DUBLIN, December 06, 2021--(BUSINESS WIRE)--The "Solar Lighting Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Solar Lighting Systems Market to Reach $11.2 Billion by 2026
The global market for Solar Lighting Systems estimated at US$5.5 Billion in the year 2020, 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.
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.
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $2.6 Billion by 2026
The Solar Lighting Systems market in the U.S. is estimated at US$1.3 Billion in the year 2021. The country currently accounts for a 23.08% share in the global market. China, the world 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.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Solar Power Becomes Indispensable to Global Energy Mix
How the Clean Technologies Industry is Impacted by the Pandemic & What's the New Normal?
Market by Major Geographies Analyzed By Annual % Growth For Years 2019 Through 2025
COVID-19 Sharpens the Focus on the Environment. Here's Why
What's In-Store for Renewable Resources?
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 83 Featured)
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
3. MARKET TRENDS & DRIVERS
Internet of Energy (IoE) Sets the Stage for Renewables. Here's How
Myriad Factors Support the Trend Towards Solar Street Lighting
Innovation is Key to Sustained Growth of Solar Street Lights
Smart Cities to Provide Added Boost for Solar Street Lighting
AI Makes Its Presence Felt in the Solar Lighting Systems Market
Favorable Regulations Remain Imperative for Sustained Growth in the Market
Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
Targets for Electricity Production from Renewable Energy Sources in Select Countries
Market to Benefit from the Shift Towards Decentralized Power Generation & Rural Electrification in Emerging Nations
Rising Popularity of Building Integrated Photovoltaics (BIPV) to Spur Growth in the Residential and Commercial Sectors
Long-term Prospects Remain Favorable Amid Growing Population & Urbanization Drive
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
Total Companies Profiled: 83
For more information about this report visit https://www.researchandmarkets.com/r/a2bax5
View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005385/en/
Laura Wood, Senior Press Manager
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