Global Solar Lighting Systems Market to Reach $11.2 Billion by 2026

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Mar 10, 2022, 10:35 ET

SAN FRANCISCO, March 10, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Solar Lighting Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
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Solar Lighting Systems - FEB 2022 Report

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Edition: 7; Released: February 2022
Executive Pool: 1013
Companies: 83 - Players covered include Azuri Technologies Ltd.; Clear Blue Technologies Inc.; Eaton Corporation Plc; FlexSol Solutions B.V.; Nokero USA LLC; SEPCO- Solar Electric Power Company; Signify Holding B.V.; Solar Lighting International, Inc.; Solar Street Lights USA; SunMaster Solar Lighting Co., Ltd.; Sunna Design Inc. (Sol); Sunna Design SA and Others.
Coverage: All major geographies and key segments
Segments: Light Source (LED, Other Light Sources); Grid Type (Off-Grid, Hybrid); Application (Commercial, Highways & Roadways, Industrial, Residential, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Solar Lighting Systems Market to Reach $11.2 Billion by 2026
Power consumption continues to spiral across both developed and developing economies. While electricity consumption and supply network across developed countries is strong and mature, a significant proportion of the population in several developing countries lacks access to electricity. With global population expected to massively by 2050, expansion and overhaul of existing electricity production facilities will become inevitable in order to address rapid acceleration in power consumption. With non-renewable sources, such as oil and coal depleting rapidly, the world is on the lookout for newer alternative sources of energy. The search for best-suited alternative sources of energy for the future led to major developments in the areas of solar, wind, hydro, geothermal, fuel cells, and biomass energies. Business opportunities presented by these energies and their contribution in lowering CO2 and greenhouse emissions made them sustainable energies of the future. The global energy sector is now banking on the active commercialization of these sources of energy for their benefits and ability to preserve nature in its true grandeur. However, solar energy, given its wide range of benefits has gained tremendous prominence over the last few years.

Amid the COVID-19 crisis, the global market for Solar Lighting Systems estimated at US$6.7 Billion in the year 2022, is projected to reach a revised size of US$11.2 Billion by 2026, growing at a CAGR of 13% over the analysis period. LED, one of the segments analyzed in the report, is projected to grow at a 15.2% CAGR to reach US$9.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Light Sources segment is readjusted to a revised 8.4% CAGR for the next 7-year period. This segment currently accounts for a 36.6% share of the global Solar Lighting Systems market.

The U.S. Market is Estimated at $1.5 Billion in 2022, While China is Forecast to Reach $2.6 Billion by 2026
The Solar Lighting Systems market in the U.S. is estimated at US$1.5 Billion in the year 2022. The country currently accounts for a 23.08% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.6 Billion in the year 2026 trailing a CAGR of 15.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.9% and 10.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.3% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the close of the analysis period.

Growth in the market will be driven by the growing popularity of solar street lighting. Solar street lighting has been garnering a significant traction across cities owing to its potential to accelerate the transition towards a green, low-carbon future. The demand for these systems is further propelled by increasing demand for energy in both rural and urban areas. The technology is benefitting from declining cost of associated components like solar photovoltaic panels, making it an attractive alternative to conventional street lights. Solar street lights are capable of operating even on cloudy or rainy days. The market is also bolstered by favorable government initiatives to reduce carbon emissions through the use of eco-friendly technology. The shift toward solar street lighting is expected to be further facilitated by numerous benefits of these systems over their counterpart traditional solutions. Solar street lighting is sustainable in nature and independent of power grid, which leads to low operating costs. Rather than relying on utility provider, these lights are powered by solar energy, which is stored for later use. Solar street lighting has lower risk of overheating and requires lower maintenance in comparison to traditional street lights. The lack of external wires further reduces the risk of accidents like electrocution and strangulation. Solar street lights are eco-friendly in nature and considerably reduce carbon footprint. In addition, these systems can be easily installed in remote areas that are not served by conventional systems, making them a suitable and efficient option for addressing lighting issues. More

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