PUBLISHER: Allied Market Research | PRODUCT CODE: 1239609
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239609
The global solar lights market was valued at $8.1 billion in 2021, and is projected to reach $14.2 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
Solar Lights' are portable light fixtures which includes LED lamps, photo-voltaic solar panels and rechargeable batteries. Solar lights are an eco-friendly way to keep home, roadways, garden area well-lit at night. Solar panel collects solar energy during daylight hours and charges a battery which powers a fixture light. Solar lighting products are kind of outdoor lighting which are powered by the sun. Solar light products have several benefits such as environmental benefits, low installation & running costs.
Solar outdoor lights can be installed to illuminate highways, streets, gated communities, pathways, resorts, backyards, patios, lawns, pergolas, gazebos, parks, parking lots, construction sites, play areas, school and college buildings, factory compounds and any remote areas with no access to grid electricity. Indoor solar lights are used as an alternate power source and sometimes as a main source. Indoor solar lights offer different features and are typically connected to solar panels installed on the top of the building.
Solar street lights are an environmentally friendly solution and a desirable upgrade to the outdoor lighting infrastructure. Off grid solar lights eliminates expensive cabling and removes the dependence on grid, reducing expenses, avoiding blackout conditions in the event of a power outage. Solar lights are available in multiple styles and designs which increases products popularity among homeowners for garden illumination. The demand of the solar light is increasing or the tradition light in the residential sector and public infrastructure projects. Solar light products further brought a huge transition in the commercial market all over the world. However, the global leaders are doing the efforts towards lowering the dependence on fossil fuels and reducing the carbon footprint of big industries.
For the purpose of analysis, the solar light market is segmented on the basis of type, panel type, solar power system, application and region. On the basis of type, the market is classified into outdoor solar lights and indoor solar door. On the basis of panel type, the market is divided into polycrystalline, monocrystalline and amorphous. On the basis of solar power system, the market is categorized into off-grid, on-grid and hybrid. On the basis of application, the market is categorized into highways and roadways, residential, commercial and industrial and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America.
Major players operating in the global solar lights industry include: Koninklijke Philips N.V., SEPCO, Greenshine New Energy, Fonroche Lighting America, Inc., wipro lighting, Sunna Design SA, Engcotec GmbH, Kon Lighting, ENGOPLANET ENERGY SOLUTIONS LLC, Jinhua Sunmaster Lighting Co. Ltd and Solar Street Lights USA.