Pune, April 11, 2023 (GLOBE NEWSWIRE) -- A global Energy and Power market research and business-consulting firm, Maximize Market research, has published a market intelligence report on the “Solar Lights Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Solar Lights Market from a local as well as a global point of view. Over the forecast period, Maximize Market research expects, the market to grow from USD 8.8 Bn in 2022 to USD 18.16 Bn in 2029 at a CAGR of 10.9 percent.
Solar Lights Market Report Scope and Research Methodology
| Market Size in 2022 | USD 8.8 Bn. |
| Market Size in 2029 | USD 18.16 Bn. |
| CAGR | 10.9 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 276 |
| No. of Tables | 118 |
| No. of Charts and Figures | 114 |
| Segment Covered | Light Source, Offering, Grid Type and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The report provides detailed data regarding production, retail pricing, supply-chain details and manufacturing cost of major key players in the Solar Lights Market. The report provides analysis through segments such as light source, offering, grid type and application along with their multiple sub-segments. The report provides an analysis of the Solar Lights Market through product penetration, investment in research and development, new market trends and competitive landscape. The bottom-up approach is used to estimate the size of the market by value and volume. Data has been collected through primary and secondary research methods. Primary data has been gathered from interviews with market leaders and opinions from senior research analysts. Whereas, data from public records and annual reports of an organization has been collected in secondary. Collected data later analysed by tools such as SWOT analysis, PORTER’s five force model and PESTLE analysis, which provides socio-political aspects of the market in major geographic regions such as North America, Asia Pacific, Middle East and Africa, Europe and South America.
Solar Lights Market Overview
Solar power is a free source of energy. Solar lights are portable light devices, which use LED lamps and photo-voltaic solar panels with rechargeable batteries. In a simple manner, solar panels absorb sunlight and convert it into light through electric current stored in solar batteries.
Solar Lights Market Dynamics
The end-user segments of the Solar Lights Market include industrial, residential, commercial, highways and roadways. The growing need to reduce carbon emissions and to minimize dependency for power consumption on traditional energy sources have been driving the Solar Lights Market. The Solar Light System has multiple benefits such as low maintenance cost, easy installation and avoiding the threats of electric shocks since it is a wireless system. The rapid developments in highways, railways and ports are the targeted areas for the deployment of Solar Lights Systems. Also, the low electricity penetration area in the rural parts of developing countries is expected to drive the Solar Lights Market.
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Solar Lights Market Regional Insights
Asia Pacific is expected to hold the largest share of the market during the forecast period (2023-2029). The growing demand for power in developing economies such as China and India can only be fulfilled by solar energy. The region’s Solar Lights Market is expected to grow majorly due to favorable government schemes for sustainable energy development.
Middle East and Africa is expected to hold the second-largest growing region in Solar Lights Market during the forecast period. The partnership between China and some Middle East countries for the deployment of Solar Lights Systems in the region is expected to drive the Middle East and Africa Solar Lights Market.
Solar Lights Market Segmentation
By Light Source:
- LED
- Others
By Offering:
- Hardware
- Software & Services
By Grid Type:
- Off-grid
- Hybrid
By Application:
- Industrial
- Highways and Roadways
- Residential
- Commercial
- Others
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Solar Lights Market Key Competitors include:
- Signify Holding
- Eaton Corporation
- Sunna Design SA
- Greenshine New Energy
- Solar Street Lights USA
- Engcotec GmbH
- Koninklijke Philips N.V.
- Fonroche Lighting America, Inc.
- Jinhua Sunmaster Lighting Co. Ltd
- SEPCO
- SunMaster Solar Lighting
- Halonix Technologies Pvt. Ltd.
- Nokero
- SolarOne Solutions, Inc.
- Clear Blue Technologies Inc.
- SOKOYO Solar Lighting Co., Ltd.
- Tapetum India Solar
Key questions answered in the Solar Lights Market are:
- What are Solar Lights?
- What was the Solar Lights Market size in 2021?
- What is the expected Solar Lights Market size during the forecast period?
- What are the global trends in the Solar Lights Market?
- What are the major restraints for the Solar Lights Market?
- Which segment dominated the Solar Lights Market growth?
- What is the demand pattern for the Solar Lights Market?
- What growth strategies are the players considering to increase their presence in Solar Lights Market?
- What are the upcoming industry applications and trends for the Solar Lights Market?
- Who are the leading companies and what are their portfolios in Solar Lights Market?
- Which region dominates the largest market share in Solar Lights Market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application and Industry Vertical
- Market Segmentation – A detailed analysis by Light Source, Offering, Grid Type and Application
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Energy and Power research firm, has also published the following reports:
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Outdoor Solar LED Market - The market size is expected to reach USD 37.87 Bn by 2029 at a CAGR of 24.60 percent during the forecast period. The market is expected to be driven by the increasing demand for reliable, economical, and eco-friendly external lighting solutions in the residential and commercial sectors.
Off-Grid Solar Market - The market size is expected to reach USD 4.44 Bn by 2029 at a CAGR of 11.50 percent during the forecast period. The market is expected to be driven by rising actions or factors of the off-grid solar market because of the power consumption of non-sustainable resources, operating off-grid solar market. Biomass has been considered the third most frequent sustainable electricity source enhanced by solar energy.
Solar Power Equipment Market - The market size is expected to reach USD 255.8 Bn by 2029 at a CAGR of 11.36 percent during the forecast period. The market is expected to be driven by the rising power rates, the use of solar energy has expanded dramatically among residential users for activities such as water heating.
Smart Solar Market - The market size is expected to reach USD 49.39 Bn by 2029 at a CAGR of 15.9 percent during the forecast period. The market is expected to be driven by Smart solar technologies becoming more popular as a result of governments throughout the world looking for economical solutions and motivating people to convert to environmentally friendly ones by offering subsidies.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
