Solar Lights Market Size Expected to hit $18.16 Bn by 2029 at a CAGR of 10.9%

­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.

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 forcemodel 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.