Solar Lights Market in U.S. and Canada Anticipated to grow at a CAGR of 15.0% by 2033

The market growth is driven by increasing demand for sustainable energy solutions and government incentives promoting solar adoption. WILMINGTON, DE, UNITED STATES, November 19, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, " U.S. and Canada Solar Lights Market By Type, Panel Type, Power Systems, and Application: Opportunity Analysis And Industry Forecast, 2024–2033”, the U.S. and Canada solar lights market size was valued at $3.0 billion in 2023 and is projected to reach $12.3 billion by 2033, registering a CAGR of 15.0%.

Introduction
Solar lights are energy-efficient lighting devices that use solar panels to capture and convert sunlight into electricity, which is stored in rechargeable batteries. These lights automatically illuminate when it gets dark, utilizing the stored energy to power LED bulbs or other light sources. Solar lights are commonly used for outdoor applications, such as garden and pathway lighting, streetlights, and security lights, providing a sustainable and cost-effective alternative to traditional lighting systems. They are also popular in areas without access to conventional electricity grids, offering a reliable source of light with minimal maintenance and no external power supply required.

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Market Dynamics
In the U.S. and Canada, increasing awareness and concern about environmental sustainability and the need to reduce carbon footprints are leading both consumers and businesses to seek out renewable energy solutions, including solar lighting. Government incentives, tax credits, and favorable policies aimed at promoting the adoption of clean energy technologies further boost market growth. Additionally, the rising demand for energy-efficient and cost-effective outdoor lighting solutions in residential, commercial, and municipal sectors is driving the widespread adoption of solar lights. The development of smart city projects, which prioritize sustainable infrastructure, also contributes significantly to the growth of the solar lights market in these countries.
However, challenges such as the high upfront costs and limited solar efficiency in regions with long winters or low sunlight can restrain market expansion. Nonetheless, opportunities abound with the advancement of solar technology, which is making solar lights more affordable and efficient. The growing trend of smart cities in the U.S. and Canada is creating significant opportunities for the solar lights market.

Smart cities prioritize the integration of technology to improve urban infrastructure, enhance energy efficiency, and reduce environmental impact. Solar lights align perfectly with these goals by offering sustainable, energy-efficient lighting solutions that can be easily integrated into smart city networks. These lights can be equipped with sensors and connected to smart grids, allowing for automated control, real-time monitoring, and energy optimization, which contributes to the overall efficiency of urban systems.

In addition to urban applications, the need for off-grid lighting solutions in remote and rural areas of the U.S. and Canada is also driving market growth. Many of these areas lack access to traditional power grids, making solar lights an ideal solution for providing reliable and cost-effective lighting. Solar lights eliminate the need for expensive infrastructure development, such as extending power lines, and offer a self-sufficient, low-maintenance alternative. This is particularly valuable in regions with challenging terrain or where the cost of grid expansion is prohibitive. As a result, the demand for off-grid solar lighting solutions in these remote areas is expected to increase, further expanding the market in both countries.

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Segments Overview
The U.S. and Canada solar lights industry is segmented on the basis of type, panel type, solar power systems, application, and country. On the basis of type, the market is categorized into outdoor solar lights and indoor solar lights. As per panel type, the market is classified into polycrystalline, monocrystalline, and amorphous. Based on solar power systems, it is divided into off-grid, on-grid, and hybrid. On the basis of application, it is divided into residential, commercial, and others.

Country-wise, the U.S. and Canada solar lights market share is studied across the U.S. and Canada. The U.S. was the highest revenue contributor in 2023.The growing demand for solar lights in the U.S. is fueled by a combination of consumer interest in sustainable energy solutions and supportive government regulations. As more Americans seek eco-friendly alternatives to traditional lighting, solar lights have become increasingly popular for their energy efficiency, low maintenance, and ease of installation. This demand is further amplified by federal and state-level regulations that promote the adoption of renewable energy through incentives like tax credits, rebates, and grants. These policies aim to reduce the carbon footprint and encourage the use of clean energy, aligning with broader environmental goals.

Moreover, regulatory measures such as the extension of the solar Investment Tax Credit (ITC) and state-specific renewable portfolio standards (RPS) have played a significant role in boosting the solar market. These incentives make solar lighting more affordable and accessible, thereby accelerating its adoption across residential, commercial, and public sectors. As technology continues to advance, and regulations remain favorable, the U.S. market for solar lights is expected to see sustained growth.

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Competitive Analysis
The major companies profiled in this report include Amazon, Home Depot U.S., Lowes, Menards, Wal-Mart U.S., Target, Costco U.S., Sam’s Club, BJ’s Wholesale, Tractor Supply, Dollar Tree, Family Dollar, Dollar General, Big Lots, Ace Hardware, Orgill, True Value, Home Depot Canada, Wal-Mart Canada, Canadian Tire, Home Hardware, Rona, and Costco Canada.

Key Findings of the Study
• As per U.S. and Canada solar lights market analysis, based on panel type, the polycrystalline segment dominated the U.S. and Canada Solar Lights market in 2023.
• By power systems, off-grid was the highest revenue contributor, growing with a CAGR of 15.0%.
• On the basis of application, the commercial segment was the highest revenue contributor, growing with a CAGR of 14.9%.
• Country wise, the U.S. was the highest revenue contributor in 2023.

David Correa
Allied Market Research
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