- Growing usage and number of solar street lighting installations are expected to propel market growth.
- High initial cost required to install solar street lights are a major factor projected to hamper growth.
- The Asia Pacific market is expected to dominate the global market.
Solar street lightings are lights powered by solar panels usually mounted on pole or lighting structure. The solar panels are designed to charge a rechargeable battery, which powers the LED or fluorescent lamp during the night.
The first five-year cumulative revenue (2019–2023) is projected to be more than $38 billion, which is expected to increase rather significantly over the latter part of the five-year forecast period. The global Solar Street Lighting Market is estimated to value at nearly $5.8 billion in 2019, and is expected to register a CAGR of 14.1%.
Global Solar Street Lighting Market: Market Dynamics
Growing usage and number of solar street lighting installations due to need to save energy around the globe and increasing need to make environment pollution free are factors expected to drive growth of the global solar street lighting market. Further, rising number of initiatives from government to use renewable resources instead of traditional resources has resulted into adoption of renewable energy resources are another factor expected to drive growth of global solar street lighting market. In addition, increasing concerns about reduction of non-renewable resources are projected to fuel growth of the global solar street lighting market. Also growing demand for street lights in rural, rapid urbanization, and emerging smart city infrastructure to maintain a safe and healthy environment are factors projected to fuel growth of the global solar street lighting market.
Moreover, these smart solar streetlights have multifunction’s such as using power and multisensory gateways, and communication connections between each light pole. Sensors installed on the light poles are useful in monitoring traffic, air quality and pedestrians, smart cell base stations, parking systems, transport networks, etc., which is anticipated to drive growth of the global solar street lighting market. Rising adoption of IoT-enabled street lights as they are able to turn on or off according to requirement, dimmed after the peak hours, and have easy fault detection ability and implementation of these street lightings is useful in saving energy and in reducing maintenance costs. These benefits are major factors anticipated to boost growth of the global solar street lighting market.
However, high initial cost required to install solar street lights are a major factor projected to hamper growth of the global solar street lighting market.
Global Solar Street Lighting: Market Forecast
The comprehensive research report comprises a complete forecast of the solar street lighting market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the solar street lighting market is projected to expand at a moderate CAGR of 14.1% during the forecast period.
Global Solar Street Lighting Market: Segmental Snapshot
The market report has been segmented on the basis of type, product type, application and region. The type segment includes standalone and grid connected. The product type includes compact fluorescent lamps and light emitting diode. The application segment includes residential and non-residential. Furthermore, the region segment includes North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
By type: The standalone segment is projected to register highest CAGR of over 14% during the forecast period.
By product type: The light emitting diode segment is expected to register a highest CAGR of over 15.5% during the forecast period.
By application: The non-residential segment is projected to register highest CAGR of over 14.6% during the forecast period.
By region: The Asia Pacific market is expected to dominate the global market and is projected to register highest CAGR of over 15.4% during the forecast period.
Global Solar Street Lighting Market: Competitive Analysis
The research report on the global solar street lighting market includes profiles of some of major companies such as Greenshine New Energy LLC, Solar Street Lights USA LLC, Dragons Breath Solar, Urja Global Limited, Solektra International LLC, Koninklijke Philips N.V., Bridgelux, Inc., SOKOYO Solar Lighting Co., Ltd., Sunna Design, SA, Carmanah Technologies Corporation (Sol Inc.), and Omegasolar.
The global solar street lighting market: Industry, Size, Share, Growth, Trends, and Forecast, 2019–2028 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Solar Street Lighting Market for 2018–2028.