According to a new report by UnivDatos Market Insights, Solar Lighting System Market is expected to reach USD 28.24 Billion in 2030 by growing at a CAGR of 11%. The rising need to install these systems in highways, public spaces, and residential areas is a major driving factor. With the increasing focus on sustainable energy and the urgency to reduce carbon emissions, solar lighting systems offer a clean and renewable energy solution. Government initiatives to achieve carbon neutrality have also played a crucial role in propelling the market growth. In residential sectors, companies and governments are implementing innovative payment terms, including cash and pay-as-you-go, which are further increasing the adoption of solar lighting systems.

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For instance, according to GOGLA’s Global Off-Grid Solar Market Report, in 2020, in total, 3.6 million off-grid solar lighting products were sold, out of which 2.41 million products were sold as cash products, and the rest 1.19 million products were sold through PayGo model.

Currently, based on the grid type, there are three types of solar lighting: off-grid, on-grid, and hybrid solar lighting. The off-grid lighting systems are anticipated to capture a significant market share in the forecast period, owing to their wider adoption in developing countries as installing these lights is cheaper and does not require any cabling infrastructure, and the capability to offer lights even in remote areas where there is absence of grid or unreliable grid.

On the other hand, hybrid solar lighting systems utilize solar energy and electrical grid power to generate lighting in a highly efficient and sustainable manner. The increasing demand for energy-efficient lighting solutions and the growing adoption of sustainable energy sources like solar power have increased the adoption of hybrid lighting systems. These systems are commonly used for indoor lighting in office buildings, hospitals, schools, and hotels as they provide cost-effective and environmentally friendly solutions. Furthermore, remote, and off-grid areas that lack access to reliable electricity grids can significantly benefit from hybrid solar lighting systems as they offer a sustainable alternative to traditional lighting methods.

Moreover, rising government initiatives and investments, specifically in the rural African and Asia Pacific regions, are further anticipated to increase the adoption of solar lighting solutions in the coming years.

GOVERNMENT INITIATIVES AND COMMITMENTS

·        In July 2022. The low-income home energy assistance program aims to connect families and provide them with solar energy that will help them reduce electricity bills by 20%. The collaboration aimed to support families in the five states of Washington, D.C.

·        To promote Solar lighting systems, the government of India has launched numerous schemes to encourage the generation of solar power in the country: the Defense Scheme, Canal Bank & Canal Top Scheme, Solar Park Scheme, VGF Schemes, CPSU Scheme, Bundling Scheme, Grid Connected Solar Rooftop Scheme.

·        In November 2022, The European Investment Bank signed a loan of USD 10 million to ENGIE Energy Access Benin, a subsidiary of ENGIE, to support the deployment of 107,000 high-quality solar home systems in Benin, thus opening access to clean energy for an estimated 643,000 people in West Africa. The Africa-EU Partnership seeks to extend access to modern energy services and renewable energy use in Africa.

Regions are installing a increased numbers of solar lighting solutions and partnering with solar lighting manufacturers, further escalating the market opportunities. Some of the recent examples include are:

· In June 2019, Signify announced that it has installed 20 Philips SunStay solar street lights in Infanta Elena Park in Spain. The company will provide integrated solar panels, luminaire, charge controller and battery.

· In January 2020, SolarOne Solutions, Inc. announced that it has been selected by Eagle Butte community center to provide and install off-grid solar streetlights with an aim to reduce carbon footprint.

· In May 2022, Lord’s Marks industries has announced that it has bagged contract from Bihar, India government to device the worlds’ largest solar-based lighting project across the state.

Asia Pacific is expected to experience a significant growth rate in the projected period. The primary factors driving this growth are the increasing implementation of solar panels, the necessity of clean energy, and growing government initiatives to increase the adoption of sustainable energy. Furthermore, Countries like China, Japan, India, and Australia have been actively investing in solar energy, leading to a surge in the adoption of solar lighting systems. Moreover, the adoption of solar lighting in the Asia Pacific region is the need to provide electricity to rural areas. Many remote and rural areas in countries like India, Indonesia, and the Philippines lack access to reliable electricity. According to the World Bank, in 2022, the most significant potential market for off-grid solar as backup is in South Asia (447 million people), followed by Southeast Asia and the Pacific region (130 million) and West Africa (94 million).

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Conclusion

As the adoption of solar lighting increases, the government and manufacturing companies invest heavily in building more efficient and brighter lighting systems. The Solar Lighting System market is poised for significant growth. It is expected to grow exponentially over the next five years, driven by factors such as increased solar panel adoption, shift towards adoption of sustainable energy, rising need to provide reliable source of electricity to remote areas or areas without electricity grids, increasing adoption of solar streetlights in urban areas, and opportunities such as increasing integration of smart solar lighting technologies. Installing solar lights offers numerous benefits including reducing carbon emissions, considerably cost-effective installations in highway and roadways, and others. In the current scenario, the major issue with the recycling process is the initial cost of installation of these lights. Still, as technology continues to evolve and new or more efficient solar lights are being developed, we can expect more penetration in Solar Lighting System. Key Solar Lighting System market players include SEPCO, Clear Blue Technologies, and Signify Holding. These companies are investing heavily in expanding their manufacturing capacities.

Overall, the future of the Solar Lighting System market looks bright, with plenty of opportunities for growth and innovation. As the world continues to shift towards solar energy sources, Solar Lighting System will play an increasingly important role in meeting our sustainable goals.