Portland, OR, March 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Solar Lights Market by Type (Outdoor Solar Lights, Indoor Solar Lights), by Panel Type (Polycrystalline, Monocrystalline, Amorphous), by Solar Power Systems (Off-Grid, On-Grid, Hybrid), by Application (Highways and Roadways, Residential, Commercial and Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to report, the global solar lights industry generated $8.1 billion in 2021, and is anticipated to generate $14.2 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 2031.
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Report coverage and details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.1 billion |
| Market Size in 2031 | $14.2 billion |
| CAGR | 6.2% |
| No. of Pages in Report | 640 |
| Segments covered | Type, Panel Type, Panel Type, Application and Region |
| Drivers | Rising awareness related to clean energy in the developing nations |
| Growing requirement of energy | |
| Decreased prices of different type of solar light | |
| Energy independence, easy installation, reliability, and waterproofing elements | |
| Opportunities | Governments, NGOs and other organizations accelerating the adoption of solar lights through tax cuts, subsidies |
| Restraints | Long-term exposure of the product to strong ultraviolet rays can cause cracks in the panel |
| The accumulation of dirt and dust particles on the surface of panel can result in obstructing sunlight absorption and lower product performance |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic negatively impacted the solar lights market. As China is one of the leading providers of photovoltaic modules in the world, the COVID-19 situation drastically decreased China’s production of solar light products.
- The industry faced raw material storage, and disruptions in the distribution facilities due to lockdown measures.
- Residential and government projects decided for the energy transmission to renewable sources which boosted the demand for solar light, thereby helping the market to recover rapidly in the post-pandemic.
The research provides detailed segmentation of the global solar lights market based on type, panel type, solar power system, application and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the outdoor solar light segment accounted for more than 90% of the global solar lights market revenue in 2021, and is projected to rule the roost by 2031. The same segment would display the fastest CAGR of 6.2% during the forecast period. As it does not increase electricity bills and has minimal carbon footprints its demand for pathway light sets, wall-mounted lamps, freestanding lamp posts, and security lights is increasing in the residential sector, which drive the growth of the segment.
Based on panel type, the polycrystalline segment held the highest share in 2021, holding around half of the global solar lights market revenue, and is projected to maintain its dominance by 2031. Also, the same segment would showcase the fastest CAGR of 6.4% during the forecast period. Ease of manufacturing and eco-friendliness, ability to perform better even in low light conditions, having a higher temperature coefficient with high power density are the factors driving the growth of segment.
Based on solar power systems, the off-grid segment has garnered the major share in 2021, generating nearly three-fourths of the global solar lights market revenue, and is anticipated to grow by 2031. The same segment would portray the fastest CAGR of 6.3% from 2022 to 2031. It helps lower the burden of electricity cost as no electricity bill is attached off-grid. Off-grid systems run independently because they are powered by batteries that are built into off-grid solar lighting solutions. Off-grid solar systems are an affordable way to extend power lines in some remote areas. These factors are driving the segment’s growth.
In terms of application, the highways and roadways segment has garnered the major share in 2021, generating more than two-fifths of the global solar lights market revenue, and is projected to maintain its dominance by 2031. Also, the same segment would portray the fastest CAGR of 6.6% throughout the forecast period. Factors such as rising government initiatives for the use of clean energy products in new infrastructure projects, and rise in demand for cost efficient, energy efficient, weather resistant and long-life energy solution for infrastructure projects in developing nations are propelling the growth of segment.
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By region, Asia-Pacific accounted for the highest share in 2021, holding more than one-third of the global solar lights market revenue, and is projected to rule the roost by 2031. The same segment would cite the fastest CAGR of 6.4% throughout the forecast period. Surge in focus on new design and technology of solar products, ongoing R&D activities toward solar energy storage, collection and transportation technologies, accelerated investment across the energy sector along with renewable energy solution are projected to offer ample opportunities for the market growth across Asia-Pacific.
Leading market players of the global solar lights market analyzed in the research include Jinhua Sunmaster Lighting Co. Ltd, Solar Street Lights USA, Sunna Design SA, ENGOPLANET ENERGY SOLUTIONS LLC, Engcotec GmbH, Kon Lighting, SEPCO, Fonroche Lighting America, Inc., Greenshine New Energy, Koninklijke Philips N.V. and wipro lighting and others.
The report analyzes these key players in the global solar lights market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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