Solar Lighting System Global Market 2024 To Reach $14.25 Billion By 2028 At Rate Of 15.0%

Solar Lighting System Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, September 9, 2024 /EINPresswire.com/ -- The solar lighting system market has experienced robust growth in recent years, expanding from $7.12 billion in 2023 to $8.16 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increasing awareness of environmental issues, increasing energy costs, increasing availability of solar products, rise in urbanization, and rise in natural disasters.

What Is The Estimated Market Size Of The Global Solar Lighting System Market And Its Annual Growth Rate?
The solar lighting system market is projected to continue its strong growth, reaching $14.25 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to rising demand for mobile solar lighting solutions, rising government incentives, increasing adoption of renewable energy, increasing demand for energy-efficient solutions, and expanding off-grid applications.

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Growth Driver Of The Solar Lighting System Market
The adoption of renewable energy sources is expected to propel the growth of the solar lighting system market going forward. Renewable energy sources refer to naturally replenishable resources such as solar, wind, and hydroelectric power, which can be continuously utilized without depletion. The increase in the use of renewable energy sources is due to sustainability goals, public awareness, grid stability, innovation in storage technologies, and regulatory support. Solar lighting systems promote the uptake of renewable energy sources by directly converting solar energy into usable electricity for lighting, reducing dependency on non-renewable energy sources.

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Who Are the Leading Competitors in the Solar Lighting System Market Share?
Key players in the solar lighting system market include Schneider Electric SE, Honeywell International Inc., Eaton Corporation plc, Philips Lighting Holding BV, Signify Holding BV, Havells India Limited, Exide Industries Limited, Cooper Lighting LLC, Jain Irrigation Systems Ltd., Halonix Technologies Pvt. Ltd., d.light Design Inc.

Which Key Trends Are Driving Solar Lighting System Market Growth?
Major companies operating in the solar lighting system market are focused on developing innovative solutions, such as eco-friendly lighting, to minimize environmental impact and maximize sustainability. Eco-friendly lighting refers to lighting solutions designed to have minimal negative environmental impact throughout their lifecycle.

How Is The Global Solar Lighting System Market Segmented?
1) By Product: Solar Lanterns, Solar Home Systems, Solar Street Lights
2) By Offering: Hardware, Software And Services
3) By Lighting Source: Light Emitting Diode (LED) Lights, Compact Fluorescent Lamps (CFLs)
4) By Application: Commercial, Highways And Roadways, Industrial, Residential, Other Applications

Geographical Insights: Asia-Pacific Leading The Solar Lighting System Market
Asia-Pacific was the largest region in the solar lighting system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar lighting system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Solar Lighting System Market Definition
A solar lighting system is a lighting solution that harnesses solar energy to power light fixtures. It is commonly used for outdoor lighting applications, such as garden lights, pathway illumination, street lighting, security lighting, and rural electrification where grid electricity is unavailable or unreliable. Solar lighting systems are known for their sustainability, which utilizes renewable solar energy, reduces electricity costs, and has minimal environmental impact compared to traditional grid-powered lighting systems.

Solar Lighting System Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global solar lighting system market report covering trends, opportunities, strategies, and more
The Solar Lighting System Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on solar lighting system market size, solar lighting system market drivers and trends, solar lighting system market major players, solar lighting system competitors' revenues, solar lighting system market positioning, and solar lighting system market growth across geographies. The solar lighting system market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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