 Market for Off-Grid, By Region, 2016-2024 (USD Billion)
Table 14 Market for Hybrid, By Region, 2016-2024 (USD Billion)
Table 15 Market, By Application, 2016-2024 (USD Billion)
Table 16 Market for Highways and Roadways, By Region, 2016-2024 (USD Billion)
Table 17 Market for Industrial Applications, By Region, 2016-2024 (USD Billion)
Table 18 Market for Commercial Applications, By Region, 2016-2024 (USD Billion)
Table 19 Market for Residential Applications, By Region, 2016-2024 (USD Billion)
Table 20 Market for Other Applications, By Region, 2016-2024 (USD Billion)
Table 21 Market, By Region, 2016-2024 (USD Billion)
Table 22 Market in North America, By Country, 2016-2024 (USD Billion)
Table 23 Market in North America, By Offering, 2016-2024 (USD Billion)
Table 24 Market in North America, By Hardware Component, 2016-2024 (USD Billion)
Table 25 Market in North America, By Light Source, 2016-2024 (USD Billion)
Table 26 Market in North America, By Grid Type, 2016-2024 (USD Billion)
Table 27 Market in North America, By Application, 2016-2024 (USD Billion)
Table 28 Market in US, By Light Source, 2016-2024 (USD Million)
Table 29 Market in Canada, By Light Source, 2016-2024 (USD Million)
Table 30 Market in Mexico, By Light Source, 2016-2024 (USD Million)
Table 31 Market in Europe, By Country, 2016-2024 (USD Billion)
Table 32 Market in Europe, By Offering, 2016-2024 (USD Billion)
Table 33 Market in Europe, By Hardware Component, 2016-2024 (USD Billion)
Table 34 Market in Europe, By Light Source, 2016-2024 (USD Billion)
Table 35 Market in Europe, By Grid Type, 2016-2024 (USD Billion)
Table 36 Market in Europe, By Application, 2016-2024 (USD Billion)
Table 37 Market in UK, By Light Source, 2016-2024 (USD Million)
Table 38 Market in Germany, By Light Source, 2016-2024 (USD Million)
Table 39 Market in France, By Light Source, 2016-2024 (USD Million)
Table 40 Market in Rest of Europe, By Light Source, 2016-2024 (USD Million)
Table 41 Market in APAC, By Country, 2016-2024 (USD Billion)
Table 42 Market in APAC, By Offering, 2016-2024 (USD Billion)
Table 43 Market in APAC, By Hardware Component, 2016-2024 (USD Billion)
Table 44 Market in APAC, By Light Source, 2016-2024 (USD Billion)
Table 45 Market in APAC, By Grid Type, 2016-2024 (USD Billion)
Table 46 Market in APAC, By Application, 2016-2024 (USD Billion)
Table 47 Market in Japan, By Light Source, 2016-2024 (USD Million)
Table 48 Market in China, By Light Source, 2016-2024 (USD Million)
Table 49 Market in Australia, By Light Source, 2016-2024 (USD Million)
Table 50 Market in South Korea, By Light Source, 2016-2024 (USD Million)
Table 51 Market in India, By Light Source, 2016-2024 (USD Million)
Table 52 Market in Rest of APAC, By Light Source, 2016-2024 (USD Million)
Table 53 Market in RoW, By Region, 2016-2024 (USD Billion)
Table 54 Market in RoW, By Offering, 2016-2024 (USD Billion)
Table 55 Market in RoW, By Hardware Component, 2016-2024 (USD Billion)
Table 56 Market in RoW, By Light Source, 2016-2024 (USD Billion)
Table 57 Market in RoW, By Grid Type, 2016-2024 (USD Billion)
Table 58 Market in RoW, By Application, 2016-2024 (USD Billion)
Table 59 Market in South America, By Light Source, 2016-2024 (USD Million)
Table 60 Market in Middle East, By Light Source, 2016-2024 (USD Million)
Table 61 Market in Africa, By Light Source, 2016-2024 (USD Million)

List of Figures
Figure 1 Solar Lighting Market Segmentation
Figure 2 Solar Lighting Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Solar Lighting Market, 2016-2024
Figure 7 Hardware to Dominate Market During Forecast Period
Figure 8 LED to Dominate Market During Forecast Period
Figure 9 Commercial Segment to Hold Largest Size of Market By 2024
Figure 10 APAC Held Largest Share of Market in 2018
Figure 11 Shift Toward Renewable Energy for Lighting is Driving Market
Figure 12 Hardware Segment Held Larger Share of Market in 2018
Figure 13 LED Accounted for Larger Market Share, in Terms of Light Source, in 2018
Figure 14 Commercial Application Held Largest Share of Market in 2018
Figure 15 APAC to Witness Highest CAGR in Market From 2019 to 2024
Figure 16 Solar Lighting Market: Value Chain Analysis
Figure 17 Smart Solar Street and Roadways Lighting Systems in Market - Leading Trend Among Key Market Players
Figure 18 Solar Lighting Market, By Offering
Figure 19 Solar Lighting Market, By Light Source
Figure 20 Solar Lighting Market, By Grid Type
Figure 21 Solar Lighting Market, By Application
Figure 22 Solar Lighting Market, By Region
Figure 23 Geographic Snapshot: Solar Lighting Market
Figure 24 Solar Lighting Market in North America
Figure 25 North America: Snapshot of Solar Lighting Market
Figure 26 Solar Lighting Market in Europe
Figure 27 Europe: Snapshot of Solar Lighting Market
Figure 28 Solar Lighting Market in APAC
Figure 29 APAC: Snapshot of Solar Lighting Market
Figure 30 Solar Lighting Market in RoW
Figure 31 Strategies Adopted By Top Players in Market
Figure 32 Market Player Ranking (2018)
Figure 33 Solar Lighting Market (Global) Competitive Leadership Mapping, 2018
Figure 34 Signify Holdings (Philips): Company Snapshot
Figure 35 Eaton: Company Snapshot
Figure 36 Clear Blue Technologies: Company Snapshot

Note: Product cover images may vary from those shown
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  • Azuri Technologies Ltd
  • Clear Blue Technologies
  • Eaton
  • Exide Industries Ltd
  • Flexsol Solutions
  • Greenshine New Energy
  • Halonix Technologies Pvt Ltd.
  • Jiangsu Sokoyo Solar Lighting Co., Ltd.
  • Jinhua Sunmaster Solar Lighting Co. Ltd
  • Nokero
  • Signify Holding (Philips)
  • Sol
  • Solar Electric Power Company (SEPCO)
  • Solar Lighting International
  • Solar Street Lights Usa
  • Solarone Solutions
  • Solektra International
  • Su-Kam Power Systems
  • Sunna Design
  • Zhuhai Bomin Solar Technology Co., Ltd
Note: Product cover images may vary from those shown
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