AUSTIN, April 14, 2025 (GLOBE NEWSWIRE) -- Solar Lighting Market Size and Growth Analysis:
According to a report by SNS Insider, “The solar lighting system market was valued at US$8.32 billion in 2023 and is projected to reach US$29.17 billion by 2032, registering a CAGR of 14.96% from 2024 to 2032.”
Thanks to advances in solar technology and the integration of solar lighting into smart cities and urban infrastructure, demand for solar lighting systems is rapidly growing. Solar lighting offers an efficient and environmentally friendly alternative to traditional systems, particularly suitable for street lighting and off-grid systems. Technological advancements have increased the efficiency and capacity of solar systems, making them more viable and cost-effective. Growing attention to energy efficiency, sustainability, and carbon emission reduction is further driving market growth. In the US, the solar lighting market was valued at $1.35 billion in 2023 and is projected to reach $1.89 billion by 2032, representing a CAGR of 15.44%.
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This growth is driven by rural electrification, the development of renewable energy sources, and government incentives. Solar systems can provide significant long-term savings; for example, a 10-kilowatt system can save approximately $62,219 over 25 years. The widespread use of energy-efficient LED technology in solar lighting also contributes to reduced energy consumption and maintenance costs, strengthening this technology's position as a smart and environmentally friendly solution.
The solar lighting market is thriving thanks to LEDs, off-grid solutions, and smart infrastructure integration.
By 2023, LEDs will account for 78% of solar lighting market revenue due to their high energy efficiency, long lifespan, and low maintenance requirements. LEDs convert 95% of electrical energy into light, significantly reducing energy consumption and operating costs. Their long lifespan (up to 100,000 hours) reduces replacement time and increases reliability.
LED lighting is expected to be the fastest-growing market segment between 2024 and 2032, driven by growing demand for eco-friendly and energy-efficient lighting solutions. Further improvements in brightness and integration with smart systems are expected to further strengthen its market position in the coming years.
The off-grid lighting market will lead the solar lighting market with a 65% revenue share in 2023, driven by growing demand in remote rural areas without traditional grid power. These systems provide cost-effective and sustainable lighting, are easy to install, and require minimal maintenance, making them critical for rural electrification.
The hybrid energy segment is expected to exhibit the fastest growth rates between 2024 and 2032, as it combines solar power with grid electricity, improving reliability. Hybrid energy systems are becoming increasingly popular, particularly in urban and suburban areas, due to their increased energy efficiency, flexibility, and dependence on the traditional grid.
By 2023, the commercial sector will account for the largest share of the solar lighting market, approximately 50%. This is driven by growing demand for energy-efficient lighting in offices, retail, and industrial spaces. Companies are implementing solar lighting to reduce energy costs and achieve sustainability goals, while simultaneously benefiting from low maintenance costs and energy savings.
The highways and roads sector is expected to be the fastest-growing segment between 2024 and 2032, driven by growing demand for off-grid, energy-efficient street lighting in urban and rural areas. Technological advances, including improved batteries and highly efficient LEDs, will fuel its growth and adoption, especially amid the growing number of green infrastructure projects.
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The Asia-Pacific region will dominate the solar lighting market with a 43% share by 2023, driven by rapid urbanization, infrastructure development, and strong government support for renewable energy. Countries such as China, India, and Japan are actively investing in solar technologies to improve energy efficiency and sustainability. High demand for reliable lighting in rural areas off the grid is further driving the adoption of solar lighting systems in the region. Affordable production costs, technological advances, and favorable policies also strengthen the Asia-Pacific region's leading position.
North America is expected to be the fastest-growing market between 2024 and 2032, driven by increasing investment in renewable energy, strong government incentives, and growing demand for energy-efficient lighting in both residential and commercial sectors. Technological advancements and a growing awareness of the importance of environmental sustainability, particularly in remote and rural areas, are driving the adoption of energy-efficient lighting. With the widespread adoption of alternative energy sources, consumer demand for efficient, effective, and environmentally friendly alternatives to grid lighting is growing in the coming years, leading to a sharp increase in demand for off-grid and hybrid solar lighting systems in North America.
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Post time: Oct-25-2025