The solar
lighting system market is projected to reach USD 10.8 billion by 2024
from USD 5.2 billion in 2019, at a 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 declining cost of LEDs, and
growing demand from developing and emerging countries.
Furthermore,
underlying opportunities for the solar lighting system market include favorable
government initiatives and a decline in the cost of the systems. 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.
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LEDs are used widely in solar lighting systems as these are
energy efficient. LEDs offer benefits such as long life, durability,
eco-friendly, and zero UV emissions. LEDs are compact and have a life span up
to 50,000 hours, which is 30 times longer than incandescent bulbs and 5 times
longer than CFLs. In the case of outdoor solar lights, lighting fixtures are
exposed to different environmental factors such as heat, wind, and falling
objects that can damage the fixtures. LEDs comprise compound semiconductor
materials and are hollow. This makes LEDs more durable than other types of lamp
that withstand harsh conditions. Therefore, LED lights are the major
shareholder in the solar lighting system market and are expected to continue
their dominance during the forecast period.
The solar lighting system market
for the off-grid is expected to grow at the highest CAGR during the forecast
period. Off-grid solar power systems are standalone systems that are
independent of any electric networks. These systems are used to collect and
store solar energy, which is converted to electricity when required. As these
systems are not connected to any utility grids, they cannot take or feed power
back into the grid. Thus, the energy produced by the solar system is stored in
the battery bank. The off-grid system comprises solar photovoltaic panels that
are connected to an inverter. Energy self-sufficiency is one of the most
important benefits associated with off-grid solar lighting systems.
In application, the
commercial segment 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, etc., 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.
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