Solar Lights Market Report Scope & Overview:

The Solar Lights Market size was valued at USD 10.5 billion in 2022 and is expected to grow to USD 33.48 billion by 2030 and grow at a CAGR of 15.6% over the forecast period of 2023-2030. One of the most environmentally friendly and long-lasting outdoor heating solutions is collar light. Portable lighting devices known as solar ENTS are made up of LED lights, poles, photovoltaic solar panels, light sensors, and rechargeable batteries. Solar energy is captured by a solar panel during the day and used to charge a battery that powers a solar light fixture at night. Solar lighting solutions offer reasonably priced, aesthetically pleasing, low-maintenance illumination for private, public, and commercial buildings.

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Batteries that have been charged with electricity from solar photovoltaic panels power solar lighting systems. A battery, solar panel, LED light, and charge controller make up this device. The photovoltaic effect, which is employed in solar panels and photovoltaic panels, is at the heart of the solar lighting system's operation. It collects solar energy and converts it into lights. The captured energy is kept in a rechargeable gel cell battery that will later be used to create nighttime lights. Local solar light is being pushed by India's tremendous infrastructural development in all areas. For manufacturers to compete and improve their market share, they must provide cutting-edge solar lighting solutions at competitive costs.

MARKET DYNAMICS

KEY DRIVERS:

• Growing infrastructure development

• Increasing Renewable energy sources

• Growing need for energy efficient lighting devices

• Rising use of solar lanterns in rural areas

RESTRAIN:

• High cost

• High reliance on traditional energy sources for the production of electricity

The strong reliance on coal and other fossil fuels for the production of electricity has hampered the shift to solar energy and restrained the demand for and expansion of solar lighting in the Indian market.

OPPORTUNITY:

• Increasing growth of LED technology

• Higher off-grid population

Rural residents have been drawn to solar energy by the high percentage of people living off the grid and the regular power outages in these regions, which is creating expansion potential for Indian solar lighting goods and services.

CHALLENGES:

• Lack of awareness about renewable energy

IMPACT OF RUSSIA-UKRAINE WAR

The energy industry has been significantly impacted by the conflict between Russia and Ukraine. The invasion of Ukraine by Russia has shocked the world's energy markets, causing price volatility, supply shortages, and security concerns. As a result, there will be major supply chain difficulties and a rise in the cost of manufacturing batteries and solar light goods. The battle may considerably hinder Europe's shift to renewable energy. The world solar business has been significantly impacted by the Russia-Ukraine conflict. Demand has fallen along with a dramatic dip in production.

IMPACT OF ONGOING RECESSION

Solar Energy producers had various challenges during the recession that limited their capacity to expand and become profitable. Investing in renewable energy sources lost importance as people's finances shrank. As a result, manufacturers saw a decline in sales and income. The availability of finance alternatives for solar energy installations was also impacted by the recession. Consumer behaviour was also impacted by the recession, notably in the solar energy business. Consumers grew increasingly price-sensitive as a result of the impending financial uncertainties and shifted their attention from long-term investments to short-term savings. As a result, the demand for premium, high-performance batteries decreased while the demand for less expensive, lower-quality batteries soared.

KEY MARKET SEGMENTATION

By Light Source

• LED

• Others (CFL and Induction)

By Offering

• Hardware

• Software & Services

By Grid Type

• Off-grid

• Hybrid

By Application

• Industrial

• Highways and roadways

• Commercial

• Residential

• Others (Amusement Parks, Playgrounds, and Emergency Lights)

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REGIONAL ANALYSIS

The world market for solar lighting systems is researched in a variety of geographical areas, including North America, Central America, Asia Pacific, Latin America, and the Middle East & Africa. Due to the region's prominence in the development and implementation of solar lighting system projects, Asia Pacific had the lion's share of the worldwide market. Due to the increased need for power in China and India.

The Asia Pacific market is also expanding. Due to the increased use of renewable energy sources, particularly in Finland and Denmark, Europe is the area with the fastest-growing solar lighting system market.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

RECENT DEVELOPMENTS

• Wipro Lighting and Enlighted agreed to a strategic cooperation in June 2021. As part of the agreement, the business was required to create and deliver solutions for solar farms, panels, and commercial buildings for a range of client segments using Enlighted's Internet of Things (IoT) offerings. The business hopes to increase its market share in commercial and solar lighting with this move.

• In March 2020, Signify and the SRF Foundation collaborated to provide lights at five playgrounds for schools in Mewat, Haryana. The corporation uses this alliance to advertise its solar light product in rural India. The business wants to increase sales of its solar product.   

• EDP Renewables purchased a controlling stake in C2 Omega on March 8, 2021, to expand the availability of solar lighting solutions in the United States.

•  To expand the sales, installs, and maintenance of net-zero energy solar panel systems across the UK, Wondrwall Energy purchased Cleaner Air Solutions and Solar Monitoring and Maintenance on February 17, 2021.

KEY PLAYERS

The Major Players are Signify Holding (Signify, Netherlands), Eaton Corporation Inc (Eaton, Ireland), Solar Electric Power Company (SEPCO, 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., and other players are listed in a final report.

Eaton Corporation Inc-Company Financial Analysis