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 & decreasing cost of LEDs, and growing demand from developing and emerging countries. Furthermore, underlying opportunities for the solar lighting system market include a decline in their cost and enhancement in technological aspects. 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 major challenge to the solar lighting system market.
Key strategies implemented from 2016 to 2019 by major players include product launches and developments, and partnerships/contracts/agreements/collaborations/expansions. Signify Holding (Signify, Netherlands), Eaton Corporation Inc (Eaton, Ireland), Solar Electric Power Company (SEPCO, US), Sol Inc., (Sol by Carmanah, US), and Su-Kam Power Systems Ltd. (Su-Kam, India) are among the few prominent players that adopted these strategies.
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Top 2 players in solar lighting system market:
Signify Holdings (Netherlands) was ranked first in the solar lighting system market in 2018. Signify is the new name of Philips Lighting. The company has wholly owned subsidiaries in China, Germany, the Netherlands, Hong Kong, Poland, Indonesia, and the US. The company is the global market leader with recognized expertise in the development, manufacture, and sale of innovative, energy-efficient lighting products, systems, and services. Signify offers solar-powered lighting systems for street and roadways, urban areas, and community lighting centers. The company also offers indoor solar lighting systems. The company has an extensive geographic presence. The company’s global reach and client proximity allow it to deliver a product portfolio that addresses the local market needs. In March 2018, the company launched Philips SunStay, a solar streetlight that combines solar panel, battery, and light in one housing, and Philips LifeLight, a solar lantern that comes with a replaceable battery. With the launch of these products in India, the company is accelerating a strategic push into solar-powered lighting.
Eaton (Ireland), a multinational power management company, was ranked second in this market. The company is among the largest providers of lighting products in the world. Eaton’s Cooper lighting division has a wide range of lighting systems. Eaton delivers a range of innovative and reliable solar lighting solutions, as well as control products specifically designed to maximize performance, energy efficiency, and cost savings. The company focuses on partnerships to increase its offerings. It has partnered with many companies to capitalize on their technologies and strategies. For instance, it partnered with the CIMCON lighting (US) in September 2016 to offer powerful lighting solutions.
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
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