Solar Lighting System Market – Opportunities & Forecast, 2020-2027 - Gurgaon

The solar lighting system demand at a global level is surging at a significant rate. Numerous key drivers that are responsible for the growth of the solar lighting system include a rise in demand for renewable and clean energy, easy installation, low maintenance, and utility cost. The solar lighting system has raised efficiency, reduced cost of LEDs, and improvement in technology implemented, along with rigorous government regulations, are some of the factors fuelling the demand for solar lighting systems. These systems are economically competitive, where the grid connection is difficult, like hill stations, rural areas, and other regions. The on-grid and hybrid type of solar systems are responsible for upsurging the growth of the solar lighting system in the upcoming years as it provides the users the ability to save money through enhanced efficiency rates, net metering, also less expensive than off-grid systems, along with technological innovations as compared to the off-grid solar lighting systems. The drivers restraining the growth of the solar lighting system market include the high cost of material and installation, along with low availability. The shift in weather conditions and specific geographical locations will hamper the growth of the solar lighting system market.

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