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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

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

“Increasing use of renewable energy for lighting to drive overall growth of solar lighting system market”
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%. 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.


  • INTRODUCTION
    • STUDY OBJECTIVES
    • DEFINITION
    • STUDY SCOPE
      • MARKETS COVERED
      • GEOGRAPHIC SCOPE
      • YEARS CONSIDERED
    • CURRENCY
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET SIZE ESTIMATION
      • BOTTOM-UP APPROACH
      • TOP-DOWN APPROACH
    • MARKET BREAKDOWN AND DATA TRIANGULATION
    • RESEARCH ASSUMPTIONS
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHT
    • ATTRACTIVE OPPORTUNITIES IN SOLAR LIGHTING SYSTEM MARKET
    • SOLAR LIGHTING SYSTEM MARKET, BY OFFERING
    • SOLAR LIGHTING SYSTEM MARKET, BY LIGHT SOURCE
    • SOLAR LIGHTING SYSTEM MARKET, BY APPLICATION
    • SOLAR LIGHTING SYSTEM MARKET, BY REGION
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
  • INDUSTRY TRENDS
    • INTRODUCTION
    • VALUE CHAIN ANALYSIS
      • RESEARCH AND PRODUCT DEVELOPMENT
      • RAW MATERIAL/COMPONENT PROVIDERS
      • ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)
      • KEY TECHNOLOGY PROVIDERS
      • DISTRIBUTORS/SALES OFFICES
      • END USERS
    • KEY INDUSTRY TRENDS
      • SMART SOLAR STREET AND ROADWAYS LIGHTING SYSTEMS
      • BATTERY INDUSTRY WILL BECOME MORE COMPETITIVE
  • SOLAR LIGHTING MARKET, BY OFFERING
    • INTRODUCTION
      • Table SOLAR LIGHTING SYSTEM MARKET, BY OFFERING, 2016–2024 (USD BILLION)
    • HARDWARE
      • Table SOLAR LIGHTING SYSTEM MARKET FOR HARDWARE, BY COMPONENT, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET FOR HARDWARE, BY REGION, 2016–2024 (USD BILLION)
      • SOLAR/PV PANELS
        • Table SOLAR LIGHTING SYSTEM MARKET FOR SOLAR/PV PANELS, BY REGION, 2016–2024 (USD BILLION)
      • LIGHTING FIXTURES
        • Table SOLAR LIGHTING SYSTEM MARKET FOR LIGHTING FIXTURES, BY REGION, 2016–2024 (USD BILLION)
      • RECHARGEABLE BATTERY
        • Table SOLAR LIGHTING SYSTEM MARKET FOR RECHARGEABLE BATTERIES, BY REGION, 2016–2024 (USD BILLION)
      • OTHERS (CONTROLLERS AND ACCESSORIES)
        • Table SOLAR LIGHTING SYSTEM MARKET FOR OTHERS, BY REGION, 2016–2024 (USD BILLION)
    • SOFTWARE & SERVICES
      • SOFTWARE PLAY CRUCIAL ROLE IN EFFECTIVE MANAGEMENT OF SOLAR LIGHTING SYSTEMS
        • Table SOLAR LIGHTING SYSTEM MARKET FOR SOFTWARE & SERVICES, BY REGION, 2016–2024 (USD BILLION)
  • SOLAR LIGHTING MARKET, BY LIGHT SOURCE
    • INTRODUCTION
      • Table SOLAR LIGHTING SYSTEM MARKET, BY LIGHT SOURCE, 2016–2024 (USD BILLION)
    • LED
      • BENEFITS SUCH AS LONG LIFE, DURABILITY, AND EFFICIENCY DRIVING THE ADOPTION OF LED IN SOLAR LIGHTING MARKET
        • Table SOLAR LIGHTING SYSTEM MARKET FOR LEDS, BY REGION, 2016–2024 (USD BILLION)
    • OTHERS
      • CFL AND INDUCTION BULBS ARE THE OTHER LIGHT SOURCES IN THE SOLAR LIGHTING SYSTEMS
        • Table SOLAR LIGHTING SYSTEM MARKET FOR OTHERS, BY REGION, 2016–2024 (USD MILLION)
  • SOLAR LIGHTING MARKET, BY GRID TYPE
    • INTRODUCTION
      • Table SOLAR LIGHTING SYSTEM MARKET, BY GRID TYPE, 2016–2024 (USD BILLION)
    • OFF-GRID
      • OFF-GRID TO HOLD A LARGER SHARE OF SOLAR LIGHTING SYSTEM MARKET
        • Table SOLAR LIGHTING SYSTEM MARKET FOR OFF-GRID, BY REGION, 2016–2024 (USD BILLION)
    • HYBRID
      • HYBRID SOLAR LIGHTING SYSTEM IS A LESS EXPENSIVE THAN OFF-GRID SOLAR LIGHTING SYSTEM
        • Table SOLAR LIGHTING SYSTEM MARKET FOR HYBRID, BY REGION, 2016–2024 (USD BILLION)
  • SOLAR LIGHTING MARKET, BY APPLICATION
    • INTRODUCTION
      • Table SOLAR LIGHTING SYSTEM MARKET, BY APPLICATION, 2016–2024 (USD BILLION)
    • HIGHWAYS AND ROADWAYS
      • HIGHWAYS AND ROADWAYS SEGMENT TO GROW AT A SUBSTANTIAL CAGR
        • Table SOLAR LIGHTING SYSTEM MARKET FOR HIGHWAYS AND ROADWAYS, BY REGION, 2016–2024 (USD BILLION)
    • INDUSTRIAL
      • INDUSTRIAL AREAS LIKELY TO DEPLOY SOLAR LIGHTING SYSTEM TO MAINTAIN ADEQUARE ILLUMINATION AND ENHACE PRODUCTIVITY
        • Table SOLAR LIGHTING SYSTEM MARKET FOR INDUSTRIAL APPLICATIONS, BY REGION, 2016–2024 (USD BILLION)
    • COMMERCIAL
      • COMMERCIAL SEGMENT IS EXPECTED TO HOLD LARGEST SHARE OF SOLAR LIGHTING SYSTEM MARKET
        • Table SOLAR LIGHTING SYSTEM MARKET FOR COMMERCIAL APPLICATIONS, BY REGION, 2016–2024 (USD BILLION)
    • RESIDENTIAL
      • RESIDENTIAL TOWNSHIPS ARE INCREASINGLY DEPLYING SOLAR LIGHTING SYSTEMS
        • Table SOLAR LIGHTING SYSTEM MARKET FOR RESIDENTIAL APPLICATIONS, BY REGION, 2016–2024 (USD BILLION)
    • OTHERS
      • ASIA PACIFIC DOMINATE THE OTHERS SEGMENT OF SOLAR LIGHTING SYSTEM MARKET
        • Table SOLAR LIGHTING SYSTEM MARKET FOR OTHERS, BY REGION, 2016–2024 (USD BILLION)
  • GEOGRAPHIC ANALYSIS
    • INTRODUCTION
      • Table SOLAR LIGHTING SYSTEM MARKET, BY REGION, 2016–2024 (USD BILLION)
    • NORTH AMERICA
      • Table SOLAR LIGHTING SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN NORTH AMERICA, BY OFFERING, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN NORTH AMERICA, BY HARDWARE COMPONENT, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN NORTH AMERICA, BY LIGHT SOURCE, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN NORTH AMERICA, BY GRID TYPE, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION, 2016–2024 (USD BILLION)
      • US
        • Table SOLAR LIGHTING SYSTEM MARKET IN US, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • CANADA
        • Table SOLAR LIGHTING SYSTEM MARKET IN CANADA, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • MEXICO
        • Table SOLAR LIGHTING SYSTEM MARKET IN MEXICO, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
    • EUROPE
      • Table SOLAR LIGHTING SYSTEM MARKET IN EUROPE, BY COUNTRY, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN EUROPE, BY OFFERING, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN EUROPE, BY HARDWARE COMPONENT, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN EUROPE, BY LIGHT SOURCE, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN EUROPE, BY GRID TYPE, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN EUROPE, BY APPLICATION, 2016–2024 (USD BILLION)
      • UK
        • Table SOLAR LIGHTING SYSTEM MARKET IN UK, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • GERMANY
        • Table SOLAR LIGHTING SYSTEM MARKET IN GERMANY, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • FRANCE
        • Table SOLAR LIGHTING SYSTEM MARKET IN FRANCE, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • REST OF EUROPE
        • Table SOLAR LIGHTING SYSTEM MARKET IN REST OF EUROPE, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
    • APAC
      • Table SOLAR LIGHTING SYSTEM MARKET IN APAC, BY COUNTRY, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN APAC, BY OFFERING, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN APAC, BY HARDWARE COMPONENT, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN APAC, BY LIGHT SOURCE, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN APAC, BY GRID TYPE, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN APAC, BY APPLICATION, 2016–2024 (USD BILLION)
      • JAPAN
        • Table SOLAR LIGHTING SYSTEM MARKET IN JAPAN, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • CHINA
        • Table SOLAR LIGHTING SYSTEM MARKET IN CHINA, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • AUSTRALIA
        • Table SOLAR LIGHTING SYSTEM MARKET IN AUSTRALIA, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • SOUTH KOREA
        • Table SOLAR LIGHTING SYSTEM MARKET IN SOUTH KOREA, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • INDIA
        • Table SOLAR LIGHTING SYSTEM MARKET IN INDIA, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • REST OF APAC
        • Table SOLAR LIGHTING SYSTEM MARKET IN REST OF APAC, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
    • ROW
      • Table SOLAR LIGHTING SYSTEM MARKET IN ROW, BY REGION, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN ROW, BY OFFERING, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN ROW, BY HARDWARE COMPONENT, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN ROW, BY LIGHT SOURCE, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN ROW, BY GRID TYPE, 2016–2024 (USD BILLION)
      • Table SOLAR LIGHTING SYSTEM MARKET IN ROW, BY APPLICATION, 2016–2024 (USD BILLION)
      • SOUTH AMERICA
        • Table SOLAR LIGHTING SYSTEM MARKET IN SOUTH AMERICA, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • MIDDLE EAST
        • Table SOLAR LIGHTING SYSTEM MARKET IN MIDDLE EAST, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
      • AFRICA
        • Table SOLAR LIGHTING SYSTEM MARKET IN AFRICA, BY LIGHT SOURCE, 2016–2024 (USD MILLION)
  • COMPETITIVE LANDSCAPE
    • INTRODUCTION
    • RANKING OF TOP PLAYERS IN SOLAR LIGHTING SYSTEM MARKET (2018)
    • COMPETITIVE SITUATIONS AND TRENDS
      • PRODUCT LAUNCHES AND PRODUCT DEVELOPMENTS
      • PARTNERSHIPS, CONTRACTS, AGREEMENTS, COLLABORATIONS, AND EXPANSIONS
    • COMPETITIVE LEADERSHIP MAPPING, 2018
      • VISIONARY LEADERS
      • DYNAMIC DIFFERENTIATORS
      • INNOVATORS
      • EMERGING COMPANIES
  • COMPANY PROFILE
    • KEY PLAYERS
      • SIGNIFY HOLDING (PHILIPS)
      • EATON
      • SOLAR ELECTRIC POWER COMPANY (SEPCO)
      • SOL
      • SU-KAM POWER SYSTEMS
      • CLEAR BLUE TECHNOLOGIES
      • JINHUA SUNMASTER SOLAR LIGHTING CO. LTD
      • SOLARONE SOLUTIONS
      • SOLAR STREET LIGHTS USA
      • SOLAR LIGHTING INTERNATIONAL
    • OTHER IMPORTANT PLAYERS
      • JIANGSU SOKOYO SOLAR LIGHTING CO., LTD.
      • EXIDE INDUSTRIES LTD
      • GREENSHINE NEW ENERGY
      • HALONIX TECHNOLOGIES PVT LTD.
      • ZHUHAI BOMIN SOLAR TECHNOLOGY CO., LTD
    • STARTUP ECOSYSTEM
      • AZURI TECHNOLOGIES LTD
      • FLEXSOL SOLUTIONS
      • SUNNA DESIGN
      • NOKERO
      • SOLEKTRA INTERNATIONAL
  • APPENDIX
    • INSIGHTS FROM INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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