Solar Lights Market Size (2023-2030)

The Global Solar Lights Market was valued at USD 8.67 Billion and is projected to reach a market size of USD 13.92 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 7%.

With increasing awareness about sustainability technologies, the demand for solar lights has increased. Solar lights are lights that are powered by the natural source of energy – the sun. A solar panel usually connects the system and provides light during daylight hours. Further, they often come with batteries that provide light storage features for future needs. Further, these solar lights enable users to control lighting that has an automatic sensor and integration into mobile applications. Further, Solar lights are often available in LED lighting as it is energy-efficient and long-lasting. These lights are popular among users due to their cost effectiveness, and versatility in terms of installation and function such as solar lights for an outdoor setting, garden lights, pathway lighting, security lighting, and others. Moreover, one of the prime benefits of solar lights is that they require low maintenance compared to conventional lighting systems.

Global Solar Lights Market Drivers:

Rising demand for renewable and sustainable energy drives the market for solar lights.

Due to the increase in carbon emission around the globe, there has been an increase in demand for renewable energy systems that is cost-effective and provides energy efficiency. As per IEA (International Energy Agency), global CO2 emissions were 36.8 Gt in 2022. Solar lights help in achieving sustainability goals and pose less threat to the environment. These lights provide environmental benefits such as low greenhouse gas release, less pollution, and low pressure on the electricity. Further, it provides self-reliance to users as they can generate their power using solar panels that can power their solar lights. Apart from this, solar energy provides them with long-term energy solutions with fewer maintenance needs. Further, these lights come with rechargeable batteries that enable users to store power for future uses and thereby increase efficiency. Additionally, due to the increasing trend of green technology, there is an increase in the production of green batteries that are decomposable and helps in storing solar power for lights.

Government support to boost the market for solar lights is augmenting market growth.

Government support plays a crucial role in encouraging and incentivizing solar energy. These are in the form of subsidies, tax credits, grants, and others that help manufacturers reduce their costs and enhance production. Moreover, launching new programs, investing in research and development for green technology, and raising funds for solar energy solutions have contributed to the growth of the market. For instance, the US government and the Department Of Energy collaborated and launched the Community Solar Subscription Platform in July 2022. It aimed to connect families and provide them with solar energy that will help them to reduce electricity bills by 20% through the low-income home energy assistance program. The collaboration aimed to support families in the five states of Washington, D.C.

Similarly, the Indian government provided support for solar lights in the form of programs and schemes and helped leverage the solar energy industry. These include off-grid and decentralized solar PV applications program that aims to support PV cells, lithium-ion batteries, LED lighting, and other sustainable and renewable technologies and subsidies scheme such as the Solar Energy Plan for Low-Power Loom Units that provided financial support and capital subsidies to small power units on the installation of SPV. This scheme aimed to achieve accessibility to solar power to all, even in tiny and remote locations of the region.

Apart from this, programs involving the installation of LED solar lights in street lighting systems, public parks, schools, hospitals, and other places have further fuelled the market growth for solar lights.

Global Solar Lights Market Challenges:

Exposure to unfavourable weather conditions can decline the market growth for solar lights. These lights rely heavily on the sun’s energy, and therefore laces when there is limited sunlight or cloudy weather, the performance of the solar lights can be affected. This further can lead to low power generation and a decline in its market growth.

Further, improper maintenance of solar panels that provide power to solar lights can affect the functioning of these systems. If the solar panels are not cleaned regularly, dust and debris can form on these panels and deteriorate their performance.

Hence, these challenges can hamper the market growth of solar lights.

Global Solar Lights Market Opportunities:

The Global Solar Lights Market is anticipated to deliver lucrative opportunities for businesses, which include acquisitions, partnerships, collaborations, product launches, and agreements during the forecasted period. Furthermore, owing to the increase in demand for renewable and energy-efficient systems and innovations in green technology is predicted to develop the market for Solar Lights and enhance its future growth opportunities.

COVID-19 Impact on Global Solar Lights Market:

The pandemic witnessed an increase in demand for solar lights due to the remote working culture. As a result of the lockdown, people spent more time at home and offices operated through the home, leading to an increasing need for cost-effective and energy-efficient lighting solutions that powered their houses. Additionally, coloured solar light bulbs were in great demand as consumers shifted their attention towards improved lighting solutions that make them feel relaxed and conducive to work. Furthermore, these lights witnessed increased applications in the healthcare sector and provided them with power through off-grid emergency lighting.

Global Solar Lights Market Recent Developments:

• In May 2023, Signify, a leading company in lighting, launched Philips Solar Light Hub in India. It is a retail store that sells solar lighting products and aims to encourage solar applications in lighting systems that are easy to install, have lower maintenance, and are cost-effective.
• In April 2023, IKEA and Little Sun launched – SAMMANLANKAD, which consists of two sun-powered LED lamps. It is a portable lamp that offers solar panels to power homes during day time and rechargeable batteries that stored power for future use. Further, the lamp’s battery can also be used by consumers to boost the battery life of mobile phones.
• In April 2021, Servotech launched its new range of solar lights for streets. It is a2 in 1 solar light that offers luminous efficacy of about 105lm/W and a life expectancy of 50000 hours. These lights aimed to increase energy efficiency by 25% and have an in-built solar charge controller, high-lumen LED bulbs, and in-built dusk to dawn sensor, and are based on reduce and recycle approach.

SOLAR LIGHTS MARKET REPORT COVERAGE:

Global Solar Lights Market Segmentation: By Type

• LED

• Others

Based on market segmentation by type, LED solar lights occupy the highest share in the market. LED technology offers great energy efficiency and cost-effectiveness making them popular among consumers. Further, they are increasingly used in residential, commercial, industrial, and public spots for enhanced infrastructure needs. Furthermore, these lights consume less power and reduce the need for grid-based electricity. Moreover, increasing technological development such as the incorporation of LED chips for enhanced color and improved lighting purposes have resulted in demand for colored solar lights. In addition to that, smart lighting controls such as the deployment of motion sensors, daylight sensors, and intelligent dimming controls in LED solar lights have enabled consumers to control the lighting system through voice assistants or mobile applications.

Global Solar Lights Market Segmentation: By Grid Type

• Off-Grid

• On-Grid

Based on market segmentation by grid type, on-grid occupies the highest share in the market. They are grid solar lights that are connected to an electricity grid and supply power through solar energy. They are equipped with meters that monitor consumption and provide feedback on over-usage to consumers, thereby increasing energy efficiency. Further, these grids are often used in urban settings such as for street lighting, gardens, offices, restaurants, and others.

The off-grid segment occupies a sizeable market share owing to its ability to generate power in remote locations and store the power for future use. They are equipped with batteries and ensure efficient power supply to them. Moreover, they do not require external sources to generate power and are often referred to as standalone grids as they incorporate solar panels, batteries, LED lights, and others in their system. Moreover, they have wide applications in places where access to power and grids is limited such as in rural areas.

Global Solar Lights Market Segmentation: By Application

• Industrial

• Commercial

• Residential

• Others

Based on market segmentation by application, commercial occupies the highest share in the market. Solar lights are widely used in commercial spaces such as offices as a result of increasing demand for energy-efficient solutions. Furthermore, hotels, resorts, retail stores, and others use solar lights as aesthetic lighting that provides relaxation to customers. These include neon solar lights used in retail stores, garden solar lights, and others. Moreover, due to their cost-effectiveness, they are widely used in the entertainment industry for outdoor and indoor shooting purposes. The residential segment occupies a significant market share owing to increasing demand for smart and sustainable home systems that use AI assistants for controlling the lighting system. Further, they are increasingly used for decorative purposes during house parties and events as it provides high luminous power with less energy consumption, contributing to lower electricity bills.

Global Solar Lights Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

Based on market segmentation by region, Asia-Pacific occupies the highest share in the market owing to increasing support from the government and rising consumer awareness towards adopting sustainable lighting solutions. For instance, In India, the Solar Lighting program under the Ministry of New and Renewable Energy focuses on providing solar lighting systems to households in remote locations and thus increasing accessibility. North America is predicted to witness significant growth in the market owing to rising environmental awareness that aims to reduce carbon footprint and promote clean and green technology systems.

Global Solar Lights Market Key Players:

1. Wipro Lighting

2. Signify (Phillips)

3. Urban Solar

4. Eaton

5. Servotech Power Systems Limited

6. Solar Light Company

7. SEPCO Solar Lighting

8. SunMaster

9. Solar One