Solar Lighting System Market Is Expected To Grow At Highest CAGR during 2019-2024

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MarketsandMarkets Presents

Solar Lighting System Market Is Expected To Grow
At Highest CAGR during 2019-2024 Solar Lighting
System Market by Offering (Hardware and Software
Services), Light Source (LED and Others), Grid
Type (On Grid and Off Grid), Application
(Highways Roadways, Industrial, and
Commercial), and Geography - Global Forecast to
2024 https//www.marketsandmarkets.com/Market-R
eports/solar-lighting-system-market-207347790.html

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According to the new market research report on
the "Solar Lighting System Market by Offering
(Hardware and Software Services), Light Source
(LED and Others), Grid Type (On Grid and Off
Grid), Application (Highways Roadways,
Industrial, and Commercial), and Geography -
Global Forecast to 2024", published by
MarketsandMarkets, the solar lighting system
market is projected to reach USD 10.8 billion by
2024 from USD 5.2 billion in 2019, at the highest
CAGR of 15.6. Major drivers for the growth of
the market are growing need for energy-efficient
solar lighting systems for highways, increasing
use of renewable energy for lighting, rising
penetration decreasing cost of LEDs, and
growing demand from developing and emerging
countries. Furthermore, underlying
opportunities for the solar lighting system
market include a decline in the cost of solar
lighting systems, favorable government
initiatives, and enhancement in technological
aspects of a solar lighting system. Major
restraints for the market are lack of awareness
about finance and payback period. The lack of
customer ownership in utility-owned solar street
lighting poses a significant challenge for the
solar lighting system market. Browse 61 market
data Tables and 36 Figures spread through 133
Pages and in-depth TOC on "Solar Lighting System
Market - Global Forecast to 2024"
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LED light source for solar lighting system to
grow at higher CAGR during the forecast
period LEDs are used widely in solar lighting
systems as these are energy efficient. LEDs offer
benefits such as long life, durability,
eco-friendly, and zero UV emissions. LEDs are
compact and have a life span up to 50,000 hours,
which is 30 times longer than incandescent bulbs
and 5 times longer than CFLs. In the case of
outdoor solar lights, lighting fixtures are
exposed to different environmental factors such
as heat, wind, and falling objects that can
damage the fixtures. LEDs comprise compound
semiconductor materials and are hollow. This
makes LEDs more durable than other types of lamp
that withstand harsh conditions. These are
resistant to vibrations, external impacts and
shock, and are, therefore, preferred for
different solar outdoor lighting types. Thus,
their technical characteristics make it a viable
choice over other light sources resulting in
driving its demand over the forecast period. Ask
PDF Brochure https//www.marketsandmarkets.com/pd
fdownloadNew.asp?id207347790 Commercial
application to hold largest share of solar
lighting system market during forecast
period Solar lighting systems are installed in
commercial areas such as corporate offices,
schools, and universities. Commercial spaces need
indoor lighting for illuminating cellars,
corridors, and basements, and outdoor
applications such as pathways and perimeters,
among others. Solar lighting systems installed at
these places help in decreasing energy and
maintenance costs.
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APAC is major contributor for solar lighting
system and is expected to grow at highest CAGR
during next 5 years APAC is a potential market
for solar lighting systems with huge
opportunities for the development and
implementation of new technologies. Countries
such as China, Japan, India, South Korea, and
Australia are taking initiatives toward the
deployment of solar lighting systems. China is
the biggest market in APAC for the deployment of
solar lighting system solutions. Surging
urbanization in developing countries in this
region has been leading to the rise in the demand
for energy. This consequently drives the demand
for solar streetlights in this region. Reduction
in the price of LEDs and increasing awareness
about using energy-efficient lighting are
expected to spur the solar lighting system
market. Request Free Sample Pages https//www.ma
rketsandmarkets.com/requestsampleNew.asp?id207347
790 China is the biggest market in APAC for the
deployment of solar lighting system solutions.
Surging urbanization in developing countries in
this region has been leading to the rise in the
demand for energy. This consequently drives the
need for solar streetlights in this region.
Reduction in the price of LEDs and increasing
awareness about using energy-efficient lighting
are expected to spur the solar lighting system
market growth.
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Signify Holding (Signify, Netherlands), Eaton
Corporation Inc (Eaton, Ireland), Solar Electric
Power Company (SEPCO, US), Sol Inc., (Sol by
Carmanah, US), Su-Kam Power Systems Ltd. (Su-Kam,
India), Clear Blue Technologies Inc (Clear Blue
Technologies, Canada), SunMaster Solar Lighting
Co.,Ltd. (SunMaster, China), SolarOne Solutions,
Inc. (SolarOne, US), Solar Street Lights USA
(Solar Street Lights, US), Solar Lighting
International, Inc. (Solar Lighting, US), FlexSol
Solutions B.V. (FlexSol Solutions, Netherlands),
 Azuri Technologies Ltd (Azuri, Kenya), Sunna
Design (France), Nokero (US), and Solektra
International (Africa) are a few major players in
the solar lighting system market. Browse in-dept
h TOC on "Solar Lighting System Market" 61 -
Tables36 - Figures133 - Pages
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